Mortgage question

posted 1 year ago in Home
  • poll: How many companies/brokers did you meet with?
    1 : (24 votes)
    62 %
    2 : (8 votes)
    21 %
    3 : (6 votes)
    15 %
    4 or more : (1 votes)
    3 %
  • Post # 2
    Member
    5722 posts
    Bee Keeper
    • Wedding: July 2018

    0

    In the uk you can look at all the mortgage information online, we compared how much a bank was willing to lend to us and what the interest rates were and applied online for the mortgage we wanted.  We ended up going direct with a building society rather than a large bank as they had the lowest interest, we were going to go with a broker as we had an uncommon lease situation but in the end we didn’t need to. 

    Meeting companies or brokers in person seems like a waste of time to me but maybe it is different in the US.  What would the benefit be? 

    Post # 3
    Member
    420 posts
    Helper bee
    • Wedding: November 2018

    1, recommended by our friend. He was very good and got us what we needed.

    Post # 4
    Member
    13674 posts
    Honey Beekeeper
    • Wedding: November 1999

    One.  We took a first time home buyers course and ended up going with the broker that taught it.

    Post # 5
    Member
    202 posts
    Helper bee
    • Wedding: August 2014

    Canada- we looked at three banks and made the one we really wanted match the best interest rate. We were told by the bank that if your go to many banks it will start to affect your credit as they pull your credit rating everytime so it looks like you are taking out multiple loans. Our credit rating was near perfect though. This was 2.5 years ago. 

    Post # 6
    Member
    2631 posts
    Sugar bee
    • Wedding: September 2016

    1.  We went with one our relator reccomended.  We got a very good vibe from him when we met with him, so we just went with him.  I did do some online searches and the amounts and percentages he quoted us seemed pretty standard, so we were happy with our choice.

    Post # 7
    Member
    8099 posts
    Bumble Beekeeper

    Hp417 :  for my first mortgage it was a state run first time homebuyers program so the bank I chose didn’t matter – the rates were set by the state agency and the bank just serviced the loan. When I refinanced that mortgage I looked at rates online and then dealt with one company. Similar with my heloc – I called 2 banks to get their rates and then applied for one. 

    In the US so long as you shop around within a short timeframe (2-4 weeks) the multiple credit pulls won’t count against you because they know you are shopping and not taking out 4 loans. 

    Post # 8
    Member
    1058 posts
    Bumble bee
    • Wedding: August 2019

    I only met with one bank, my real estate agent said he heard a lot of good things about them, and they had a great program for first time homebuyers.

    Post # 9
    Member
    1263 posts
    Bumble bee

    zzar45 :  You can actually get much better deals through brokers, as they have more mortgage products available to them than what anyone can see online. They can also get the same deals for you but perks like taking off the product fee and stuff like that. I’ve had 5 mortgages now and always got a better deal through a broker. They also know better where to place you if you have a certain type of property – for instance a friend of mine had an offer accepted on a flat above a commerical property in London. She chose a lender, got a mortgage in priniple, etc etc – and only when it came to the valuation did the lender say ‘we don’t lend on properties above commercial premises/or will value it 10% down’. Whereas the people I have known to use a broker with a flat above a commercial premises have been placed with a lender who doesn’t have those stipulations. 

    I think it’s always worth meeting with at least one after you have researched mortgage products yourself and seeing what else they can offer you. They also take care of all the paperwork for you, which for me personally is a Godsend, lol. 

    Post # 10
    Member
    3085 posts
    Sugar bee
    • Wedding: March 2006

    I agree, brokers are the way to go. If you visit multiple banks that only lend through themselves, your credit gets pulled every time. A broker has lots of banks to choose from (ours had over 30) so they pull your report once, and find the best fit. The most important thing to me was feeling comfortable with who I was working with. 

    Post # 11
    Member
    2785 posts
    Sugar bee

    I went to my bank (chase) and guaranteed rate.  Guaranteed Rate got me the best interest rate and then it was sold to Chase anyways!  But then I have refinanced twice since and I’m now with some random bank, but I have a great rate.

    Post # 12
    Member
    1591 posts
    Bumble bee
    • Wedding: May 2017

    Hp417 :  We shopped rates a lot online, from probably 20 different banks. We then contacted the top ones to see if they would work with on lowering the rate any. Surprisingly, some will go lower than what they advertise if you have good credit. We also told some banks what others were offering, and that ended up saving us over .5% on the rate we ended up locking in. We didn’t have all of them run our credit, only the one we ended up going with. We would have went with a broker, but the relocation company we were working with doesn’t allow it as they have deals with preferred lenders. 

    Post # 13
    Member
    2785 posts
    Sugar bee

    What are interest rates like right now?

    Post # 14
    Member
    345 posts
    Helper bee

    I talked to Quicken Loans – wasn’t impressed – and then went with a smaller, local broker who gave me tons of personal help and attention! Closed on my house yesterday and the whole process went SO SMOOTHLY!

    Post # 15
    Member
    1406 posts
    Bumble bee
    • Wedding: March 2018

    2 brokers and 1 bank directly. (We’re in ny) The first broker was recommended to us by a family member who’s a realtor, he ended up ghosting us-if you can believe that… The second one was recomended by our realtor and he was fantastic and who we ended up going with. The bank was just a fall-back which had the worst rates and customer service. Totally shop around though and avoid the online stuff (like quicken loans) as we were told they are not so great and found out ourselves, and we went for a conventional loan. 

    Wishing you a smooth purchasing process! 

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