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| *Loan,banking and credit>>>bank loan |
When getting a mortgate loan which do you suggest, a local bank or one of the mortgages places online? |
For example Lending Tree? Hi - you have some good answers, but the main reason people go to a mortgage broker, is a Bank has limited programs, and harder to get if you have any blimishes on your credit. Please do not get confused - ok! A Mortgage Broker can and does underwrite for many other company's ( I underwrite for 150 companies). And deal with major banks on the wholesale side, where the underwriting is more lient and pricing is sometimes better than a banks. Why use a broker? As I mentioned, a broker underwrites for many company's so they (I) only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down. Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out. When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok - It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far?? Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - Hope this helps - There are also Government programs out there, but they too are looking for job time, etc.....They are not so much looking a credit - but the other factors are taken into consideration. With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true. Source(s): Wanda Ellis, Branch Manager Charterwest Mortgage, LLC 765-469-1975 24/7 765-327-2065 office / fax wellis@charterwestmortgage.com www.mycharterwestmortgage.com I am a loan officer myself. I can help you. local banks I try leanding tree it was a joke I tried lending tree. Got a bunch of crap offers from shady, never heard of mortgage lenders. I went to a local bank (Capitol Federal) and got a good offer at a competitive rate. By the way, I also tried a local Bank of America. They have horrible rates. Stay away from them. One other important thing, if you have to close on a tight schedule, do you want to be FEDEX'ing your papers? Or do you want the convenience of being able to drive down to the bank and work out the papers in person? I prefer a real place. A mortgage is really important and I prefer not to do that online. Try countrywide. That is a who I have mine through. Got a great rate 1 percent for 5 years. Can't beat that. |
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