Recommendation of mortgage lender

[sgip]

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.....

My .02c

 

[Hugo Township]

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.....

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.

 

[eyephone]

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.

 

[usctrojancpa]

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).

 

[eyephone]

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.

 

[Cares]

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.