Which campany is best for First Time Mortgage Loan?

Cerner
mortgageh

Go to company page Cerner

PRE
Amazon
mortgageh
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

Want to comment? LOG IN or SIGN UP
TOP 21 Comments
  • First Tech Credit Union
    Jan 30, 2019 2
  • Credit unions are great usually. Also non banks like fairway mortgage are good, but they sell loans right away typically. Find a lender you can trust, thats the key. so they don't change rates later in the game and are also be able to close on time.
    Jan 30, 2019 0
  • Microsoft / Eng
    FwwQ08

    Go to company page Microsoft Eng

    FwwQ08
    Ask a few realtors that you trust for references to loan brokers, and shop around. One lender is usually indistinguishable from another, and they’ll all end up selling the loan to someone else anyways. Find the one that gives you the best deal (and that isn’t scummy, of course).
    Jan 30, 2019 0
  • if you end up working with an agent. He will have a list of trusted lenders. Choose the one with lowest rate. All loans end up in the big Fannie Mae and Freddie Mac pool.
    Jan 30, 2019 2
  • Airbnb
    username39

    Go to company page Airbnb

    username39
    Any reason not to use the best rate from Zillow’s comparison tool?
    Feb 3, 2019 1
    • Microsoft / Product
      pizzaqueen

      Go to company page Microsoft Product

      pizzaqueen
      Find a good credit union and start banking with them. I have never understood why people use regular banks...they have way more costs and are generally unreasonable.

      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.
      Feb 3, 2019