Help, Please!!!!How do you decided what mortgage company is best?
Just get the one that has the lowest closing costs - PERIOD. The bottom line is how much you pay. Many of them will just sell off your loan afterwards to someone else anyway, so it really doesn't matter, as you'll likely end up with someone else. Get the best deal possible, cause in the end, the cost of the mortgage is what really matters. Look at places like savings and loans, etc. to find the best deal.How do you decided what mortgage company is best?
This is what we did-we went through a woman at a bank, she was called a loan originator, and she found the best possible deals for us. That is what I would do if I were you. Our loan is through Chase Home Finance.
The reason for the differences in what you where approved for is most likely the banks had different guidelines as to what your debt to income could be to qualify you. Until they have seen all your debts and your income and can calculate that for you to get more precise amount for you. As far as what company you go with i would say get quotes from several companies.
A Direct lender or someone that can look at many sources for you is the best way to go! companies like this get the to look thru many sources and can find you the lowest rate avalible to you.
when you have a few offers compare them with the calculator below to get the big picture!
The fact is whatever rate you get you will have to live with for quite some time and a simple fact is rates vary.
You should look for the lowest fixed rate you can find simply put with reasonable fees. what i mean is paying 2% lender fee is no big deal if it is saving you 1/2% on your interest rate.
The reason i say this is if you have a 200k loan and you have a 1/2% lower rate it is saving you 30k over 30 years now remember most of your payment for the first 10-15years is mostly interest! The lenders have you pay the majority of your interest the first part of the mortgage not the last!
Fact is its better to pay a slightly higher fee than a higher interest rate that鈥檚 not to say you should be over charged!
4% is the national average in fees 2% is reasonable! Most lenders will charge you 1-1 1/2% lender or origination fee. Then also raise your rate to get YIELDSPREAD of1/2-3%or money from the banks to charge you a higher rate!
Look paying an extra 1000.00 closing cost is always better than paying 30k stretched out.
Understand I'm not saying you should pay points or buy the rate down but get as close to the PAR rate as you can!
A good professional can do this for you by looking at many lenders available to you. Find someone you can trust and NEVER give a broker or Realtor your SS# IT is not needed.
KNOW your credit scores ahead of time and tell them your scores
Only when you have made a decision to use a lender do you need to do this.
I also always advise do not use a realtor that is wearing two hats meaning they are a realtor and a mortgage broker this is rarely a good idea! Or a RE agent that is representing the seller!
Direct lenders offer you only the prodcts and rates they have access to. A broker is one who works with many lenders and has the ability to finance some almost impossible loans. If your situation is perfect: 760+ fico, detached home, 12 months of your house payment in your savings, 70% or less loan to value, no cash out, prove your income to qualify on a 33% debt to income ratio, then your best bet is to go straight to a direct lender (your local bank). If you don't fit any of this it is better to go to a broker since they can help the best lender for your situation.
Check the status of the person's license and the brokers by going to your state's dept. of real estate website. Check to see if they have any violations against them.
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