Mety said:
talkirvine said:
Hi, everyone, could anyone recommend a mortgage lender? And what are the differences between lending from big national banks (Chase, BOA, Wells Fargo) vs from mortgage companies?
I would like to get a pre-approval for mortgage. Not sure where the market is going, but I think it never hurts to get a pre-approval, so I know my price range and can grab the deal when it appears.
Thanks in advance.
I think Chase has a pretty low rates overall. They also provide pre-qualification which is an assuring statement that the loan will fund 100% instead of a soft pre-approval letter (Not a sponsored message). I personally haven't used Chase for the mortgage loan, but I've heard good stuff from others.
I think Wells Fargo has a bad reputation for taking forever to get the loan.
Those larger banks usually have more strict limitations. For example, if you are buying a home in a community where there is a litigation going on in their HOA, then they usually won't allow loans until that issue is settled.
SGIP may disagree but I would say generally the large banks have the least competitive rates/fees. Why? Because they don't have to compete on rate/fees because of their brand recognition and the fact that many of their existing banking customers will apply first with them for a mortgage.
If you want the best possible service, Quicken has won the most awards and has a great reputation.
If you want the lowest possible rate/fees, I would suggest searching on Bankrate for the lowest advertised APR (a calculation that amortizes the fees into your rate, giving you the "total cost" you can use to compare to other lenders). Bankrate is a lead generator for the mortgage lenders and the lenders know that to win the business, you have to advertise the best APR.
If you want the best of all worlds, take the best rate you can find on Bankrate and then see if Quicken will match it.