Post # 1
We are in the beginning stages of looking to purchase a home, I feel overwhelemed of where to begin. Obviously we will need a lendor, how do you know who the good ones are? What qualities do you look for other than reasonable rates??
Any good suggestions?
Post # 4
@Lily_of_the_valley: someone local! I have worked with lenders who are based out of the west coast and they hired bad appraisers (an appraisal issue sucks), and they weren’t available to even speak to until 12 every day. There was a lender my client found online, and they denied the loan 3 hours before settlement. At least work with someone who has been recommended to you and don’t search just for best rates – who cares if they give you the best rate when they have shady processing?
Where do you live?
Post # 5
@Lily_of_the_valley: One mortgage broker is the same as the next imo. You won’t really know what’s “good” until you go through the process. IMO there’s no good company per se, but good persons that happen to work for them that are responsive in a timely manner. I just went with the one with the best rate, which also happen to be a referral from a friend (who used them cause they had the best rate).
Post # 6
@Washingtonian: North Dallas area!
Post # 7
@Washingtonian: also, what is the big advantage of local?
Post # 8
We’ve used online companies twice to get the best rates. We used ING Direct once (now Capital 360) and Amerisave. The only issue is that you have to be very diligent about contacting them and may need a few more bits of paperwork. However, we got a 2.25% for our home which is an AMAZING rate, so the extra legwork was totally worth it! You are only eligible for these types of things if you are putting 20%+ down.
Post # 9
- Wedding: October 2011 - Bed & Breakfast
We asked our realtor (someone I’ve known for 20+ years) and she recommended 2 mortgage lenders that she has had good experiences with (e.g. guys who are nice to work with, efficient during processing, and have a great record of closing with minimal hiccups). We met with both of her recommendations and someone from our credit union. We liked her guys best, so we worked with both throughout the shopping process, and then bid them against eachother when it was time to seal the deal in order to get the absolute best rate and terms.
Post # 10
@Lily_of_the_valley: I recommend a credit Union. The rates and fees are usually better than a traditional bank.
Post # 11
@Lily_of_the_valley: Our realtor recommended 3 people to us. We met with all three as well as someone from our bank. We ended up choosing one of the ones our realtor recommended because we just “clicked.”
Post # 12
@FoxyBride14: Hmm didn’t think of a credit union!
Post # 14
I have been looking for a home for a whole year. made many offers and worked with 4 different lenders and brokers. I finally closed last friday and I loooooooooove my broker. He was so amazing. PM me if you would like his info.
Post # 15
@Lily_of_the_valley: you should ask your agent who she recommends. They will have a relationship with each other, but not one where they get “kickbacks”. Like I use lenders that are local because they know how our business works (24/7 hours/day), they were with us doing the Spring for our “seller’s market multiple offers on everything situation”, etc. They also know appraisers in the area, and in a growing economy, you need a reputable appraiser to help you get the deal. I know these guys will get it done – I had that one terrible experience and I won’t do it again but you live and you learn.