Author Topic: Good banks for first time home buyer?  (Read 976 times)

frugalfedmom

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Good banks for first time home buyer?
« on: April 07, 2015, 06:05:37 PM »
My sister is looking into possibly buying her first home and is looking for potential banks for mortgages. She's already looked into her credit union and a couple banks recommended by the real estate agent. Anyone have any recommendations for other specific banks she can try especially for first time buyers with a low down payment? She's still debating the rent vs. buy question, but if the payments end up being similar for a condo under $100k, might be better to buy. Thanks for the help!

Gimesalot

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Re: Good banks for first time home buyer?
« Reply #1 on: April 08, 2015, 08:13:25 AM »
We went with a broker instead of a bank.  It was a lot easier in our case.  If she is a first time home buyer, I suggest she look into federal and local programs that provide assistance (home possible, fha, etc.).  On the websites, they always have a search for participating lenders.  She should look through the list and find one that might be able to help her out.

waffle

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Re: Good banks for first time home buyer?
« Reply #2 on: April 08, 2015, 08:44:33 AM »
Chances are that her loan will be sold to a different bank shortly after she closes on the house. Besides making sure that you are dealing with some one reputable the bank doesn't matter a whole lot. Get quotes from many different banks and just go with the one that offers the best terms. I'm perfectly willing to jump through some hoops at a bank with poor customer service to get the loan with a lower interest rate that will save me thousand over the course of the loan.