Anonymous
05/20/2014 16:49
Subject: Re:newbie question: how to compare mortgage lenders
Anonymous wrote:Anonymous wrote:You can try to optimize closing fees a bit, but honestly it's not a big deal. I'm a big saver mentality and even I chill out a bit when we purchase a house. Shop on rates and points, and if you have someone recommended from a friend who liked their customer service, it's absolutely worth it to take your best offer to them so they can match.
But if you're putting down $100,000 on a $500,000 house, I wouldn't recommend sweating out whether that closing check will be $110,000 or $110,650 or whatever, based on whether they rip you off a little on settlement fees or whatnot. No one has ever thought, man I would be happy with this house if only my title insurance was a little less pricy.
This is exactly why so many people get ripped off at the closing table! Please question every fee. You will be surprised if you say - I am not going to pay that, they will remove it. Also title insurance is such a rip off. Please shop around for it. A little extra effort pays off and then you can enjoy a nice meal out to celebrate!
Totally agree
$650 not a spare change in my books
Anonymous
05/20/2014 16:45
Subject: Re:newbie question: how to compare mortgage lenders
Anonymous wrote:You can try to optimize closing fees a bit, but honestly it's not a big deal. I'm a big saver mentality and even I chill out a bit when we purchase a house. Shop on rates and points, and if you have someone recommended from a friend who liked their customer service, it's absolutely worth it to take your best offer to them so they can match.
But if you're putting down $100,000 on a $500,000 house, I wouldn't recommend sweating out whether that closing check will be $110,000 or $110,650 or whatever, based on whether they rip you off a little on settlement fees or whatnot. No one has ever thought, man I would be happy with this house if only my title insurance was a little less pricy.
This is exactly why so many people get ripped off at the closing table! Please question every fee. You will be surprised if you say - I am not going to pay that, they will remove it. Also title insurance is such a rip off. Please shop around for it. A little extra effort pays off and then you can enjoy a nice meal out to celebrate!
Anonymous
05/20/2014 16:31
Subject: newbie question: how to compare mortgage lenders
Anonymous wrote:We have requested the fee sheets from 2 banks and one lender who works with our RE agent. What are the line items we can optimize? All stated the same interest rate of 4.25% for a conventional 30 year mortgage with 20% down.
Origination fees, title insurance and appraisal fee. The rest will be the same.
I know you can shop for your own title company, but for purchase I would stay with lender's preferred one just in case.
Also, even if rates are the same, points might be different, so always compare rate+points(lenders credit) combination.
Anonymous
05/20/2014 11:57
Subject: newbie question: how to compare mortgage lenders
Anonymous wrote:Um, no. You have no idea what you are talking about. First, the jumbo cutoff is well above 417 for the entire DC metro and has been since the crisis. Second, jumbo rates are now lower than conforming rates for many lenders. A lot has been written about why this "rate inversion occurred, but the short answer is that banks now portfolio almost all nimbus since the private label MBS market imploded, and underwriting for such loans is very, very strict.
https://www.wellsfargo.com/mortgage/rates/
Anonymous wrote:It's possible that OP and PP have different loan amounts. Rates are always lower on loans of less than $417,500, for example.
It's totally nuts, but true. I guess the borrower quality is just so much higher on the JUMBO products?
Anonymous
05/18/2014 23:07
Subject: newbie question: how to compare mortgage lenders
Um, no. You have no idea what you are talking about. First, the jumbo cutoff is well above 417 for the entire DC metro and has been since the crisis. Second, jumbo rates are now lower than conforming rates for many lenders. A lot has been written about why this "rate inversion occurred, but the short answer is that banks now portfolio almost all nimbus since the private label MBS market imploded, and underwriting for such loans is very, very strict.
https://www.wellsfargo.com/mortgage/rates/
https://www.wellsfargo.com/mortgage/rates/
Anonymous wrote:It's possible that OP and PP have different loan amounts. Rates are always lower on loans of less than $417,500, for example.
Anonymous
05/12/2014 20:38
Subject: newbie question: how to compare mortgage lenders
It's possible that OP and PP have different loan amounts. Rates are always lower on loans of less than $417,500, for example.
Anonymous
05/12/2014 15:54
Subject: newbie question: how to compare mortgage lenders
Anonymous wrote:OP I just locked in my rate and I got a 4% interest rate with 20% down. I think you should look around some more!! My credit is excellent and I had 3 separate banks quote me 4% just last week.
An easy number to compare is the lenders fees or the APR.
Thanks. Can you share which banks?
Anonymous
05/12/2014 13:28
Subject: Re:newbie question: how to compare mortgage lenders
You can also use a mortgage broker who will do all the mortgage shopping for you and present you with different offers. I found I got better rates going through a mortgage broker (and you don't pay the mortgage broker).
Anonymous
05/12/2014 13:16
Subject: newbie question: how to compare mortgage lenders
OP I just locked in my rate and I got a 4% interest rate with 20% down. I think you should look around some more!! My credit is excellent and I had 3 separate banks quote me 4% just last week.
An easy number to compare is the lenders fees or the APR.
An easy number to compare is the lenders fees or the APR.
Anonymous
05/12/2014 13:12
Subject: Re:newbie question: how to compare mortgage lenders
You can try to optimize closing fees a bit, but honestly it's not a big deal. I'm a big saver mentality and even I chill out a bit when we purchase a house. Shop on rates and points, and if you have someone recommended from a friend who liked their customer service, it's absolutely worth it to take your best offer to them so they can match.
But if you're putting down $100,000 on a $500,000 house, I wouldn't recommend sweating out whether that closing check will be $110,000 or $110,650 or whatever, based on whether they rip you off a little on settlement fees or whatnot. No one has ever thought, man I would be happy with this house if only my title insurance was a little less pricy.
But if you're putting down $100,000 on a $500,000 house, I wouldn't recommend sweating out whether that closing check will be $110,000 or $110,650 or whatever, based on whether they rip you off a little on settlement fees or whatnot. No one has ever thought, man I would be happy with this house if only my title insurance was a little less pricy.
Anonymous
05/12/2014 12:52
Subject: newbie question: how to compare mortgage lenders
We have requested the fee sheets from 2 banks and one lender who works with our RE agent. What are the line items we can optimize? All stated the same interest rate of 4.25% for a conventional 30 year mortgage with 20% down.