Please recommend quick mortgage loan approving banks
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Anonymous
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We have applied for a loan via Bank of America and have a problem because one of us do not have the required number of credit lines open for the required number of years. We want to look for an alternate lender who can process the loan quickly. Both of our credit scores are above 780. Loan amount of about $550K. Liquid financial assets of $1.1 million and zero debt. We are planning to put 25% down. Both of us have been in stable jobs.
I am thinking a small bank/lender who can look at our situation objectively might be able to approve the loan even if one of us do not have lots of credit lines and long credit history. Really appreciate any input. |
Anonymous
| Wow, really? You are in far better financial shape than we are...I recently had a good experience with Intercoastal Mortgage, spoke several times with John Pyne. They are local and apparently able to do quick approvals and closings. We wound up going with a larger bank because of a better rate but I think the customer service at Intercoastal was great. |
Anonymous
| Thank you! I got a few recommendations from friends as well and it looks like the smaller firms are better at this. |
Anonymous
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Definitely go with smaller firms. In the end, your loan officer is important too.
We have good experience with John Yannetti who is at George Mason now: https://jyannetti-gmmllclo.mortgagewebcenter.com/ |
Anonymous
| Michigan Mutual |
Anonymous
| Eagle Bank |
Anonymous
|
http://www.pcollinsgroup.com/
I got my mortgage from them very fast and with minimal hassle. |
Anonymous
| I'd just settle for cash and get the mortgage later. |
Anonymous
| Amerisave-- you can go from application to closing in 4-6 weeks. |
Anonymous
| BofA is awful. Go with Eagle Bank which another PP recommended above. |
Anonymous
| Thanks again for the helpful info. I am working with a small lender now. |
Anonymous
|
OP here. Thanks again for all the help.
We finally closed and BofA has been able to process the loan on just my name. They have, to my surprise, been incredibly helpful after the initial setback, even reaching out to other lenders in case they cannot do the loan. They have reduced the rate as well below the initial rate that we have locked. Overall very happy with BofA. |
Anonymous
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Glad it worked out!
We just closed on a Bank of America loan in 5 weeks. $550K loan, 50% down, single income, zero debt but no where near 1.1 in liquid assets. |
Anonymous
| Definitely recommend George Mason Mortgage (owned by Cardinal Bank.) I've found the big guys are less responsive and tend to be 1/4 to 1/2% higher. |
Anonymous
| embrace home loans |