I'm trying to buy a house but I have no idea what I'm doing...how do I find a good mortgage company? Do I get pre-approved first and then go look for houses?
How is your credit ? LTV ratio? But yes, pre-approval for sure. DM me I am happy to share my contact.
800+, 80%
Go with a “local” mortgage company. Sellers and their agents prefer them because they are more responsive than large national banks (whether true or not unknown to me).
Ok cool, that's good info
Don't do that, they are also expensive. We live in a digital world, where these personal touch that these local companies try to sell is meaningless. Went with a large national bank, never even met the person. Ofcourse I can't compare because I never went with the locals (their interest rates were too high, and honestly their over zealous nature to be friendly and nice was just annoying), but I got the best rate that was possible. I would say that even if it's more trouble with the big banks (I didn't but I am sure some others did), that little pain for a couple weeks is completely worth the fewer percentage points you will pay for 30 years.
Cheapest will get you the cheaper service. Your lender decision will make or break your whole experience. Lenders these days want everything all the way through the process so you want a very reputable lender. I say the smaller the more personalized.
Get a local credit union. Maybe 2-3 lenders and compare.
Consider below things: 1. Do you want 30 year fixed or ARM? 2. BOA, Chase, Citi and all other big banks will consider you if you can put 20% and show 6-9 months of reserves. If you can’t then go for next tier like US Bank, Union Bank. 3. Don’t buy points. 4. Don’t pay origination, application or any other fees [some banks won’t even charge appraisal fee] 5. Take 401k loan and pay the interest to yourself. 6. Don’t go with Quicken Loans or any other tech based companies [Sofi] 7. Work with 5-6 mortgage companies and negotiate with each other. It doesn’t matter if you get hard inquiries as all those inquiries are considered as one within 3 months. 8. If new house then the builder has it’s own pre-approval and it doesn’t consider pre-approval from other lenders. 9. Big banks are over rated and they make you work harder with idiotic document requests. They don’t care about you as they have other things in their plate. 10. Work with a local union or tier-2 banks and they will work for you to get it done as soon as possible.
Wow really appreciate all that...got some more research to do!
I would recommend against ARMs, they are very risky. Especially if the housing market really is cooling off. I seem to remember hearing people with ARMs got hosed in 2008. Also, I would talk to a financial advisor, a feduciary, before trying number 5, you don't want to play games with your retirement. (I don't know anything about 5 it just sounds really risky to me)
Pm me I can hook you up
Don’t pay mortgage loan fees. Lots of lenders willing to give free loans.
Zillow has good mortgage finding tools
Become a member of First Tech. They have good rates, no costs, and work well on closing. My agent said that they have had nothing but good experiences closing with them.
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You can get a pre-approval from anyone. You don't have to use them for financing. In terms of financing, just go with the cheapest.
So I get pre-approved first, then find a house, then get a real mortgage?
Yup. But folks try to shop around first so as to save time while closing