We have both owned homes before, but for a variety of reasons are starting over in the process for this house. DH and I are debating the merits of large, well known lenders vs. smaller ones. Bonus points if you can tell me if you talked with multiple lenders and what your experience was?
Original loan was a local broker/mortgage co that immediately sold the loan to Wells Fargo - they were down and we had no issues. We refinanced a few years later with Quicken - no issues with them either. They do call every now and again to ask if we want to refi again, but we just tell them no and they take us off the call list.
I am self-employed and purchased in 2011. I could not find ONE bank to give me financing. Not big, medium, small, local, or credit union. A local bank referred me to a mortgage broker who does self-financing. He got us a mortgage and promptly sold it to Wells Fargo (we knew this was the plan). Wells Fargo rejected us outright when we tried directly. We used him to refinance a year later.
May be a SS, but are obviously pro mortgage brokers!
We used BB&T bank. We have our checking accounts and savings accounts with them, they are local with many branches I can walk into. We also used them for our refi.
I have always used a mortgage broker. They always sell the loan immediately to a big bank.
I highly recommend using a mortgage broker. They can almost always beat the rates of the big banks. I also think brokers often provide better customer service and have more options if there are issues. Make sure to use someone who comes highly recommended and has good reviews.
We went on bankrate and used who had the lowest rate that day. It was To.tal Mortgage Solutions. The were fantastic to work with and no one local, including a broker, could get close to the rate and terms that they offered.
Post by polarbearfans on Dec 18, 2014 8:17:16 GMT -5
We used a mortgage broker. Our loan was completed super fast, and when we had some hiccups, he was great. Our loan was promptly sold to Chase, who we bank with and wanted to have our loan for free account upgrades. Chase could not close the loan nearly as fast as we needed, and when my husband talked with them, they were shocked at how fast it was going to close and how low the interest rate is. They offered to buy points to be competitive but couldn't work nearly as fast as the broker.
In our contract, our rate is locked and we have no early payment penalty. All terms of our loan stayed the same when it was sold. I highly recommend working with a broker.
Our HELOC is through the original local bank that we worked with the broker. Due to appraisal, we did a 2nd mortgage with a HELOC to stay over 20% equity to avoid PMI and paid it off immediately. We don't use it, but like that we can use it in an emergency and that the rate is so low. It's easier to open a HELOC with the loan than after, so I'm glad we have it done and set up.
Post by sunshine608 on Dec 18, 2014 8:19:03 GMT -5
We used Leader 1. We originally talked with BOA, USAA and a brief chat with Quicken who promised us something I knew was impossible so when the called me back 24 hours later to pull the deal, I was done with them. They kept trying to get me an FHA loan even though we already had one- she even gave me a prequal letter and I kept explaining that wasn't going to work. USAA was okay, but L1 was much easier to work with, friendly, better rates and terms you name it.
Anyway- we ended up with Leader 1 and the branch somewhat local to us and they were fantastic. Our broker really went to bat for us when things were going to shit with the Seller. He was also very proactive and we locked in a great interest rate right before they started rising.
We used a broker. The loan was sold to Wells Fargo before we made our first payment. I was happy with the broker; we got a great rate and good customer service.
Both of our mortgages have been done through our small local regional bank. Both times we signed paperwork at closing that stated the bank would NOT sell our mortgage. I prefer the more personal relationship with our bank so we didn't really shop around - still ended up with a competitive rate.
I got mine from a small local lender who then immediately sold it to Frannie Mae (or Freddie Mac don't remember which) I still make my payment to local bank though so I am unsure how that works.
We went with who gave us the best rate. After that, I don't think it matters. For all 3 of our homes, right after closing the loan IMMEDIATELY got sold to another lender. It stayed with the lender we chose for like a month at most.
I've only owned one house but have had three different lenders. I always go with whoever offers the lowest rate (and is something of a known entity so that I have a high likelihood of actually closin).
Me too, but we've only had two lenders so far (same house).
We purchased with HSBC, then refi'ed with BOA.
I worked with a broker, so I didn't do much actual working with the banks on the front end. In terms of servicing the loan, all large banks are more or less the same. I'm not enjoying still dealing with BOA over my name change (ALMOST 8 YEARS AGO) when I got married, but that's not specific to the mortgage.
I would probably prefer to work with a small, local bank that won't sell the loan, but that preference stops with my unwillingness to pay more interest for that privilege.
Our first house was with B of A. The next two were with smaller lenders found through a broker. For various reasons the larger banks either had much higher rates or wouldn't lend to us. We also re-fi'd with a broker and that wound up being with a smaller lender. I wouldn't even bother with a large bank at this point.
I've always gone through a broker to yield the best results. Each time whomever we went with then sold the mortgage (with the same terms we received) to a large institution (think BoA, Wells Fargo, etc.)
Wells Fargo. We had a great experience and have had no problems in six years. Loan shopping as a first time buyer made me pretty nervous and WF was the first company to make me feel comfortable. They held our hand every step of the way. I remember there was a big push to go with Quicken but I didn't know enough about mortgages to trust them then because I wasn't even aware they did mortgages. I have heard good things about them since then though.
I used a broker both times I/ we bought a house. both times my loan was with a smaller local place and immediately sold to a larger one. Currently we're with PNC. Last house started local and sold to wells fargo
We've been with several lenders with 3 houses. Chase, PNC, Wells Fargo, Fannie May. Vacation house is Chase, Primary House is WF. Good experience all around...for primary houses, we've always started with a broker. Those loans almost always get sold.
My go-to right now is Megastar Financial. I've done 2 refis with them and they are fantastic.
The first time, they sold my loan to Bank of America. Total freaking nightmare -- they made me escrow homeowners' insurance, took the money out of the account to pay it, and 6 months I called the insurance company and found that they never received the money and I had been UNINSURED for 6 months.
Megastar now handles my loan and the customer service is fantastic. Top notch.
Did a HELOC with TCF Bank, and they were also great.
My new build was done through American Home Mortgage. I shopped around with Wells Fargo first, but they were not competitive with the builder's lender AT ALL.
Post by hbomdiggity on Dec 18, 2014 12:35:58 GMT -5
We went through a mortgage broker. I don't have time research and submit applications to get the info I need. The broker came back with more favorable terms than what we had seen advertised so win win for us.
Sure the mortgage was sold before the first payment, but that will likely happen regardless so it seems like a waste to get invested in finding a lender you love. It's not something you can control.
Post by dr.girlfriend on Dec 18, 2014 13:08:46 GMT -5
With the first two (three?) refinances we got quotes from different lenders and got Wells Fargo to match. It was great, because WF services their own loans, so even if it got sold around once we set up automatic payments we were set.
With the last refi WF couldn't match the rate we were offered (2.75% 15-year), so our loan has been sold all around. It's such a freakin' pain.
This house with Wells Fargo, last one with Chase. I think i've used a different lender every time, LOL.
I went with a smaller company when I refinanced my last house I had when I was single. The only reason I used them was that my dad had just refinanced with them and they were awesome
I used a broker who sold the loan to Wells Fargo before my 1st pmt was due. When interest rates dipped to the low 3% I streamlined refi'ed and stayed with Wells Fargo. I am and have been happy then entire time I have had my mortgage with WF.