Mortgage help

Mr.Smith · Dec 19, 2005

Does anyone know where to turn to for a good deal on a mortgage?

I checked my local paper today and the best rates were in the 5.8% range but the companies were called AAA Mortgage and stuff like that. Anyone ever used an unknown company like this for a mortgage? should I avoid these types of fly by night operations and go with a Bank of America type company?

thanks

TTinCO · Dec 19, 2005

Mr. Smith, it's a tough industry. Lot of good deals out there & a lot of scams. What state are you in? I have a very good contact in the biz, but his company is only licensed in certain states.

Send me an email at TTinCO@TheRx.com.

Paterno · Dec 19, 2005

www.bankrate.com

Brock Landers · Dec 19, 2005

We got an EXCELLENT rate and consolidation mortgage from Wachovia, i have a contact there for you if you are interested, i checked probably 10 different lenders, through lending tree.com and these guys beat them all.

TheRightWing · Dec 19, 2005

what size of loan are we talking here?, what's the loan to value?

What state are you in Mr. Smith???

JimmyHoffa · Dec 19, 2005

Traditional banks and "XYZ Mortgage" companies will bleed you dry with fees. And, NEVER use a mortgage broker, that's a fancy name for a middle man between you and the actual lender who will bleed you for more fees. Don't fall for intrest only mortgages either as you won't see equity in your property for many years.

USE A REPUTABLE CREDIT UNION. Period.

aceduecetrey · Dec 19, 2005

I am a Mortgage broker and we are licensed in almost every state, but to answer your question, The mortgage company does not matter too much because they are only shopping it to the banks and those are the people that you will actually be paying your mortgage to.

primetime21+ · Dec 19, 2005

I would go to a few different local bank in your area and get the best quotes. let them know that you are shopping around and when you get the lowest offer tell each of the banks what your lowest offer was and one of them is bound to beat it. Get a list of the costs from each bank and make sure the best deal you get doesnt have phony costs thrown in to jack up the price a thousand here or there.

The best deal i got in NY was from Wells Fargo. I went to them after i get the best offer from Chase and they got me 1/8 less and cut out some of the standard costs.

Don't use those online lendingtree deals. They send your information to a ton of banks and can mess up your credit score (from what i was told by a few people).

JimmyHoffa · Dec 19, 2005

primetime21 said:
Get a list of the costs from each bank and make sure the best deal you get doesnt have phony costs thrown in to jack up the price a thousand here or there.

Very wise.

Lenders like to say cute things about their fees like, "don't worry, we'll just roll it into the loan".

Every extra $100 borrowed at 5.7% amortized over 30 years will cost you an extra $104.40 in intrest in addition to the original $100.

WATCH THOSE FEES. As previously stated, lenders will come to you with lower rates but they'll get you with the junk fees.

Brock Landers · Dec 19, 2005

That was the thing about wachovia that kicked so much ass, their TOTAL closing costs were 600+ bux, under 700 total, no one even appraoched that on a 153,000 loan.

JohnnyDetroit+ · Dec 19, 2005

call your bank or credit union.
no mortage place or broker can beat a bank.
lenders and brokers sell it to the bank and make the points they want on the back end. even if they offer you a better rate, they rob you with higher fees and bullsh*t costs that do not need to be charged.

ClipJoint · Dec 19, 2005

Pretty awesome that people can get this type of info on this site.

:toast:

ChuckSims · Dec 19, 2005

What about a "no doc" loan. Where do you go to get one of those? I don't think a bank offers that type of loan.

TheRightWing · Dec 19, 2005

Chuck Sims said:
What about a "no doc" loan. Where do you go to get one of those? I don't think a bank offers that type of loan.

CS, yes and no on your question here. Most Fed Banks don't dabble in those high risk loans but some will farm them out like a broker, or some really high securitized Credit Unions will.

TheRightWing · Dec 19, 2005

Jimmy Hoffa said:
Traditional banks and "XYZ Mortgage" companies will bleed you dry with fees. And, NEVER use a mortgage broker, that's a fancy name for a middle man between you and the actual lender who will bleed you for more fees. Don't fall for intrest only mortgages either as you won't see equity in your property for many years.

USE A REPUTABLE CREDIT UNION. Period.

depends on what type of loan were talking ? Equity or long term etc will all depend on how you fit into fannie or freddies guidelines etc. Hoffa I'll kick the price outta any CU and I'm with a broker.......that includes fees too!

ChuckSims · Dec 19, 2005

TRW, thanks for the info.

TheRightWing · Dec 19, 2005

Chuck Sims said:
TRW, thanks for the info.

don't know what state your in Chuck but if your state features Washington Mutual, World Savings, no doc 90% cash out program!

vinividivinci · Dec 19, 2005

Maybe I'm wrong but seems like this was the business RPM was in.

VVV

ChuckSims · Dec 19, 2005

TRW, I am in Nevada

JimmyHoffa · Dec 19, 2005

The Right Wing said:
depends on what type of loan were talking ? Equity or long term etc will all depend on how you fit into fannie or freddies guidelines etc. Hoffa I'll kick the price outta any CU and I'm with a broker.......that includes fees too!

Can you beat a VA qualifying 30 year conventional loan with 740ish FICO scores from a federal credit union?

No ARMs
No 2-1 buydowns
No balloon payments
No intrest only

If you can, you're the man.