OT: Need some mortgage advice

[615dawg]

I know there are some of you that are in the mortgage business. I have a complex matter that I need some help with. PM me if you think you can help. Property is in Mississippi.

 

[aTotal360]

I just went through this myself. Here is a little advice I can give. You should be able to get something in the 3.75% range with 0.25% juice on top of it.

1) don't use a bank
2) private mortgage professionals are one of your best options
3) don't discredit online e-lenders. they will offer you the best deal, but all their customer service sucks. I was surprised the deals they offered. I could buy 1/8s off at around $1400/eighth. Not the best choice for short term investments, but worth considering.
4) some Dave Ramsey ELPs (particularly Churchill Financial) can very shady

 

[Optimus Prime 4]

I have no clue what the OP is about, but I refi'd two weeks ago, and am saving over $300 a month, plus the skipping a payment thing is nice. I used a broker I found on LendingTree actually. Once you apply you get harassed with calls and emails for a few days, but I picked one I liked and ignored the rest. They were great to work with, and super easy, plus they charged no fees of their own. So I agree, don't discount online lenders, I had a dedicated rep who worked with me the whole way. Oh, and they sold .15 for $349.

 

[AlCoDog]

Your #1 isn't necessarily good advice. Not sure what bank you use, but that is an option worth comparing.

 

[Maroonbulldog]

#1 is very debatable

I just went through this myself. Here is a little advice I can give. You should be able to get something in the 3.75% range with 0.25% juice on top of it.

1) don't use a bank
2) private mortgage professionals are one of your best options
3) don't discredit online e-lenders. they will offer you the best deal, but all their customer service sucks. I was surprised the deals they offered. I could buy 1/8s off at around $1400/eighth. Not the best choice for short term investments, but worth considering.
4) some Dave Ramsey ELPs (particularly Churchill Financial) can very shady

Having in worked as a broker and bank mortgage LO, I can say using a bank is much safer option. I hope I never have to go back to the broker side again because of the perception so many bad apples on the broker side gave the industry in past years. Brokers are going to try and make as much money as they think they can off if you. If you are an experienced buyer- you may get sent to 1 investor with good rates, but if you are inexperienced buyer- you may get sent to a different investor where they can make more $ off of you w a higher rate. Now don't get me wrong- there are some very ethical brokers out there - residential mortgage in Jackson comes to mind- but don't be fooled if you think they have your best interests at heart. Your loan may be one of that loan originators only loan that month so they gotta make that commission somehow.


I cant can't speak for other banks- but the one I work for has 1 rate sheet period. It makes zero difference in what rate is charged to the buyer letting the advice from the LO help you and not their own bottom line. Usually there are lender credits available to pay some of your costs as well- when the bank is making more than they are supposed to.

Brokers are not all bad- but you need to be careful and if anything- get quotes from brokers AND banks.

The online stuff? Terrible customer service. I see the complaints all the time.

Dave Ramsey? I may be wrong here , but I think those guys have to pay $5k + to take his class to be a " preferred lender".

at the end of the day- do your homework, don't Stop at your first call, and use someone you feel comfortable with ( broker or bank)

I hope this helps!

 

[leeinator]

I refinanced with........

....my local Regions bank. They charged me $400 closing cost. I also quoted with Quicken Loans and their closing cost was around $4,000. Easy decision.

 

[aTotal360]

I contacted 4 different banks while mortgage shopping. One being the bank I got my last mortgage with and another being the bank I do ALL of my banking with. Plus 2 others. None of them would get under 4.125%. They all capped right there. All the other options were getting to 3.75% without batting an eye. Maybe I chose the wrong 4 banks, but they all gave me the same line.

To your point, I should have said "Don't assume a bank will give you the best deal."

 

[Maroonbulldog]

Bank rates

While I can't quote a specific rate BC of some of the regulations we face- They are closer to the 3.75% range w no origination fees as of this morning w speculation of them dropping some more. The govt loans are around 3.25% I believe but the pmi is a killer when comparing the 2. Credit scores and ltv's factor into pricing as well. , but 740 or above should get you the best rates.

I contacted 4 different banks while mortgage shopping. One being the bank I got my last mortgage with and another being the bank I do ALL of my banking with. Plus 2 others. None of them would get under 4.125%. They all capped right there. All the other options were getting to 3.75% without batting an eye. Maybe I chose the wrong 4 banks, but they all gave me the same line.

To your point, I should have said "Don't assume a bank will give you the best deal."

 

[rynodawg]

I used loansource when I bought last year. It is located in Madison and the owner posts on this forum. Was easy to work with.

I used a VA loan, but the interest rate ended up below my banks quote. Using a local broker, combined with a local bank, helped speed the process for me. Saved us from having to spend a month or longer in a hotel.

 

[drt7891]

To be fair, Dave uses his "ELP" service as Advertising and a referral service because a good many of his listeners don't know how or where to shop for mortgages (and CFPs). These companies pay him to put their business on his website (and he probably gets some commission on referrals, too).

I've never dealt with Churchill, though.

 

[dawgstudent]

Nugdawg is the guy. He is who I use as well.

 

[aTotal360]

800+ credit and no PMI.

 

[rugbdawg]

I 3rd loan source.

They handled a cross country closing in 2 weeks. Yes, we closed, from contract to closing in 15 days. Work with them.

 

[Nugdawg]

We appreciate the kind words from everyone. It's always good to hear. If we can ever help any of you, just let us know. Thanks again!

 

[opusdawg]

Nugdawg is the guy. He is who I use as well.

Opusdawg is a good one as well.

 

[Shamoan]

i got 3.75 two weeks ago through a bank.

 

[jacksonreb]

if you are a good customer of your bank

I think you'll find them worth talking to granted my business runs a lot of $ thru the annually but I've had my mortgage rate lowered twice during the interest rate slide with no charges at all............just lowered my rate. never hurts to ask.

....my local Regions bank. They charged me $400 closing cost. I also quoted with Quicken Loans and their closing cost was around $4,000. Easy decision.