Author Topic: About to Purchase a Home  (Read 1403 times)

SlowAndSteady

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About to Purchase a Home
« on: October 09, 2017, 07:07:00 PM »
Hi everyone! I'm about to enter into a contract to purchase a home that is a For Sale By Owner listing.  I'm going to DIY the purchase process without a Realtor, but I'll contract other professionals as needed.

I'm in North Carolina, so I think I'm required to use an attorney for the escrow and closing.  (As opposed to using a title company to handle both.)  Can anyone confirm this is true? I think the attorney will be more expensive, but I don't think I have a choice in NC.

Also, I've started the process of applying for a mortgage with multiple companies so that I can compare rates after being approved by each.  This got me thinking - is there such a thing as an independent mortgage broker that shops rates for you? i.e. a mortgage service that works like an independent insurance broker?  When I shop around for auto insurance and home owner's insurance, I sure love answering one comprehensive list of questions and then letting the broker do the actual shopping around with multiple companies for me.  I'd like to do the same with mortgages if anyone knows of such a service.

mozar

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Re: About to Purchase a Home
« Reply #1 on: October 09, 2017, 09:23:17 PM »
Lending tree?

elaine amj

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Re: About to Purchase a Home
« Reply #2 on: October 10, 2017, 07:56:17 PM »
I know here in Canada, we got a much better rate going through a mortgage broker instead of direct. Not sure about NC?

That's cool that you are going to DIY the purchase as it saves fees on both ends. Just be cautious and research everything to death.

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Another Reader

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Re: About to Purchase a Home
« Reply #3 on: October 10, 2017, 08:08:41 PM »
Do NOT use Lending Tree.  They are a lead aggregator and you will get calls from every mortgage hustler in the country.  Ask your agent for a referral to a good mortgage broker.  Compare his/her costs with your bank and credit union, if you have one.  Look at pricing on Aimloan.com.  They are a cheap, internet-only lender, and should be among the least expensive, if you are a cookie cutter borrower (W-2 income, not a lot of fancy tax write-offs).

Once you have done that, you will have a good understanding of how to shop for a mortgage.  If the broker is good at the job, s/he should get you the best pricing.

SlowAndSteady

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Re: About to Purchase a Home
« Reply #4 on: October 15, 2017, 03:07:29 PM »
Thanks everyone - that was very helpful.  Aimloan.com was a great place to start! I ended up working directly with about 6 different companies and comparing quotes.  Iíve learned a lot in the last week. 

I was pre-approved with Quicken Loans when I made the offer.  After shopping around and subsequently switching lenders, my rough estimate is that Iíll save about $25,000 over the life of the mortgage.  Aimloans.com was by far the easiest place to get a quote, and they were VERY close in price to the lowest bidders.  I found the two lowest bidders through the sponsored rate comparisons on bankrate.com. YMMV.
« Last Edit: October 15, 2017, 03:10:57 PM by SlowAndSteady »