Post by mainelyfoolish on Jul 7, 2019 9:55:29 GMT -5
I used Quicken Loans the last time I got a mortgage about three years ago (it was a refinance) and of all the lenders I’ve had mortgages with over many years, they were the easiest to deal with. We picked them because they had a good rate and were willing to give us a 20 year loan (the payments on a 15 year were just a bit over our comfort level, but we didn’t want to extend the loan out to another 30 years given that we were doing a refinance).
I went to my normal bank when we bought our first house, but I used Quicken for a refi and the purchase of our current house. I would pick Quicken going forward too.
ETA- I have to amend this as after I posted this I received a solicitation from Quicken to refi my loan. The guy told me about these great rates they had so I set an appt. to discuss with him, only to find they did a complete app (when I logged onto my account) and the rate was not what was told to me. It really turned me off and honestly if I could refi with my credit union without it costing me anything I would.
We went with one recommended by our agent. Closing costs were probably on the high side but he got us a good rate. He was quick to respond literally anytime we had a question (even at night, even when he was on vacation). We made an offer and closed in 14 days.
The advice I got from several agents was to choose a local lender, not a big bank because they are a PITA to work with and many agents don’t like working with credit union loans either. If you’re in a competitive offer situation, the seller and their agent may decide based on which buyer’s loan appears the most likely to close on schedule.
We have a friend who owns a mortgage brokerage. We've always had a great experience with him and gotten good rates, but then the loan goes through a series of sales and is a PITA.
Our realtor recommended a few local lenders and we reached out to them and ultimately went with one who was incredibly responsive and had the best rates. We ended up having a little bit of an unanticipated issue and he worked really hard to make things work for us. I am really glad we went with someone local because we were able to get a hold of him and his staff very quickly, which made a difference.
We have a friend who owns a mortgage brokerage. We've always had a great experience with him and gotten good rates, but then the loan goes through a series of sales and is a PITA.
This is the situation I am in-a friend works for a brokerage and got me a really good rate and good closing costs. She has been great to work with, but I am dreading what will happen in terms of the sale of the loan. I haven't been in that situation before.
We have a friend who owns a mortgage brokerage. We've always had a great experience with him and gotten good rates, but then the loan goes through a series of sales and is a PITA.
This is the situation I am in-a friend works for a brokerage and got me a really good rate and good closing costs. She has been great to work with, but I am dreading what will happen in terms of the sale of the loan. I haven't been in that situation before.
Our first 2 times (home purchase and refi), it was great. The loans each got sold a handful of times, but it was never a big deal. The third time.. not so great. The current mortgage holder is so awful that we're probably going to refinance again just to not have to deal with them. The lower rates are an extra benefit... how sad is that?!?! (We would also stop having insurance and taxes escrowed - my main issue with this company is that they've bungled the escrow account at every turn and their customer service in trying to deal with it is the absolute worst.)
But even if you go directly to a specific bank, they won't make any promises not to sell your loan, so it's a risk you face anywhere.
Post by dr.girlfriend on Jul 8, 2019 14:53:05 GMT -5
I used bankrate.com to compare rates, but once I got quotes I asked Wells Fargo to match. It worked the first few times (the initial mortgage and first refi), but finally they couldn't match our second refi (2.75 for 15 years). WF services their own loans, which is GREAT. Our last refi got sold around like five different times until finally the company bought their own service company. And even after that they changed their name like three times. I found Wells Fargo to have very clear and low fees, so if they can match your best rate you're golden. With direct deposit you can pay biweekly with no extra fee.
Post by chloesilverado on Jul 8, 2019 18:52:47 GMT -5
By local lender do you mean a local bank (even if a large bank like Chase) or a credit union type place? I’m in Southwestern Ohio if anyone has a reco.
But even if you go directly to a specific bank, they won't make any promises not to sell your loan, so it's a risk you face anywhere.
This is not true. You need to specifically ask this... some banks do have a higher rate to keep the loan in house, but there are many who have comparable rates and won’t sell. I found several local banks and credit unions in 2018 who keep their loans. We’ve had mortgages with 3 banks now that have not sold... and we have also refied with a broke who sold and the bank sold again and again and it was a PITA. Refied back to a local bank. Thank goodness rates dropped and dropped so we could do that.
This is the situation I am in-a friend works for a brokerage and got me a really good rate and good closing costs. She has been great to work with, but I am dreading what will happen in terms of the sale of the loan. I haven't been in that situation before.
Our first 2 times (home purchase and refi), it was great. The loans each got sold a handful of times, but it was never a big deal. The third time.. not so great. The current mortgage holder is so awful that we're probably going to refinance again just to not have to deal with them. The lower rates are an extra benefit... how sad is that?!?! (We would also stop having insurance and taxes escrowed - my main issue with this company is that they've bungled the escrow account at every turn and their customer service in trying to deal with it is the absolute worst.)
But even if you go directly to a specific bank, they won't make any promises not to sell your loan, so it's a risk you face anywhere.
But (unless things have changed) Wells Fargo services their own loans, even if they sell them. So, no matter who actually owns your loan, all your payment info, etc. stays the same. Or at least that was my understanding/experience with them.
And just since I didn't mention it before, my last refi was through NewPenn Financial, which I'm guessing is local to this area. They were fine, but as I mentioned the loan got sold a lot.
I checked the rates with both credit unions I was in, and used the better one. The second time I used a mortgage broker, but the first time I felt too overwhelmed to investigate that. I shouldn't have felt that way -- using a mortgage broker was super easy, and my realtor connected me with the broker.
Post by Shreddingbetty on Jul 12, 2019 8:39:41 GMT -5
I asked my financial advisor. He actually called a couple of places to see who had the best interest rate and ended up going with his financial institution.