Anonymous wrote:I am pre-qualified at my credit union but am realizing that I can probably do better with closing costs. They have an almost 5K origination fee, for starters!

Looking to borrow about 400K, and have excellent credit/good income/many existing assets.

Any ideas? Thanks!

Start at Zillow Mortgage Marketplace to understand what rates you could get: https://www.zillow.com/mortgage-rates/

Be sure to factor in rate buy downs, lender fees, closing credits, etc into your comparisons to get a true baseline rather than the low number magic they might try to trick you on.

Rates can vary at lenders day by day based on the volume of work they're doing and what risk they want to assume. They will also match each other depending on the current mood. Good luck!

When buying a house, I learned that everyone who supposedly "works for you" and "wants the best for you" is also trying to make money off you by making a sale.

Your agent is not the one paying origination fees and 360 mortgage payments.

Do not use an online lender unless you are looking to do a refi. Many lenders are already having issues under the new TRID guidelines and you don't want to set yourself up for trouble when you have a definitive settlement date. You WILL have issues with online lenders until these new processes get smoothed out

Don't do Lending Tree. I was just curious, and got about 11 calls in the five minutes after I hit send on my info. I was not expecting that.

Go to a mortgage broker. We use Apex.

I would apply to a tradition bank (i.e. Suntrust or Bank of America), online bank (i.e. through Quicken Loans / Rapid ELoans) and a credit union (which you already have covered). If you're working with a Realtor, they may have a lender they recommend also and you could apply with them as well. Point is, do shop around because they all offer different products and if you're well qualified, you should be able to get a good deal.

Go to quicken loans and put in your info. They'll immediately come up with a bunch of quotes.

I am pre-qualified at my credit union but am realizing that I can probably do better with closing costs. They have an almost 5K origination fee, for starters!

Looking to borrow about 400K, and have excellent credit/good income/many existing assets.

Any ideas? Thanks!