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914World.com _ 914World Garage _ OT - mortgage ?? what's better ??

Posted by: synthesisdv Dec 27 2004, 12:55 PM

says it in the title,

refinancing but does it matter if you go with a mortgage banker, broker, bank, savings and loan, credit union?

any advice?

Posted by: seanery Dec 27 2004, 12:56 PM

shop around, look for the best combo or rate, points, etc...

Posted by: Root_Werks Dec 27 2004, 12:59 PM

Were is Rhodes when you need him? IPB Image Well, I know brokers can sometimes do all the PITA shopping for you to get you the best rate around. Of course they charge for that in closing costs, but if the rate is right, probably worth it. Most Credit Unions are not suppose to be in it for the money, so if you are a member of one, sometimes they can get you the .0000005 closing cost sort of thing and a good rate to boot. I wouldn't recomend just walking into a bank, I think most are a waste of time. Most, not all.

I would try a broker first. It doesn't cost anything to have one try to pull something together for you. IPB Image

Posted by: synthesisdv Dec 27 2004, 01:05 PM

thanks guys,

I've only done 2 before in my life. I'm the kind of guy that likes to research things but somehow finding out about the right piston ring seems easier than this mortgage deal.

I'm making some calls.

Posted by: joea9146 Dec 27 2004, 01:31 PM

First time used a bank 4 times since then have used a Broker... Look for Best rates and point options. Brokers seem to be easier to work with.

Posted by: synthesisdv Dec 27 2004, 02:07 PM

If you give your info to a broker or bank, does it ding your credit everytime they check it?

Makes you not want to get too many quotes...

Posted by: Lou W Dec 27 2004, 02:17 PM

Yes, credit inquires do affect your FICO score, I would recomend that you shop around first, assuming you know your three score, Equifax, Experian and Trans Union, but in the end, they will run your credit again. As a whole, mortgage bankers do have more options, however, your own bank who you do alot of business with, could be unbeatable. That's assuming your Loan-To-Value is low. IPB Image Lou

ps. I'm a mortgage broker, this IS NOT a solicatation for business, it's just a FYI

Posted by: MarkV Dec 27 2004, 02:30 PM

Don't let them pull your credit until you commit. Too many credit inquires affects your score.

I wouldn't bother with a bank. My first choice would be a mortgage banker. Get a rate quote and a break down of fees. Sometimes they lure you in with a great rate but make up for it in fees. If you can avoid it don’t pay an origination fee (1% of loan amount), some lenders won’t do a loan without it. Get a quote with no points & no origination fee.

Posted by: synthesisdv Dec 27 2004, 02:39 PM

QUOTE (MarkV @ Dec 27 2004, 03:30 PM)
I wouldn't bother with a bank.

I wouldn't think a bank would be good either from my past experience...

but does refinancing with your current mortgage holder (big bank co) help any on saving closing costs etc...?

Posted by: MarkV Dec 27 2004, 02:44 PM

If it is your primary residence you might be able to do a "streamline" through your current lender. Fees might be lower and may require less documentation.

Posted by: bryanthompson Dec 27 2004, 02:45 PM

What are the best deals for first-time buyers? In 6 months I'll be looking to buy a place down in the Lincoln area, and don't know what to expect or where to start yet. IPB Image

Posted by: Lou W Dec 27 2004, 02:46 PM

QUOTE
but does refinancing with your current mortgage holder (big bank co) help any on saving closing costs etc...?
Sometimes, definatley talk to them. It depends if you're looking for a Rate and Term refi, or a Cashout, they are more inclined to offer you a better deal on a Rate and Term (Also called a Streamline).

Posted by: Lou W Dec 27 2004, 02:53 PM

QUOTE
bryanthompson Posted on Dec 27 2004, 12:45 PM
--------------------------------------------------------------------------------
What are the best deals for first-time buyers? In 6 months I'll be looking to buy a place down in the Lincoln area, and don't know what to expect or where to start yet.
There are lots of 100% loan to value loans out there. They typically need a minimum FICO score of 600, but they also want to see minimum trade lines of Credit on your reports, two accounts for more than 24 months with balance of a couple of thousand dollars or more. You will still need to come in with your closing costs and impounds. and they don't want to see your total debts including your new house payments to exceed 50% of your income before taxes.

Posted by: dakotaewing Dec 27 2004, 02:54 PM

Depending on the size of your mortgage, some lenders will not do a loan without an origination fee, or if you insist, most likely your rate will be higher. The smaller the loan amount, the more likely this will be the case. What type of loan, LTV, and income documentation could also effect where you will get your best deal...

Find out what your FICO scores are, and get quotes based on that... But make sure the scores you get are from a tri-merge credit report for mortgages... Credit scores that car dealers pull for auto's are scored differently, and can be quite a bit different...
Don't give your SS# to everybody you talk to - That's how they will pull your credit-

I am a mortgage banker, employed by a mortgage lending institution - Not a bank -
And like the other folks on this board have mentioned - This is not a solication IPB Image

Thom

Posted by: rhodyguy Dec 27 2004, 09:56 PM

had an existing 15 with about 9 1/2 years left on the mortage at wells fargo. in early dec they offered us a new 10 @ 5% fixed with 0 out of pocket. no appraisal, no points, no title search, no mortage ins, flood ins, nada, zip. we shaved roughly $225 a month while only picking up a few more payments. my bank offers free notary services to customers. my pal attorney's partner gave the paper work the look over for me pruning an apple tree. the wife came in at 824 and me at 817 on the aggregate score on the credit check, so that must have helped out. took zero out of the equity. w.f. asked us "how much would you like to have?".

kevin

Posted by: MrsPnambic Dec 28 2004, 08:28 AM

One thing to MAKE SURE to find out when checking rates and points and such is CLOSING COSTS! Sometimes they don't mention it till the end when they have ya hooked on the rates and points and they ding ya with a HIGH closing cost. Make sure you find that out up front too. It isn't worth paying a huge closing cost to get a slightly lower rate unless the rate is MUCH lower. So check that out as well! IPB Image