Hey folks -- really appreciative of this forum. I'm wondering how people have found good rates for mortgages, what process you used, any recommended lenders, and what terms to pay particular attention to. Thanks in advance!
I've been through the process just once so I'm no expert.
Another reader hinted at a good strategy. People often choose a credit union (or regional bank), a national bank, and an online lender to compare. Popular sources are Wells Fargo, aimloan and penfed. Some people use a broker who basically shop around for you.
Get quotes from all three on the same day (very important!)
Make sure the terms are the same (e.g. 30 yr fixed for $X, no points). Sometimes they play games with points to sound competitive.
Do get closing costs but ask only for the loan specific costs like origination fee but not title insurance.
To find an online lender, sources like Zillow are good because they don't require user data (so no spam!) Unlike, say, bankrate. However, use that as a lead to follow up (advertised rates are often lower than quoted rates).