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Question : Where can I get the best deal on a home mortgage?
My income is not large, but have excellent credit and will pay 20% down. I've been "pre-approved" but am looking for the best deal, and was wondering if anyone had an amazing referral to somplace I've missed. I've looked into Ditech, eloan, Wells Fargo, and a local broker, and will contact ING Direct too. Any other suggestions of banks, online lenders, etc. would be marvelous, though preferably not individual brokers at this time.I'm just trying to get the best deal with the few pennies I earn, so I'll be financially happy when I move into my new home. Thanks!
- asked by el repollo rojo
All Answers: Answer #1Please don't go to those who will inevitably show up here spamming for business, or send you adirect solicitation.Next, compare the entirepackage. Some lenders tangle an attractiveinterest rate, only to rack up thousands of extradollars in closings costs, transaction fees,appraisal fees, late fees, pre-payment penaltiesand such. Being an informed borrower is the bestway to avoid mortgage regret.
- answered by godged
Answer #2
It all depends on wht you mean by "best deal". Doyou mean best interest rate, lowest closing costs,best service, most ethical loan officer? The bestdeal for you may not be the best deal for someoneelse and vice versa.Quit shopping for the wrongthing and find an individual with whom you candevelop a lifelong home ownership relationship,someone who will look our for your best interests,educate you on all of your options so that you canchoose the one that best meets your needs, andhelps you achieve your goals.And, for heaven'ssake, be wise enough to stay away from the loanshark feeding frenzy questions like your's draw.
- answered by mazziatplay
Answer #3
Yeah it sounds like you have most of the basescovered. Shopping around never hurts, the bond hasbeen dropping recently, but even still on a 30year fixed you are not going to get better than6.375 without buying down the rate. As a broker myadvice is to check out wachovia, hsbc, indymac andhomecomings financial.
- answered by marxistharpist
Answer #4
Go with a well known lender. Right now there area lot of small companies that want your businessand will do anything possible to get it but theyare not who you want. They will end up puttingyou in arms with flexible rates that will increasegreatly and cause a lot of headache or even worse,foreclosure. Wells Fargo is a good mortgagelender. Check the big banks. Rates may be alittle higher but at least they aren't going toscrew you over. Make sure you are getting a fixedrate! No arms!
- answered by vegasguy80
Answer #5
Please be careful when looking for a best deal...Iwould recommend you go with a name that isrecognized. I had a friend that caught up in ascam when they re-mortgaged their home to getbetter rates - the company said they would pay offtheir old home loan, but ended up just takingtheir money and disappearing. They ended upgetting foreclosed on and had to move out of theirlovely home, dealt with tons of court costs andcourt dates, and in the end got nothing. It was ahorrible experience and I hope that you find areputable company.
- answered by Ailane
Answer #6
i go through my local credit union...
- answered by socalteacher
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