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Is there anywhere to find out which bank has the best interest for a mortgage loan?



Is there anywere online to easily compare banks? We would like to purchase my husbands grandmothers house and im not sure which bank to go through. Thanks for your help!

I don't know where you would go to find out which bank is offering the best mortgage... and, to be honest, I'd recommend shopping around for a credit union instead, and shopping for a mortgage through them.

By far, credit unions offer better interest rates and, for the most part, are much easier/more pleasant to work with. They exist for the customer, not the stockholder. Although many credit unions are highly specialized, you can always find the occassional local union that is willing to represent you, even if you don't "officially" meet their membership bill. For example, the Pentagon Federal Credit Union, which supports our military and their families, will allow a civilian to open an account if you donate something like $20 to the "Military Families Association" {or whatever it's called) and place $5 in one of their money market accounts. The $20 is donated to families who have lost a loved one in the service and the $5 opens the door for you to sign up for any of the benefits that the PFCU offers. So, you benefit with financial services at great rates while, at the same time, doing something benevolent for your fellow man. Also, since they represent members of the US military, who can be stationed anywhere in the world, they are internationally accessible.

There are usually credit unions for teachers, for tradesmen... just about anything you can think of. If you have the time, ask around. Talk to friends, other family members, the local store clerks... ask them if they know of credit unions in your area and what the "membership" requirements are.

If you can't find any other unions locally, I definitely recommend PFCU. They've been marvelous for me and my family.

Just food for thought.

Good luck! Source(s): https://www.penfed.org/index.asp...
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edsterooni
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I don't know where you are but if you are in the UK then this site is a good place to start:

http://www.moneysavingexpert.com...

Lots of free, impartial advice and links to different comparison tools.
The owner of the site has regular slots on BBC TV and radio.
bank rate.com
There is no reliable guide to rate comparisons. They are out there, but they might as well be written by the advertising department. I worked for a participating company a few years ago, and we went right down the line shopping our competition in several such forums. We shopped every single one to the exact standards they were supposed to quote to, and got not one actual quote within half a percent of what they were listed as offering in the forum. Nor were any of the forums interested in enforcement of quotation standards.

Upshot? You have to shop lenders yourself. You probably want to shop brokers, because they shop dozens of lenders each. But anybody can lie like a rug on a Good Faith Estimate/Mortgage Loan Disclosure Statement. It's legal. Ask them if they'll guarantee rate, type of loan, and total actual costs in writing, and watch the evasions begin! It's a yes/no question, and anything other than an unequivocal "yes" means that they have no intention of delivering the loan they are talking about.

At loan sign up, you have all the power. But when you sign the final documents, they have all the power because you need that loan now. This creates powerful incentives to tell you anything to get you to sign up, but at the end of the process, you need that loan, and if you even notice the differences, the vast majority of folks will agree anyway, because they need that loan now.

So sign up for at least two loans.
Loan Officer and Realtor in San Diego. Website http://www.danmelson.com.
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