mortgage lenders
BIG JD
asked:
"I'm looking for a good Mortgage Lender for a new home purchase. Does anyone know of a good one? I've tried quicken loans and country wide. Lending tree sucks!PS. If anyone knows of an good Mortgage Lenders in Midland, TX that would be even better."
Question posted courtesy of:
Mortgagemom replied:
"Try a local bank or mortgage broker. Working with local professionals will get you much better service than online companies."
hailey replied:
"is there a chase bank or mortgage company in your areathat company held my previous mortgage, and we really like them"
dzwreck replied:
"First start off with your local bank and then maybe another local bank in your area. If you don't meet the qualifications for one of these banks then you are definitely going to want to contact a mortgage broker to help assist you with your mortgage needs. Google search midland Texas mortgage companies (or brokers) and contact a few of them to find the one you like the best. If you were not happy with Quicken and Countrywide chances are you will not be pleased with the other big companies either such as Wells Fargo, Wachovia, HSBC, Chase and others. Best of luck to you and I have a few colleagues in Texas that I believe could probably help you, but I am not sure how close they are to Midland."
Ken 22 replied:
"Life Mortgage 573-445-3252You will get free quotes on rates, and if you like them you can go forward with them"
Steve W replied:
"What a lot of people don't realize, banks broker loans as well. You can call around to a bank or a local broker and probably end up in the same type of loan i.e. FNMA or something similiar.For the best rates if you qualify, a GOVT bond loan will have the best rates. FHA, Freddie Mac, FNMA will have the next best rates more than likely. Will depend on your credit."
Mark S replied:
"Look in your local yellow pages for the nearest Primerica office. The agent will talk with you about the loans we offer- if you choose one payment a month and you don't pay extra in to it, your house will be paid off in 27 years, not 30. If they can't help you they won't."
Quicken Loans replied:
"Hi Big JDI see that you say you've tried Quicken Loans. I hope you do consider us further for your home purchase mortgage.We do a tremendous amount of business in Texas and we have numerous satisfied clients all across your state. I can probably even send you some testimonials from Texas if you'd like. Just let me know.And if somethng happened that you didn't like when you contacted us, I really would like to know about that too to make sure we take care of any issues. We truly stand behind customer and client service and that's the main reason why 94% of our clients say they had a good experience with us at their closings. Our bankers get some of the best training in the industry and they will do everything in their power to match you up to the perfect loan. We have over 150 mortgages to choose from, and our bankers will go over all of your financial details to pick the best one.Once you pick a loan, you can follow the progress of your loan online 24/7 and even sign many of your mortgage documents online.And we come to you for the closing. At your home, your office, anywhere. You tell us and we meet you there. Good luck with your mortgage and I really hope you do reconsider Quicken Loans when you make your final decision for your mortgage company."
Atlas
asked:
"I am buying a home and am comparison shopping among different mortgage lenders. The usual big names like Countrywide, Bank of America, Citibank etc have higher rates than the lesser known/unheard of places. How can you know which ones are reputable and which ones to stay away from? Specifically wondering about Liberty, Alpine, Quicken, Priceline etc. Is it important to go with a local, "known" lender or non-local lesser known ones?"
Question posted courtesy of:
CreditAlignment.com replied:
"going to the big banks will always give you a slightly higher rate because of their huge overhead.it really depends if you have good credit or not...decent to bad credit ....a broker will always be your best choice."
DJ B replied:
"Believe me when I tell you that the internet lenders always tell you they have a lower rate, then wham! At least with the local lenders if something goes wrong you can walk into their office and face them. You won't be able to get your internet lender on the phone! Now I have worked with Alpine Capital - Chris Preston, but Quicken will charge high fee's, don't know Liberty, and Priceline? OMG! That is like a car dealer here in Minneapolis opened his own Real Estate firm and mortgage company. I strongly urge you to use local lenders for now."
Lisa B replied:
"Two things to look at: Is the lender licensed in your state? This is supposed to be stated in the small print. If not, ask. Check with the licensing agency for complaints. Don't go with unlicensed lenders. You will have no help if things go wrong.Second: Don't go with a lender that promises too much. Go with a solid repayment program you can afford. No money down and interest only for five years usually only leads to one single outcome: you lose the house at the end of five years, because you will not be able to afford the sudden large increase in payments. If you are planning to own the home for a limited period of time (or you might suddenly have to relocate because of a job), it is worth checking on prepayment penalties and loan transferrability. Look up those terms if you don't know what they mean.Good luck to you!"
Sarah C replied:
"Your best bet is to do your homework- one lender may have the lowest rate, but they may hit you on closing costs. One may have a higher rate, but have low closing costs. Personally, I have some recent experience and can tell you- go with your local bank or credit union. The ability to talk face to face with a mortgage lender is highly underrated today, with internet deals here and there. I find that the smaller, local banks are easier to work with and are way more eager to please and not so quick to pull bait and switch tactics, since they're not "protected" by being nameless... Good luck!"
glenn replied:
"All lenders get their money from the same investors on Wall Street. They are not lending their own money. If anyone says they can get you a dramatically lower rates they are either about to defraud you or they are quoting a different type of loan than the others.Think about it. If you were a crook and wanted to steal money from people wouldn't it be great to be a lender on the Internet where you could change your name next week and no one could find you? Or if you were not even a lender and just wanted people's credit information so that you could directly steal from them, would this be a great way to do that?I sell a lot of houses and watch a lot of smart people borrow a lot of money. Getting a loan over the Internet is asking for trouble. Ask your friends and family that have bought homes recently where they got their loans and if they were happy with the process.Go get your loan thru them."
binaryalgorithm
asked:
"I see that Freddie Mac is a government-sponsored mortgage lender and promotes safe and responsible borrowing. Has anyone had experiences with them? Would I be more likely to be able to qualify for a house with them? Are there certain reasons for choosing them vs. traditional lenders?"
Question posted courtesy of:
vilkri replied:
"Freddie Mac does not give you a mortgage directly as a "traditional lender" does. Instead, Freddie Mac buys the mortgages that you get from traditional lender, who processes your application and gives you the mortgage. You cannot apply for a mortgage directly to Freddie Mac."
killerlegs
asked:
"I am trying to find out what is the best newspapers or websites used to find jobs in Texas, especially the houston area and what is the most common sources used for mortgage lenders. Do people usually use the banks or mortgage companies? I want know a good mortgage lender with good principles and low interest. Please, only people who are really familiar with these subjects and with serious answers. I would really appreciate your help. Thanks to all those who are willing to assist. Bless you."
Question posted courtesy of:
trina l replied:
"the houston chronicle, yahoo hotjobs, alot of jobs are posted online. you just gotta search for them."
lisetrise replied:
"Check out the following pages for mortgage lender info:Hope this helps."
Quicken Loans replied:
"Hi There,For mortgages, check out Quicken Loans at quickenloans.com. Quicken Loans offers home loans in all 50 states and lower interest rates due to some recent changes in the market. Check out Epinions for client reviews:Epinions - If you have any questions, you can ask me directly! I'm happy to help.Good luck!"
ewushi
asked:
"I understand that some law prohibits mortgage lenders from giving ARM to people over certain age. I am 54 years old and I am struggling with this rate now. Someone told me I could use this fact to persuade my lenders to reduce my interest rate, or to move me to a fixed rate. Is this true?"
Question posted courtesy of:
jepeuxvoler replied:
"what law requires that lenders violate the fair housing act?i wouldn't think that they could discriminate on the basis of age for ANY reason. it is illegal."
Dale H replied:
"With the exception of having a minimum age requirement (that is you have to be of legal age to enter in to contracts), age is never a factor in a mortgage lending decision.Whether or not you can get a fixed rate also has nothing to do with your age.You can talk to your current lender about converting to a fixed rate program, but there are no guarantees about what they can do for you.You can always refinance with another lender provided you qualify and fortunately fixed rates are still relatively low.Good luck resolving your rate problem. Shop well for your new loan."
Jeromy W replied:
"I have never heard of such a law but there are laws that protect against discrimination such as age, race, gender, etc. Whomever told you this is incorrect. what it comes down to is an ethical question, is an arm product the best program a mortgage professional can put you in? Probably not. While an arm or interest only program will lower your payments for a period of time, you must consider two things, one you will pay closing costs for the initial closing and then again in 2-5 years depending on the program, so how much do you really save. Also, your not paying down the principle, so when you have to refinance again, you could be in a pickle. I would consult a mortgage professional that will evaluate your entire financial situation and put you in a program that suits your situation. Good Luck"
The final version of the new mortgage rules from the Department of Housing and Urban Development is designed to help consumers shop for mortgages more effectively by helping them compare terms on loans and limit the ability of lenders to offer final terms that are far different from initial estimates.
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There are different types of mortgages offered by the lenders in the market. The most popular and common mortgage of these types is fixed rate mortgage.
