| Author | Message | ||
     Esscuseme Kurra Bewarse Username: Esscuseme Post Number: 1252 Registered: 03-2005 Posted From: 104.183.243.230 Rating: N/A |
My suggestion is that never ever approach big banks directly for a mortgage loan - time waster, high interest rate and they care damn to direct consumer meeting their timelines. The same banks will work efficiently with brokers. Moreover, each bank you approach will do a separate credit check. Instead go with a reputable broker or good credit union. The advantage with broker is that he will have access to easily 30-40 banks to up to hundreds. So, with one credit check he can shop for good rate based on your FICO score among the banks he has access to. Credit unions usually give best rates and customer service is very accessible. It's been a while since I worked with a broker so cannot recommend any. However, I've had butter smooth refinance experience with StarOne CU and PenFedCU (both easy to get membership). Usually they both have competitive rates. I have not checked lately their interest rates. Another avenue is usually real estate agents have access to good mortgage brokers. if you are comfortable based on your confidence levels with your agent, talk to his brokers and see what they offer. The advantage is your is agent will push for you to make sure deal closes on time. Couple of points to note whoever you go with - Don't pay origination fee and points - Usually brokers get 1.25% of loan amount as commission on top of everything. You can ask for some percentage out of it towards your closing costs. This does not work with credit unions though. - make sure pre-payment penalty checkbox is checked inadvertently by clerical error. This becomes damn expensive. (This box should not be checked) - Last but not least, see if you have an option to docusign the papers and store electronically. CA has tons paperwork to sign |