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When trying to get a house loan what is best? a mortgage company or a Bank(federal union)? |
When trying to get a house loan what is best? a mortgage company or a Bank(federal union)? I know of a great mortgage company. If you are interested just email me. I would list it on here but I would just get reported for advertising. Source(s): ME You should shop several places. Avoid online lenders. Find someone good who is local and you can meet face to face. Try a couple mortgage brokers, one or two banks, and even a credit union in your area. Get a few competing offers on rates and fees by requesting a Good-Faith Estimate of Closing Costs. They may vary by quite a bit. 10 years in mortgage banking I would go through a Mortgage Broker because they only have to do one credit check and they usually have access to 70-100 different lenders, including banks. And all you have to do is give them your information and what you would like in a mortgage, then they take that information and match it with a lender. My husband and I just currently did this and we found it to be a lot less stressful because our broker handled everything for us. Good Luck Credit union Is always best - then a Bank - then a mortgage company. The credit union offers good interest rates but are not flexible. Banks offer fair interest rate and are more flexible but don't know how to talk to people that don't know all the loop holes. Mortgage companies are very flexible and offer so much help that you would wonder if other people really want your business. If you know what a good mortgage is and have good credit, the Credit Union is the way to go. If you can find a banker you trust and have good credit, then go to the bank. If you are loss in the sauce and don't know your donkey from a hole in the ground go to a mortgage company. Check with a minimum of three and up to seven lenders, making sure you include a mix of brokers, bankers, and credit unions. Applying online with one of the large national lenders is a good thing if your credit is decent. (Countrywide, Wells Fargo, or the like.) Rates are not set in stone, so be upfront with everyone that you're shopping around and don't be shy about sharing information about offers from one lender with another lender. Remember, the lender makes more money by getting you into a more expensive loan. The yield spread, which determines how much money the originator makes, is something you won't see or hear about. But the higher cost loan you sign up for, the higher the yield spread, and the more money the originator makes. By letting everyone know you're shopping around, some lenders will tell you about a lower rate and accept a lower yield spread rather than have you walk your loan down the street. Also, Lender A may have a trick up his sleeve that Lender B doesn't know about. Once Lender B tries the trick, Lender B may be able to beat Lender A. For example, if Lender A ran your loan through Fannie Mae's system and got what is called an expanded approval, but Lender B ran it through Freddie Mac's system and got an approve, of course lender B will have a better loan. But if you tell Lender A that Lender B did better using Freddie Mac, Lender A can try it and may come back with a better rate. Finally, remember it's not all about the rate, but also the fees that you need to pay. Good luck! |
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