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Thread: Banks to get Mortage from

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    God/dess lynn2009's Avatar
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    Default Banks to get Mortage from

    Hi,

    Can someone recommend banks to apply for a mortgage with? I applied with my hometown bank, and my current bank and am kind of a lost with what to do next. My hometown bank quoted me an interest rate of 4.5%. My current bank issued a pre-approval letter without a cost sheet, so I don't have an interest rate from them. I have one account in collections that is only one file with 2 out of the 3 credit bureaus, so my scores are 805, 699 and ~670. I am not planning on paying off the collections account. I have no problem with paying an average interest rate until the collections account falls off my report and then refinancing the mortgage.

    Two other questions:
    - The interest rate is not affected by the total loan amount, correct?
    - I did use Quicken Loans, which was a horrible mistake. I thought I could quickly receive cost sheets from multiple banks, but instead I received 7 calls before 9am the following day with all of them expecting my immediate attention and they all asked the same questions I already answered with Quicken Loans. When they ask questions about my life in general, is that sales bullshit, or can it potentially affect the loan in some way? I could see it affecting the loan in that the bank wants to know you life in general is stable, but I am not sure.

    Thanks in advance.
    "There are different kinds of darkness. There is darkness that frightens, the darkness that soothes, the darkness that is restful. There is the darkness of lovers, and the darkness of assassins. It becomes what the bearer wishes it to be, needs it to be. It is not wholly bad or good."
    - The Court of Mist and Fury

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    Banned Eric Stoner's Avatar
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    Default Re: Banks to get Mortage from

    I used Quicken with no problems. I had a mortgage with Chase but like a lot of banks they played games with the escrow money for real estate taxes and homeowner's insurance. Every other month they wanted more money for taxes and insurance that had already been paid. I brought the paper work to my local bank and they couldn't tell me why Chase was doing what it was doing. Neither could my CPA.
    I did a refi with Quicken and pay my own taxes and insurance. So far , so good.

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    Default Re: Banks to get Mortage from

    Here's a site listing lenders along with their rates:

    https://www.bankrate.com/mortgage.aspx

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    Default Re: Banks to get Mortage from

    Most banks sell their mortgages within a couple of months of writing them. Then, you have to deal with a loan servicing company. They vary greatly in quality, ethics and just basic competency. The interest rate you are charged is almost completely related to your credit score. The higher your score, the lower your interest rate, to a point. I have my home mortgage with BB&T, they did not sell it, their servicing has been very good. I'm mad at them about other issues and I had to fire them for my 401(k) at work because their fees were too high. I'm keeping my home loan there because the interest rate is 2.58% and it pays off in 2027. I figure that there is no way I'll get a lower rate now. If I was looking for a mortgage now, I'd definitely shop the locally owned banks.

    HTH
    Z

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    Default Re: Banks to get Mortage from

    Get a loan with no prepayment penalty. You can pay extra every month, pay the loan off years early, and save thousands in interest.

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    Default Re: Banks to get Mortage from

    Also, if you can afford it, consider a 15 year mortgage. You'll get a lower interest rate than with a 30 year mortgage.

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    God/dess lynn2009's Avatar
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    Default Re: Banks to get Mortage from

    Quote Originally Posted by eagle2 View Post
    Also, if you can afford it, consider a 15 year mortgage. You'll get a lower interest rate than with a 30 year mortgage.
    I would be much more comfortable with a thirty year mortgage to allow for flexibility in lean months, if needed, but pay it off as if a 15 year.

    Thanks all.
    "There are different kinds of darkness. There is darkness that frightens, the darkness that soothes, the darkness that is restful. There is the darkness of lovers, and the darkness of assassins. It becomes what the bearer wishes it to be, needs it to be. It is not wholly bad or good."
    - The Court of Mist and Fury

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