Thread: Home mortgage loan?
06-02-2005, 10:51 AM #1Web Hosting Master
- Join Date
- Oct 2001
- New Jersey
Home mortgage loan?
What is the best place to get a home mortgage loan?
your local bank?
does anyone know of the additional fees associated with getting a mortgage?
thanks-= PREMIUM DOMAIN NAMES @ DOMAINPEP.COM
06-02-2005, 12:26 PM #2Web Hosting Master
- Join Date
- Feb 2005
- Northern VA
Criminy. There are tons of mortgage options and all are pretty good. I can tell you personally that I really like the knowledge and professionalism of Charter One. Their rates are comparable to the offers you see advertised but they are really big too. Of the 4 mortgages I've done with various banks, they are the one I'll probably do all my future mortgages with.Rich
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06-03-2005, 12:12 AM #3Web Hosting Master
- Join Date
- Nov 2001
- The South
The answer to your question is "yes".
For some folks just going to your local bank is best, in my experience with -my- local bank you need pristine credit, be employed, -not- self employed. I tried to get a mortgage from my local bank and got turned down, flat on my rear. My credit was "good" (less than a 700 beacon) my income was real good - but - I put down "self employed" (big mistake with them).
So, I went to one of those "mortgage brokers" got a loan for 100% financing, really low interest rate, and my out of pocket expenses for closing the loan/etc to buy a $145K house was around $1100, seller paid most closing costs Granted the mortgage broker made me run circles proving my income, last 2 years tax statements, etc etc etc, but when the smoke cleared, I had a house.
Your best bet, get with a GOOD realtor, give them the lowdown on what your situation is, and they'll probably know who is likely your best bet to get you what you want.
Most of the "fees" with a mortgage are closing costs, and if you know what you're doing, you'll make the seller pay most of those anywayGary Harris - the artist formerly known as Dixiesys
resident grumpy redneck
06-03-2005, 12:48 AM #4Retired Moderator
- Join Date
- Oct 2002
Got mine from WaMu. Just a personal preference. I felt their overall presentation of my options was best from the different lenders I compared. They also quoted me the most realistic maximum amount. A lot of lenders will let you borrow yourself into a hole, but WaMu's rep was honest and gave me a loan I could actually pay every month
That being said, I'd still check into sites like http://www.bankrate.com/brm/rate/mtg_home.asp or DiTech and similar options. Who you go with is sort of like choosing a web host, the best answer is usually personal, and no two people will completely agreeIf you have to operate your company behind the scenes or under a fake name, maybe it's time to leave the industry and start something fresh.
06-03-2005, 02:06 AM #5Retired Moderator
- Join Date
- Jun 2002
WaMu is easy to deal with. I actually got a quote from them from Lendingtree.com. I would give lending tree a try you will get multiple quotes and then you can research the deals.
06-03-2005, 02:27 AM #6Web Hosting Master
- Join Date
- Jun 2001
- Denver, CO
Going to Lending Tree can screw you. How? Each company that gives you a "quote" will pull your credit, and this will show up as a credit inquiry on your credit report. Whilst companies are not supposed to penalize you for having multiple inquiries in a short period of time, so that you can shop around, the reality of this is far from true. I have had some lenders flat out refuse to talk to me one time I wanted to refinance simply because I had several recent (within the past week) inquiries.
Typical closing costs will range from nothing to several thousand. Be wary of any one that offers you zero closing costs, though, as these things cost money to process. Typically, you will find that the closing costs are built into the loan as a form of a slighly higher interest rate.
What Gary says about banks not liking self-employed people is very true in many cases. If you are a self-employed, first time home buyer get a referal from your realtor to a mortgage broker - they have access to a wide variety of mortage options from many different banks, and will likely be more successful in finding financing that works for your situation.
That said, if you are looking to buy a home you should do your own credit due diligence and pull your credit, check your FICO score, and if you are below 720 clean up your credit as best you can. The easiest way to up your credit score is to lower your debt-to-credit ratio. You can accomplish this two ways, first way is by paying down credit card debt, the second is to get a credit limit (and don't actually spend any more money!). Also note, that if you are the type that spends a lot, but pays off in full monthly, your cards will still reflect high balances on your credit report. If you do this, it is best to simply stop using your cards for at least two months before you apply for your mortgage so that the lowest balance ($0) is indicated on your credit report for your credit cards. Getting your credit in order before you apply for a mortgage can save you hundreds a month and tens of thousands over the long term.
I can also second that bankrate.com is a good site to mortgage rate shop on. You should also check your local paper on Sunday's - or whenver they publish the real estate section, as most will publish local banks' rates.Jay Sudowski // Handy Networks LLC // Co-Founder & CTO
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