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| *Loan,banking and credit>>>mortgage loan |
Mortgage brokers and loan officers, who are your preferred lenders? |
Specifically for conventinal and ALT-A. The bank or credit union of your checking and savings account. They have a vested interest in keeping you happy. They also have contacts and know the local areas. They can interpret your credit report and help you get the loan you want and need. They will also explain the standard closing costs for the mortgage (which can be in the thousands) Sometimes you roll the closing costs into the mortgage or pay with a check at closing date. And you need property insurance as of that date. You don't want to be surprised at the closing of a property. GOD bless. I prefer LO since all fees are upfront. Brokers hide their fees. Washington Mutual, no closing costs and free appraisal Conventional I prefer Countrywide & Wells Fargo Alt-A I prefer BNC and First Franklin http://www.homefrontmortgage.us... Wamu & SCME are my preferred lenders There is no simple answer to this question. Brokers AND Lenders can hide fees. Brokers have the ability to rate shop and do the legwork for you, so they know which lender can give you the best deal and can get you approved based on your situation. Lenders charge points and fees just like brokers, so dont let that deter you from considering a broker. Closing costs are fees that must be paid by law. Keep in mind a NO closing cost loan comes with a higher rate. Brokers have wholesale rates, while lenders give you a retail price. You can get a good deal from either one. A good broker will have investors like WAMU, Chase, Wells Fargo, Indymac, Etc, so they will be able to price your loan or know of the best bank for your specific situation. Credit Unions do not usually offer the most competitive rates when it comes to mortgages, and the are much more strict in their guidelines. If you need any more assistance please feel free to email me at queensherene@aol.com for some good free advice. Good Luck! |
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