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Meeting with a mortgage guy on Wed.

Discussion in 'The Lounge' started by stosh, Mar 3, 2008.

  1. stosh

    stosh Darth Bailer

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    I just had a quick question to all you home owners out there.

    How did you select your Mortgage company and how did you select companies to get quotes from?
     
    #1 -   Mar 3, 2008

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  2. Wingnut

    Wingnut Turbo Monkey

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    Sorry, I'm Canadian ..sorry...
    I just got my mortgage at the bank that I have delt with since I started dealing with banks. Been an RBC customer for ~20 years....
     
    #2 -   Mar 3, 2008
  3. stosh

    stosh Darth Bailer

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    A year ago when we were looking I went to get pre-approved with my bank and it was a nightmare.
    I'll have them submit a bid to me but I doubt I'll use them.

    Did you shop around?
     
    #3 -   Mar 3, 2008
  4. kingbee

    kingbee Monkey

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    We went with someone that was referred to us. My uncle has bought 5 homes through this company and working with this particular woman.

    We were very happy with our choice. We felt like she was working for us. She was always concerned for our well being and not getting into more than we could handle.

    Its about more than the rate, but also dealing with someone that knows what they are doing and isn't just trying to squeeze another $ from you.
     
    #4 -   Mar 3, 2008
  5. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    do you have a near 700 credit score?
     
    #5 -   Mar 3, 2008
  6. Arkayne

    Arkayne I come bearing GIFs

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    I'm in the market too and have my mortgage appointment next week. I'm fortunate enough to have an account with a military credit union and the rates are jawesome. Word of mouth and referrals are also good.



    Yes, it will be mine!
     
    #6 -   Mar 3, 2008
  7. stosh

    stosh Darth Bailer

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    I believe so.
     
    #7 -   Mar 3, 2008
  8. Wingnut

    Wingnut Turbo Monkey

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    Sorry, I'm Canadian ..sorry...
    Nope. I'm too impatient, or unedumicated when it comes to mortgaging....
     
    #8 -   Mar 3, 2008
  9. stosh

    stosh Darth Bailer

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    That is some serious high density housing right there.
     
    #9 -   Mar 3, 2008
  10. stosh

    stosh Darth Bailer

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    I'm fairly comfortable with the guy I'm using but if someone quotes me lower I know he'll come down so I'll still use him.
     
  11. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    I've used a number of them.. Wells Fargo, Countrywide, and several local companies that shop for your best rate.
     
  12. SK6

    SK6 Turbo Monkey

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    Shut up and ride...
    Ask a bunch of folks, and see what the general consensus is. The reason why this works is because they market for business, and the best way to get that business is referrals.

    If this person is a mortgage broker, then be very wary, because there are a lot of hidden cost when using this form of mortgage shopping. Your better off spending the time shopping for your own rates. This is relatively simple to do with all of the big mortgage companies such as Countrywide.
     
  13. stosh

    stosh Darth Bailer

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    Thanks!

    So you've used Countrywide huh any comments on them?
     
  14. SK6

    SK6 Turbo Monkey

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    Shut up and ride...
    Thats who we've used for the past five years, and they are also the company that have helped out numerous clients of mine get bought with a decent mortgage when I was a Realtor.
     
  15. MountainDrew

    MountainDrew Monkey

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    The wife and I are going through this right now. We did not have time to shop around, so we found a company that does it all for you. We have been very happy and the woman we are working wiiths seems to always be available to answer any qurestions that we have.

    I believe the fee is 500.00. But looking at all the time and aggravation it is saving us, wel feel it is worth it.
     
  16. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    easy breezy to work with... Wells Fargo is just a good maybe a tad bit better.

    Do not use CapitolOne... they are very hard to work with - teh suck.
     
  17. stosh

    stosh Darth Bailer

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    Wow.... I wonder how they are doing after loosing so much money with the current housing crisis.
     
  18. stosh

    stosh Darth Bailer

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    There aren't any wells fargo's in this part of the country. Plus I don't want the stage coach robbed coming across the open plains on it's way to deliver me my mortgage money.
     
  19. SK6

    SK6 Turbo Monkey

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    Shut up and ride...
    Well, someone will have to buy ALL of those notes if they go under :D , but, being that they are one of THE biggest, they are the ones who will be in the spotlight in the press.

    Don't let all of this fool you....they are ALL in trouble.
     
  20. stosh

    stosh Darth Bailer

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    Yeah my mortgage broker said his business was set back 7yrs and that was back in August.
     
  21. SK6

    SK6 Turbo Monkey

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    Shut up and ride...
    With the way the market is, you'd do better without a broker.
     
  22. stosh

    stosh Darth Bailer

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    I may have called him a broker in error. I'm sorry, he works for First Horizon Home loans. I guess I'm unclear as to what exactly a broker is.

    Why do you say I should go with someone other than a broker?
     
  23. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    also, talk to your local banks. they are often great to work with and offer very competive rates.

    are you buying new or used or building?
     
  24. stosh

    stosh Darth Bailer

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    Buying used, we're currently living in the house. We were waiting for the owners to subdivide the 20 acres it's on and now that is done so we're buying it.
     
  25. stosh

    stosh Darth Bailer

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    I just checked and Wells Fargo has a branch 45min away.
     
  26. hooples3

    hooples3 Fuggetaboutit!

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    Stosh i wound up going with Citibank for several reasons.
    1. I dont trust any of the freelancers.. stick with a reputable bank
    2. a lot of smaller banks sell their (your) mortgage to other banks.. which isnt a major deal until you send your $$ to the wrong place.
    3. I got major discounts and a better rate since almost everything i do financially is with them.
    4 Customer service.. This lady who helped me .. made me understand everything, I was totally honest with her and she told me she would match any other quotes.. she also helped me get throug it all. I always checked with her everytime someone told me something different out there.
    PM me if you would like her number.. she is a sweetheart and I have sent many people her way.. she is more than happy to help you out


    now.. where you buying a house?
     
  27. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    buying a house isnt that big a deal really.

    You'll be shocked at how easy it really is once you are done...
     
  28. BurlyShirley

    BurlyShirley Rex Grossman Will Rise Again

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    Indeed.

    I kept waiting for some phone call telling me something wasnt finished. Was over before I knew it.
     
  29. stosh

    stosh Darth Bailer

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    im not so worried about the paperwork its the money im worried about.
     
  30. splat

    splat Nam I am

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    Well Maybe Windows is Bearable ! Unix Rules !
    I always have gone through a Broker, Most of the time they were reffered to me by friends, and I have been happy . And remeber the company who you start with is by no means the one you will end up with . my mortgage has been sold a number of times .

    My Current mortgage is with them. I have no complains with them. Bank of America used to drive me crazy.

    edit: No matter how good it may sound DON'T get an adjustable ! , get a fixed rate!
     
  31. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    seems like closing costs are always more than i think they will be...

    good to estimate high when it comes to them
     
  32. splat

    splat Nam I am

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    Well Maybe Windows is Bearable ! Unix Rules !
    Go for a No Points No Closing cost loan.
     
  33. SK6

    SK6 Turbo Monkey

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    Shut up and ride...
    wurd!
     
  34. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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  35. stosh

    stosh Darth Bailer

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  36. mrbigisbudgood

    mrbigisbudgood Strangely intrigued by Echo

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    Booooo adjustable rate mortgage....Hooray Beer!!!!!!
     
  37. stosh

    stosh Darth Bailer

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    Holy fawk you're alive!
     
  38. mrbigisbudgood

    mrbigisbudgood Strangely intrigued by Echo

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    Why yes, yes I am. Thought I'd poke my head in and scare the N00bs for a day or so.
     
  39. splat

    splat Nam I am

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    They always need scaring
     
  40. stosh

    stosh Darth Bailer

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    You still out in the mid west?