Author Topic: Recommendation of mortgage lender  (Read 1529 times)

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Offline marmott

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Re: Recommendation of mortgage lender
« Reply #15 on: February 07, 2019, 11:45:18 AM »
The only bad experience we had was with the builder's lender (Wells Fargo at the time), overall poor communication and a lot of mistakes. The builder didn't really like receiving complaints about their "preferred" lender so it got fixed but a lot of added stress for no reason.

We used US Bank twice in the last 6 months and both time we closed in 20 days or so trouble free. I think it has a lot more to do with the loan officer you are working with than the bank itself. The lady we are working with is on top of things and communicates well, it doesn't hurt that we couldn't find lower rates anywhere else.

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Offline USCTrojanCPA

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Re: Recommendation of mortgage lender
« Reply #16 on: February 07, 2019, 12:00:01 PM »
I'll also say that the individual lender that you are dealing with can also make a huge difference, not just the lender that you are working with.  Similar to how a good agent makes a difference.
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Offline Cares

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Re: Recommendation of mortgage lender
« Reply #17 on: February 08, 2019, 08:50:44 AM »
I'll also say that the individual lender that you are dealing with can also make a huge difference, not just the lender that you are working with.  Similar to how a good agent makes a difference.

Of course. The problem I've noticed going through builder lenders (3 times now) is that they are just basically reps. They cannot tell you what today's rate is without asking a manager. They can't make quick decisions when rates are good and often can only lock 24-48 hours after I really want to lock. Working with my loan broker I can get locked anytime of the day literally. I have locked deals at 10pm with them.

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Offline USCTrojanCPA

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Re: Recommendation of mortgage lender
« Reply #18 on: February 08, 2019, 09:52:26 AM »
I'll also say that the individual lender that you are dealing with can also make a huge difference, not just the lender that you are working with.  Similar to how a good agent makes a difference.

Of course. The problem I've noticed going through builder lenders (3 times now) is that they are just basically reps. They cannot tell you what today's rate is without asking a manager. They can't make quick decisions when rates are good and often can only lock 24-48 hours after I really want to lock. Working with my loan broker I can get locked anytime of the day literally. I have locked deals at 10pm with them.

Most of my new home buyers go with an outside lender because they either have a relationship with that lender or that outside lender has better rates than the builder's lender.  I've noticed that the builder's lender is typically lazy and initially quotes a high rate because they think the buyer will just go with them.  Then once the buyer notifies them and the builder that they are going with an outside lender, the builder's lender gets an "exception" from their manager to provide a more competitive rate.  Why not put your best foot forward right off the bat?
Martin Mania, CPA
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Offline HMart

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Re: Recommendation of mortgage lender
« Reply #19 on: February 08, 2019, 01:07:07 PM »
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.

This logic is sound, but there was another factor you didn't mention. When we shopped rates from big banks, they were able to offer discounts for moving assets to their bank. BofA Preferred, Chase Private Client, Wells Tier 1, etc. In the end, we shopped loan brokers, online lenders, and several big banks (more than just the 3). I went through the pre-approval process with SGIP and had a positive customer service interaction. I would consider him for my next loan.

BTW we had a terrible experience with HSBC, they had the worst paperwork, least sophisticated system, least knowledgeable staff, least empowered staff (which means you get transferred around a lot), and worst rate to boot.

We also applied with a Goldman-backed startup called better.com that has a $1k guarantee. To my surprise they actually sent us a $1k check, which was awesome.

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Offline Soylent Green Is People

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Re: Recommendation of mortgage lender
« Reply #20 on: February 08, 2019, 01:47:48 PM »
Thanks for the insight on Better.com

Given the rates I see on their site today I strongly urge everyone to apply, then bring me their best deal written so that you might earn $1,000.  Quoting 4.5 in a 4.125 world is not a sustainable business model IMHO, unless they plan on making it up on volume..... :D

My .02c

Offline HMart

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Re: Recommendation of mortgage lender
« Reply #21 on: February 08, 2019, 03:38:25 PM »
Thanks for the insight on Better.com

Given the rates I see on their site today I strongly urge everyone to apply, then bring me their best deal written so that you might earn $1,000.  Quoting 4.5 in a 4.125 world is not a sustainable business model IMHO, unless they plan on making it up on volume..... :D

My .02c

I have to think that they'll stop offering their $1,000 best rate guarantee. Someone has to be caught holding the bag at the end of the day. When I got that check, you can bet that I deposited it immediately.

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Offline eyephone

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Re: Recommendation of mortgage lender
« Reply #22 on: February 08, 2019, 03:41:14 PM »
Didn’t a lot of people use the mortgage broker that PS9 recommended? (During the low rate days) I thought many people used that person.

Offline USCTrojanCPA

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Re: Recommendation of mortgage lender
« Reply #23 on: February 08, 2019, 03:42:59 PM »
Didn’t a lot of people use the mortgage broker that PS9 recommended? (During the low rate days) I thought many people used that person.

I think they used that person for refi loans (it was a mortgage broker out of San Diego).
Martin Mania, CPA
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Offline eyephone

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Re: Recommendation of mortgage lender
« Reply #24 on: February 08, 2019, 03:44:58 PM »
Didn’t a lot of people use the mortgage broker that PS9 recommended? (During the low rate days) I thought many people used that person.

I think they used that person for refi loans (it was a mortgage broker out of San Diego).

Yeah that one. I thought they did also purchase loans.
« Last Edit: February 08, 2019, 03:50:50 PM by eyephone »

Offline Cares

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Re: Recommendation of mortgage lender
« Reply #25 on: February 11, 2019, 03:28:20 PM »
I'll also say that the individual lender that you are dealing with can also make a huge difference, not just the lender that you are working with.  Similar to how a good agent makes a difference.

Of course. The problem I've noticed going through builder lenders (3 times now) is that they are just basically reps. They cannot tell you what today's rate is without asking a manager. They can't make quick decisions when rates are good and often can only lock 24-48 hours after I really want to lock. Working with my loan broker I can get locked anytime of the day literally. I have locked deals at 10pm with them.

Most of my new home buyers go with an outside lender because they either have a relationship with that lender or that outside lender has better rates than the builder's lender.  I've noticed that the builder's lender is typically lazy and initially quotes a high rate because they think the buyer will just go with them.  Then once the buyer notifies them and the builder that they are going with an outside lender, the builder's lender gets an "exception" from their manager to provide a more competitive rate.  Why not put your best foot forward right off the bat?

Exactly what's happening in my situation. I basically informed the builder's lender that we're using an outside lender. I even specifically said, give me your best and final rate and I'm making my lender decision. They gave me the same rate they initially quoted telling me "rates go up fast but go down slow". What a bunch of bologna. They have emailed me 3 times now lowering their rate asking if I'll close with them without a peep from me.

 

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