We were planning to go with BOA for our mortgage, and got the preapproval from them.... but are looking at our other options. Anyone have a bank they recommend?
Also, are credit unions ALWAYS better than banks? I am a member of a credit union, but I worry that it's a failing credit union and I'm hesitant to get a mortgage through them in fear they will end up shutting down and then our mortgage will be sold off.
We went with a local bank for our loan. The rates were the same for bigger and local banks, but I got much better service from the local bank. Plus they will always service the loan even if they sell it to another financial institution.
No matter who you get your mortgage with, it will almost certainly be sold off - probably more than once over the first 5 years (or that's how ours have done). And it won't matter. Because getting through the mortgage process and actually getting into the house is the part that BOA really really sucks at. They are notorious for not getting their paperwork together on time and postponing closings at the last minute.
Ask your realtor for a good local company, especially if you are trying to close quickly.
When we sold our old house, the buyer wanted it in 45 days. She had BOA pre-approval. We accepted her offer, but told our realtor that we thought there was no chance in hell she'd get through the bank that fast (which was ok with us, but she was pg and trying to get in before her due date). Our realtors talked and she ended up getting a better rate at a local company and closed when she wanted to.
No matter who you get your mortgage with, it will almost certainly be sold off - probably more than once over the first 5 years (or that's how ours have done). And it won't matter. Because getting through the mortgage process and actually getting into the house is the part that BOA really really sucks at. They are notorious for not getting their paperwork together on time and postponing closings at the last minute.
Ask your realtor for a good local company, especially if you are trying to close quickly.
When we sold our old house, the buyer wanted it in 45 days. She had BOA pre-approval. We accepted her offer, but told our realtor that we thought there was no chance in hell she'd get through the bank that fast (which was ok with us, but she was pg and trying to get in before her due date). Our realtors talked and she ended up getting a better rate at a local company and closed when she wanted to.
Well, we have BOA for our current mortgage and have never had any problems. Our closing was on time (referring to back in 2005), and it has never been sold. I can access my mortgage and all of its information via the website, as I do my banking. It's very convenient.
Which is why we initially got our preapproval from BOA. We have a loan officer, but he is in NC (and we're in FL). That's the first thing that got me nervous.
I'm not sure how things have changed since 2005, but when we obtained our mortgage in 05, we went to our local branch - there was a loan officer right there on site, so we had someone to deal with face to face. This whole over-the-phone thing makes me nervous but I'm not sure if thats how things are done these days?
Anyway we may be ((finally)) hearing news today... well, possibly (buying a short sale) and I emailed him, and, wouldn't luck have it, I received an automated reply that he will be out of the office until the 22nd!! If we hear back today, I want to get going on things NOW. Not the 22nd or 23rd. So I am considering going somewhere else to get the process started.
Of course going somewhere else would mean another credit pull (since our pre-approval was over 60 days ago)... so... idk. But your comment about the process being horrible with BOA is making me very very nervous.
Post by whitepicketfence on May 18, 2012 11:57:50 GMT -5
We originally got our mortgage through our CU when we purchased our home but when we were looking to refi, their rates were higher than those we were finding elsewhere. Also, their closing costs were crazy.
We ended up getting a recommendation for a mortgage broker and she was fabulous. She found us a great rate through Franklin American and we paid about half of what we would have paid in closing costs through our CU.
I highly recommend using a reputable mortgage broker to do the shopping around for you.
No matter who you get your mortgage with, it will almost certainly be sold off - probably more than once over the first 5 years (or that's how ours have done). And it won't matter. Because getting through the mortgage process and actually getting into the house is the part that BOA really really sucks at. They are notorious for not getting their paperwork together on time and postponing closings at the last minute.
Ask your realtor for a good local company, especially if you are trying to close quickly.
When we sold our old house, the buyer wanted it in 45 days. She had BOA pre-approval. We accepted her offer, but told our realtor that we thought there was no chance in hell she'd get through the bank that fast (which was ok with us, but she was pg and trying to get in before her due date). Our realtors talked and she ended up getting a better rate at a local company and closed when she wanted to.
Well, we have BOA for our current mortgage and have never had any problems. Our closing was on time (referring to back in 2005), and it has never been sold. I can access my mortgage and all of its information via the website, as I do my banking. It's very convenient.
Which is why we initially got our preapproval from BOA. We have a loan officer, but he is in NC (and we're in FL). That's the first thing that got me nervous.
I'm not sure how things have changed since 2005, but when we obtained our mortgage in 05, we went to our local branch - there was a loan officer right there on site, so we had someone to deal with face to face. This whole over-the-phone thing makes me nervous but I'm not sure if thats how things are done these days?
Anyway we may be ((finally)) hearing news today... well, possibly (buying a short sale) and I emailed him, and, wouldn't luck have it, I received an automated reply that he will be out of the office until the 22nd!! If we hear back today, I want to get going on things NOW. Not the 22nd or 23rd. So I am considering going somewhere else to get the process started.
Of course going somewhere else would mean another credit pull (since our pre-approval was over 60 days ago)... so... idk. But your comment about the process being horrible with BOA is making me very very nervous.
From what I understand, it is a soft pull on your credit vs. a hard pull. Just tell them that you have been shopping around and the banks will understand. I freaked out about this initially too, but it really isn't a big deal.
When we lived in OH, we got our loan through Third Federal Savings (www.thirdfederal.com) They were great to work with and even if they sold the mortgage they were the company that would handle the payments so you never had to worry about where the payment would go. I would have used them again in WA but they don't operate out of our state. I do believe they operate in Florida for the purposes of loans however.