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Mortgage Shopping: Advice
Old 01-02-2008, 07:57 AM   #1
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Mortgage Shopping: Advice

I've been pre-approved by my credit union. Can anyone recommend a site or other competitive , reputable lenders I should use/apply with? e.g.

*Countrywide
*E-Loan
*Wells Fargo
*MetLife Bank

Who's good...who's bad...and why would be very helpful.

Thanks,
MFG

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Old 01-02-2008, 08:35 AM   #2
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I had a mortgage from Chase bank, from 2002-2006. I don't know how competitive their rates are (you can check on their website - - when I got my mortgage they were 6.375% and Countrywide was 6.25%), but I thought their service was pretty good. I used to skim off my bank accounts several times a year and send the excess in as a lump sum payment, and it wasn't always a nice round number of dollars. But every month I checked, and they very carefully applied each lump sum payment to the principal without much delay and I was very pleased that they were as careful about that as I was. Also, I had no bad surprises at any time. So personally, I would go with Chase instead of the other banks you mentioned, even if the interest rate was a little higher, just because I know for a fact that their "aggravation factor" is low.

They do have one of those endless voicemail (and recorded information to listen to) set-ups, where it says, "If you want xyz, press 1, If you want abc, press 2" and so on forever and ever. I thought that was aggravating until my insurance agent told me how to get a real person at Chase through that system when I needed one. I wrote it down at the time, and used it but have forgotten by now. There's a way. Maybe you punch the "*" or something.
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Old 01-02-2008, 09:01 AM   #3
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Try Penfed (www.penfed.org). If not otherwise eligible for membership, $20 will get you in.
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Old 01-02-2008, 10:45 AM   #4
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My advice is to look at the bottom line- all fees, PMI, insurance, interest and calculate what each loan will acutally cost you- then take the cheapest one. My experience has been that you loan get sold in a couple of years anyway, so the loan originator has a relatively minor impact on the mortgage. Don't let them include the insurance in the loan. You don't want to pay the bank interest on your home insurance.

I've been exploring PenFed and am impressed with how easy it seems to work with them. Their home mortgage rates are very very good. I joined the NMFA easily with a $20 payment and am eligible for all their good loan rates.
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Give lending tree a try
Old 01-02-2008, 10:48 AM   #5
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Give lending tree a try

LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance

Our first mortgage was through them. They submit your application to at least four places and give you all the responses.
We ended up with than Norwest (now Wells Fargo Home Mortgage).
We got .25 percent better deal than directly from Norwest.
They will also give you some money back on closing with them (details vary) - check their current promos - IIRC we got $500 back in '99.
They also have lowest rate guaranty and our neighbors successfully used it in the past (in lieu of cash Lending Tree worked with WaMu to lower their APR .125% one day before closing).

No ties with lending tree only a satisfied customer.
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Old 01-02-2008, 12:00 PM   #6
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Compare mortgage rates, home loans, CD rates, auto loans, credit cards, mortgages and more

Good site, not just for mortgages but all kinds of financial information.
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Old 01-02-2008, 12:04 PM   #7
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A great source of info: The Mortgage Professor's Website

I think you could do a lot worse than Pen Fed.
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Old 01-02-2008, 02:46 PM   #8
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I've had five different mortgage loans over the years, all have been handled professionally and correctly, but my search criteria is "the cheapest loan I can find from someone who's name I recognize". The last three were two with USAA and one with PenFed. I think one of the earlier ones was with my local credit union.

Just shop around a lot and ask a lot of questions and you'll do fine. I'd second the recommendation to look at BankRate.

2Cor521
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Old 01-02-2008, 03:02 PM   #9
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I used Chase. It helped that their office is accross the street from my MegaCorp but I got a competitive rate. And they did all the paperwork when we paid it off.
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Old 01-02-2008, 03:37 PM   #10
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Try Penfed (www.penfed.org). If not otherwise eligible for membership, $20 will get you in.
how? didn't see that option on the site...
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Old 01-02-2008, 03:41 PM   #11
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You all are great! I sincerely wish you all the best!

MFG
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Old 01-02-2008, 04:15 PM   #12
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how? didn't see that option on the site...
Home Page click "How to Join" in banner along top part of page, then look at #6 on the next page.
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Old 01-02-2008, 04:47 PM   #13
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Home Page click "How to Join" in banner along top part of page, then look at #6 on the next page.
thanks...just noticed the "anyone can join" part...
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Old 01-02-2008, 04:47 PM   #14
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You all are great! I sincerely wish you all the best!

MFG
You are going to have a big party when you get your house and invite us, right?
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Old 01-02-2008, 04:53 PM   #15
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You are going to have a big party when you get your house and invite us, right?
With a new house that big, my guess is that she'll be having lots of big parties and enjoying entertaining.

Mary, my best wishes as you embark on the exciting task of selecting and buying your new home!
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Old 01-02-2008, 06:37 PM   #16
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Absolutely you all are invited when it happens. I'll even have some nice wine for the occassion (Kendall Jackson...lol).

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Old 01-02-2008, 08:20 PM   #17
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I have found better rates going through a broker I trust (be careful, there are plenty out there to not trust) or by responding to ads from institutions I know that were doing something special.
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Old 01-03-2008, 04:59 AM   #18
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Watch the closing costs, including points, prepayment penalties and other not so transparent costs. These can add up quickly.
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Old 01-03-2008, 09:20 AM   #19
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My current mortgage began in 1996 with Norwest, who is now Wells Fargo. No problems or complaints with them thus far. They were very cooperative when I was eligible to drop my PMI (I initially only had a 10% down payment) and are very good at keeping me notified about my loan status regarding escrows etc. No complaints, but of course you should shop around.
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Old 01-03-2008, 09:45 AM   #20
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Mary,

I currently have loans Chase, GMAC and Provident Financial or something like that. Chase has been easy to deal with, but I get a lot of unsolicited advertisement for LOC and insurance from both Chase & GMAC with the monthly bills, email and on the telephone. The reality for me in the past has been that loans get sold, and suddenly you're working with someone else anyway.

The last loan I got was with that Provident outfit which I secured through a local independent broker in Athens. The cost of the loan was zilch, except for paying the closing attorney. If you want to give him a try, send me a PM and I'll look up his number for you. He's very dependable, and I found his numbers better than USAA or my local bank, both who worked hard to get my business on that loan.
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