Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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It's about that time, I've got zero debts and my credit scores are over 760 from all three credit bureau's. I'm planning on getting approved for a mortgage within a month so I can start looking for houses. Rates are not my major concern either, I will be renting out rooms in the house as well as living in it (with the majority, if not all, of the payment being paid by the renters).
So besides rates, what are things I should be looking for in a lender. Local or nationwide? Loan specifics? Etc? Any specific lender recommendations?
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Sun Oct 08, 2006 12:19 am |
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Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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Is there a way to find out which lenders sell to the secondary market and which do not (other than asking them, which seems lots of lenders will say anything just to get you to commit).
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Sun Oct 08, 2006 7:34 pm |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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I think my local bank told me that there was a 90% chance that my loan would be sold, and had all the papers at closing to immediately turn it over to WaMu.
Since my original mortgage rate (early 2002) was 7% I had been looking for a way to refi to a lower rate, but did not have thousands for closing costs. WaMu opened branches in my area and I started receiving different refi offers from various branches. Since they already had my original appraisal and were just refinancing remaining principal (no cash out), it only cost $170 to refinance. Another branch offered no application fee or closing costs, but interest was not as low.
I know nothing about mortgage brokers, since the one suggested by my real estate agent seemed to do that part time (voice mail) and never even gave me an offer. With your credit rating you should be able to get a loan from any bank, or lender who does direct business (no need to pay extra for mortage broker). Although, I would look somewhere other than the big 3 banks for the best deal.
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Tue Oct 10, 2006 12:54 am |
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