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Meeting with a mortgage guy on Wed.

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
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?
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
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....
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?
 

kingbee

Monkey
Mar 29, 2004
902
0
Ohio
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.
 

Arkayne

I come bearing GIFs
May 10, 2005
3,745
13
SoCal
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!
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
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!
That is some serious high density housing right there.
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
Nope. I'm too impatient, or unedumicated when it comes to mortgaging....
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.
 

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,007
149
The Cleft of Venus
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.
I've used a number of them.. Wells Fargo, Countrywide, and several local companies that shop for your best rate.
 

SK6

Turbo Monkey
Jul 10, 2001
7,596
0
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.
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
I've used a number of them.. Wells Fargo, Countrywide, and several local companies that shop for your best rate.
Thanks!

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

SK6

Turbo Monkey
Jul 10, 2001
7,596
0
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.
 

MountainDrew

Monkey
Aug 15, 2007
471
0
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.
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
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.
Wow.... I wonder how they are doing after loosing so much money with the current housing crisis.
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
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.
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.
 

SK6

Turbo Monkey
Jul 10, 2001
7,596
0
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.
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
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.
Yeah my mortgage broker said his business was set back 7yrs and that was back in August.
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
With the way the market is, you'd do better without a broker.
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?
 

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,007
149
The Cleft of Venus
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?
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?
 

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
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?
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.
 

hooples3

Fuggetaboutit!
Mar 14, 2005
5,247
0
Brooklyn
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?
 

BurlyShirley

Rex Grossman Will Rise Again
Jul 4, 2002
19,183
1
TN
buying a house isnt that big a deal really.

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

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

stosh

Darth Bailer
Jul 20, 2001
21,987
153
NY
im not so worried about the paperwork its the money im worried about.
 

splat

Nam I am
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 .

Thanks!

So you've used Countrywide huh any comments on them?
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!