Posted on: 01st Feb, 2008 04:18 pm
So many rates....so many options. Which company would you say has the best overall value? Who would you do business with? I have great credit and I am looking for a 30 year fixed for $300,000. Who would you suggest.
Hi Charles,
Welcome to the forum.
I think the best government-sponsored mortgage finance companies are Fannie Mae and Freddie Mac. Even in this community there are some of best mortgage companies and lenders of the country. You can search them at http://www.mortgagefit.com/unitedstates/
Feel free to ask if you have any further questions.
Thanks.
Larry
Welcome to the forum.
I think the best government-sponsored mortgage finance companies are Fannie Mae and Freddie Mac. Even in this community there are some of best mortgage companies and lenders of the country. You can search them at http://www.mortgagefit.com/unitedstates/
Feel free to ask if you have any further questions.
Thanks.
Larry
Hi Charles,
The best company does not depend upon what rates they have to offer. It depends upon the service background of the lender as well as other factors such as whether they are able to satisfy their customers or not.
Please go through the discussions at http://www.mortgagefit.com/discuss/choose-bestcompany.html and http://www.mortgagefit.com/discuss/about154.html to know how you can judge a mortgage company/lender.
Thanks,
Jerry
The best company does not depend upon what rates they have to offer. It depends upon the service background of the lender as well as other factors such as whether they are able to satisfy their customers or not.
Please go through the discussions at http://www.mortgagefit.com/discuss/choose-bestcompany.html and http://www.mortgagefit.com/discuss/about154.html to know how you can judge a mortgage company/lender.
Thanks,
Jerry
Easiest way to find an enumeration of lenders under Larry's criteria is to go to Fanniemae's web site and do a 'lender search' (left hand column) by state. This is only a starting point of course.
Strangely enough, Freddie's site does not have a similar feature.
Strangely enough, Freddie's site does not have a similar feature.
Hi Charles K,
A GOOD mortgage broker could get you a better rate. If you noticed, I emphasized the word good because there are ones that know which lender has the best mortgage rate for you so that you don't have to call 100 lenders to find out for yourself. There are many others that just don't do the research.
Mortgage brokers do recieve wholesale mortgage rates and it really depends on the mortgage broker on how much they will mark this up. There are some brokers that work on a very thin margin so you can actually get a lower rate than if you went directly to the lender yourself.
A GOOD mortgage broker could get you a better rate. If you noticed, I emphasized the word good because there are ones that know which lender has the best mortgage rate for you so that you don't have to call 100 lenders to find out for yourself. There are many others that just don't do the research.
Mortgage brokers do recieve wholesale mortgage rates and it really depends on the mortgage broker on how much they will mark this up. There are some brokers that work on a very thin margin so you can actually get a lower rate than if you went directly to the lender yourself.
Larry brought up an interesting screening device in this uncertain market. At least using this list, you are assured of a modest financial base. I think it's $200 or $300K. Not much given a typical loan amount and what's needed to run the average business but at least some assurance the way many brokers are folding around here.
Consider stacking up a Fannie Mae/Freddie Mac against a FHA loan option.
Both will allow for a high loan to value (97 to 100), but the similarities stop there.
FHA has a significantly lower mortgage insurance requirement and the rate is lower.
Even though FHA is not a credit score driven program (and not normally considered by those with great credit), the benefits over the other gov't programs are difficult to ignore.
Regards,
Scott Miller
Both will allow for a high loan to value (97 to 100), but the similarities stop there.
FHA has a significantly lower mortgage insurance requirement and the rate is lower.
Even though FHA is not a credit score driven program (and not normally considered by those with great credit), the benefits over the other gov't programs are difficult to ignore.
Regards,
Scott Miller
I think its the one your most comfortable dealing with, as long as the rate is comparable to ones out there.
Good Luck!!
Good Luck!!
Call a local broker. Ask them how many employees they have, more the better. Ask to speak to the branch manager. Typically, and especially if you get one that does loans as well (the branch manager), you will get the best pricing from them. Of course the best pricing doesn't always mean the best service. But I think all in all most branch managers have been in the business for 10 years + and are very knowledgeable when it comes to what is available in the market.
Best of Luck
Best of Luck
Hi Charles,
Being a broker I would love to agree with the 'broker is better' philosophy but I don't think it's always correct. It really depends on many different factors which change with different scenarios. Also, many banks have the ability to broker their loans. If you're looking for a long term relationship I would consider finding a loan officer, broker or banker, that exhibits high levels of knowledge and ethics and also gives great customer service. I think you will find these traits also lend themselves to people that also price their loans aggressively. Even though this isn't the type of transaction many people repeat with frequency you should consider someone that will be around if you ever need them in the future and someone to whom you can refer with confidence.
That being said, maybe you can find a few people with the same excellent credit and have had similar loan needs you have that have obtained a mortgage within the past few years and had a great experience and ask them for a referral. Interview a couple of these referrals, ask them to sharpen their pencils and select the person that offers the best overall scenario.
I can't agree with lookng for a company that has the most employees. Often enough that means the company is good at hiring. When you're searching maybe you should consider how long their employees have been with the company.
When you find the 'right' industry professionals, real estate agent, loan officer, escrow officer, etc., stick with them. Loyalty will save you so much in the long run.
Best regards,
Being a broker I would love to agree with the 'broker is better' philosophy but I don't think it's always correct. It really depends on many different factors which change with different scenarios. Also, many banks have the ability to broker their loans. If you're looking for a long term relationship I would consider finding a loan officer, broker or banker, that exhibits high levels of knowledge and ethics and also gives great customer service. I think you will find these traits also lend themselves to people that also price their loans aggressively. Even though this isn't the type of transaction many people repeat with frequency you should consider someone that will be around if you ever need them in the future and someone to whom you can refer with confidence.
That being said, maybe you can find a few people with the same excellent credit and have had similar loan needs you have that have obtained a mortgage within the past few years and had a great experience and ask them for a referral. Interview a couple of these referrals, ask them to sharpen their pencils and select the person that offers the best overall scenario.
I can't agree with lookng for a company that has the most employees. Often enough that means the company is good at hiring. When you're searching maybe you should consider how long their employees have been with the company.
When you find the 'right' industry professionals, real estate agent, loan officer, escrow officer, etc., stick with them. Loyalty will save you so much in the long run.
Best regards,
Jason hit one right on the head. I always suggest a person talk to their local bank, a broker, and a retail lender.
Compare apples to apples with the good faith estimates. And of course, don't let everyone pull your credit. Ask your potential lender to give you a good faith estimate based on the credit and loan scenario you give them.
Compare apples to apples with the good faith estimates. And of course, don't let everyone pull your credit. Ask your potential lender to give you a good faith estimate based on the credit and loan scenario you give them.
usually we all think our company is the best. even if that isn't the case, we all usually think that we are the best loan officers on this side of Heaven.
your best company will be the one with whom you reach a comfort level, in terms of pricing, service (service!!!), patience, attentiveness, desire to make you understand...
like anything else, we all have our own opinions; but you need to find someone who meets your needs - shop around a little bit if you have the time, as jeff suggested.
your best company will be the one with whom you reach a comfort level, in terms of pricing, service (service!!!), patience, attentiveness, desire to make you understand...
like anything else, we all have our own opinions; but you need to find someone who meets your needs - shop around a little bit if you have the time, as jeff suggested.
