I need a recommendation for a mortgage lender who can get me the best home loan rate! It looks like 30 year rates are 3.785% to 3.5% and i've seen some even lower.
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OT - Ask the Pack - Mortgage Lender Recommendation
- Thread starter greenbean.sixpack
- Start date
This would be a refi, would that matter? I'm pulling out money to buy investment property.
How much in points did you pay?
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Talk to my friend John Bonelli. He's a bearshark, but a great guy and friend. He'll meet you wherever you're at and take good care of you. Just did refi on my house with him.
https://fidelitymort.com/team/john-bonelli/
eta: he's based in Jackson/Rankin/Madison area if that is relevant to you.
I have used Quicken Loans on two occasions. Drew Crank led me through the process. (1-888-980-4561). He will lead you through without a problem.
Purchase or refi?
Credit score?
Loan amount?
Appraised value / purchase price?
I’m with US Bank in Nashville FYI but we lend in all 50 states. The answers above will have an impact on what you’ll be looking at rate-wise.
Credit score?
Loan amount?
Appraised value / purchase price?
I’m with US Bank in Nashville FYI but we lend in all 50 states. The answers above will have an impact on what you’ll be looking at rate-wise.
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I can help you- 25 years and going in mortgage lending as a top lender in the south. I’m with BankFirst in Starkville but can help most any where in the US.
Www.bankfirst.mortgage/jmcpherson
Www.bankfirst.mortgage/jmcpherson
I am so confused by this. Why not just search online for what the prime rate is and quickly look amongst a few lenders to see if they are offering the same?
Try out credible.com to search from alot of lenders at once. Much better results than using someone's else's buddy. I locked in 15 for 3% with $500 in closing back in October for a refi.
Try out credible.com to search from alot of lenders at once. Much better results than using someone's else's buddy. I locked in 15 for 3% with $500 in closing back in October for a refi.
Question about re-financing: can you refinance at anytime? Or do you have to have the loan for so many years before you can?
I am looking at a new 15 year mortgage. Does anyone have experience from an online mortgage company? Their closing costs are really low.
I used New American Funding. I gave them a quite from Better.com and they lowered their rate to beat it. Couldnt find one less and I searched quite a bit. My 30 year rate is 3.375. I paid points but dont remember exactly how much. The points amounted to about 4,000 though.
Agree on this. Patrick is a good dude. The Mortgage Connection is now part of The First of of Hattiesburg.
Was this a cash out refi? I reading that refi with cash out is about .25 higher than just a refi.
My advice is simple. If you want the absolute rock bottom rate, use a big box bank like Rocket Mortgage, Bank of America, or another e-lender. If you want great service and better reliability, use someone local.
As a realtor, whenever my clients get into multiple offer situations, I always look at where their money is coming from. The bog box banks (BoA and Wells Fargo) always mismanage the process and are 10 days to 2 weeks late in getting the money ready. If my clients must close on a specific date to get proceeds to close on another property, I'll tell them to take the offer with the more reliable lender, not the highest offer.
If you get in a squeeze and need to close in less than 30 days, USE LOCAL. It could be the difference in not getting your dream. Sure the monthly not might be $15 more a month, but so what. At least you got the property you wanted.
Also, the rate doesn't tell the entire story. It's a shell game. One may give you a low rate, but then button-hook you with trash fees on top of the origination fee. If a deal looks too good to be true, it probably is.
As a realtor, whenever my clients get into multiple offer situations, I always look at where their money is coming from. The bog box banks (BoA and Wells Fargo) always mismanage the process and are 10 days to 2 weeks late in getting the money ready. If my clients must close on a specific date to get proceeds to close on another property, I'll tell them to take the offer with the more reliable lender, not the highest offer.
If you get in a squeeze and need to close in less than 30 days, USE LOCAL. It could be the difference in not getting your dream. Sure the monthly not might be $15 more a month, but so what. At least you got the property you wanted.
Also, the rate doesn't tell the entire story. It's a shell game. One may give you a low rate, but then button-hook you with trash fees on top of the origination fee. If a deal looks too good to be true, it probably is.
closing costs? 2-3%, but they vary widely. Some may waive origination fees which usually run 1% of the loaned amount. If they do that, they won't give you as low as a rate. They will all make their money off of you. It's a shell game. Either they get your money upfront or down the road. The difference in monthly costs is typically nominal when it's all said and done. Go with the lender you trust and has the best customer service.
Bank of America = nightmare! They use predictive analysis and can raise your note every year for tax inflation or insurance. Takes multiple calls and threats to get them to lower it back to the original loan payment. Had a mortgage with them for 5 years before I refi'd local to stop the madness.
I’m pretty sure anybody can do that. Its standard practice industry wide. And there’s nothing you can ever do to prevent your local lender from selling the mortgage to a big national bank. The mortgage on my first house got sold 3-4 times in 8 years. The mortgage on the 2nd one I’m in now was sold from my local lender to Wells Fargo before I even got to the closing table.
As far as to the practice itself, I’m not sure that it isn’t above board. My annual insurance premium increased by about $300 per year from when I started my mortgage to when I sold my first house. You can raise hell all you want about the increased payment and get them to lower it back to the original value, but you are eventually going to have to cut a big check for the escrow shortfall unless your insurance company agrees to reduce the premium or you get the property tax reassessed and lowered (or both). The “predictive analysis” is based on how much both of those things are trending over time. And if you are living in a good area with increasing property values, they ALWAYS go up.
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Mine went up once in 5 years which increased escrow by $4.00 a month. I spoke with them multiple times each year after they raised it in March or April, it would take till July to get it fixed every time. If you don't get it fixed they can increase you over 5 years by $100 a month. Which you will get back but not at the same return your money makes by investing. It is just another way for big banks to use your money for free.
For future reference. A cash out refi is .25% more than a normal refi. Your LTV needs to be at 80% or less, but at 70% or less you may be able to squeak by without an appraisal, and possibly get a little better rate.
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