Determining a Mortgage Lender (1 Viewer)

[Johnny Bing]

I have purchased two homes in my life and I have always gone through the bank that we bank at, but I'm curious if I'm going about it wrong before we purchase our next home. Anyone have any advice or experience going through the larger mortgage lenders (pros/cons). I just fear shopping around too much, and I have every bank in the sun running my credit report will start to reflect negatively. Are you better off going to the large lenders as they have access to more banks that will service the loan possibly lower interest option? TIA

 

[boots11234]

Check Costco out. I've hear you save a lot of money using them. You need to be a member obviously. It's one of their little know services

 

[fantasycurse42]

Go for the lowest rate - It'll be a headache during the process, but you'll be happier afterwards.

Use this

or

this

 

[Johnny Bing]

I dunno, but the company I write my mortgage check to has changed 4 times in 3 years. So whomever you get the initial loan from is no guarantee that it'll stay with them.

Good to know. My loan has never been moved to another bank, so I didn't think of that side.

 

[eoMMan]

Get a good idea of the going market rate and see how your bank compares. You can also see about your local credit unions.

Be careful giving your information to a company like lending tree. You will get calls nonstop.

 

[wilked]

Get a good rate quote by the big boys

Then get your local to match it (or come really close)

 

[Ignoramus]

I have gone with Quicken for my last two loans and both times the experience was pretty painless. I felt like their communication was great throughout and almost everything was online. Rates were very competitive, too. A++++ would do business with again.

 

[menobrown]

I have purchased two homes in my life and I have always gone through the bank that we bank at, but I'm curious if I'm going about it wrong before we purchase our next home. Anyone have any advice or experience going through the larger mortgage lenders (pros/cons). I just fear shopping around too much, and I have every bank in the sun running my credit report will start to reflect negatively. Are you better off going to the large lenders as they have access to more banks that will service the loan possibly lower interest option? TIA

1. Shop around, can save thousands especially if it's a larger mortgage. Someone posted a link for Zillow, that or Bankrate are good places to shop but nothing beats a referral from someone you know but I'd still compare their offer.

2. Most of the time, not all but most, larger banks will NOT have the better deals for various reasons. Again, depending on size of your mortgage could be talking thousands.

3. Do be cautious about excessive credit report pulls but credit report inquires are industry specific, which is why if a car dealer pulls your credit and a mortgage lender they have different credit scores. Here is a huge tip most people don't know, inside of a specific industry you have a 30 day grace period and most of the time it will be treated as one credit inquiry instead of multiple. Read up on it here: http://blog.equifax.com/credit/will-interest-rate-shopping-hurt-my-credit-score/

4. Keep in mind as of October the Good Faith Estimate and Truth in Lending became obsolete for most mortgage loans. They have been replaced by something called a Loan Estimate which was intended to help customers shop mortgage lenders.

 

[Gianni Verscotchie]

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