Which campany is best for First Time Mortgage Loan?
Jan 30, 2019
21 Comments
Hi all, I am planning to buy home for about 400k, looking for some company for loan. There are so many options like Bank of America, Chase, US Back (Large corporation) small credit unions and online mortgages like LoanDepot, LoanFight Quicken Loan. What are you guys experices with these. Are the interest rate same ? what differs from lender to lender? Which has the lowest fee in terms or closing cost and others.
comments
At CU, Usually, the fees are much lower and may offer specials (.25 lower points, etc). They may sell the loan, but I prefer to find one that will keep the servicing. I have never had my taxes or insurance payments missed, etc. I know many others who sell loan and servicing (separately) and things get lost. You dont want your insurance or taxes to not get paid because your servicing has been sold three times and u can't find where/ who has it in the moment. I know people that have experienced it and it was a nightmare for both parties.
If you are prior military or have a family member that is, use USAA or NFCU. If u dont have that option, focus on smaller local CU or banks (home street, key. Etc). If u ever get in a jam if u bank with where your mortgage is held they are more likely to care. My experience with NFCU with 4 mortgages now is excellent. They sell my mortgage but keep servicing. People may not think this is important until u can't figure out where your escrow account is. Just sharing some salty wisdom here :).
Good luck with your house purchase, it is an exciting time, especially if it's your first.