Author Topic: Hunting for a mortgage loaner  (Read 1715 times)

FlorenG

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Hunting for a mortgage loaner
« on: March 03, 2018, 04:24:40 PM »
Howdy everybody!

I am starting the painful process of buying a house in the greater Boston area and trying to hunt down the best mortgage rate I can get. My missus and I have excellent credit score and I will put the 20% down-payment. Our combined AGI should make us pretty desirable customers.

I got some recommendations here and there but was wondering if there is any go-to resource you recommend and that I should check before I begin making some phone calls to the current top 3.

I read about some places giving you a few basis points off if you have some of your savings with them, but so far what I've seen was starting so high that even with those basis points off it would just match what others are offering...

Thanks!

         FlorenG

lbmustache

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Re: Hunting for a mortgage loaner
« Reply #1 on: March 03, 2018, 07:07:03 PM »
I have nothing positive to say about PNC Mortgage. We have excellent credit as well. They strung us along for months, were non-responsive, changed things around constantly, asked for more and more paperwork over the weeks and lost about half of it, gave us pre-conditional approval only to ultimately deny us for something that was *easily* visible with literally the first piece of paperwork we provided.

An online search (should have done this before), showed people who had to deal with almost identical scenarios. Unreal.
« Last Edit: March 03, 2018, 07:09:22 PM by lbmustache »

FlorenG

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Re: Hunting for a mortgage loaner
« Reply #2 on: March 03, 2018, 08:19:44 PM »
Thanks, I'll make sure to check out online reviews of the final candidates.

Fomerly known as something

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Re: Hunting for a mortgage loaner
« Reply #3 on: March 04, 2018, 08:24:54 AM »
If you are working with a real estate agent talk to them or talk to agents at open houses.  Mine had nothing but bad things to say about a local credit union because of similar issues to what was referred to in regards to PNC.  A real estate agent is not going to help you figure out the best rate but they do have a good idea about what company is easier to work with.

Holyoak

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Re: Hunting for a mortgage loaner
« Reply #4 on: March 04, 2018, 09:01:38 AM »
Interesting about PNC.  A few years back I tried to obtain a VERY small mortgage from USAA, a place where I had 5x the loan amount asked for in deposits, had been with since 1988, 815 credit score (was almost 850 before divorce), had two previous mortgages, all insurance, brokerage account, credit cards...  No deal they said, because as an ER I had no steady "income" (read job), but well over a million in verifiable investments, many of them very liquid.  PNC approved me very quickly, even with a two year banking and CC relationship.  All paperwork was sent quickly, and the process was smooth and easy.

Speaking of PNC and credit cards, my ex wife cancelled our joint USAA CC's w/o me knowing, leaving me in a bind.  So even with what I mention above, the best USAA could do was $1500 for a new CC for me...  What fucking BS, but seems the new standard for USAA these days.  Walked into a PNC branch to open a savings account having never been a customer, and while waiting to process the savings paperwork, the gal asked me if I would be interested in a PNC CC.  Sure I say, so a few minutes later she tells me I was approved for $1750.  I figured OK, told her thanks, and when looking over the paperwork it was $17,500 line of credit.  Now how the hell does that happen??? 

I'm no fanboi for, or of any bank, but in my particular circumstance PNC has done OK by me...  And yes I have read plenty of negative reviews for them, like about every other bank in existence.

FlorenG

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Re: Hunting for a mortgage loaner
« Reply #5 on: March 04, 2018, 12:27:36 PM »
OK, so far the comments received can be summarized as:

  • "Ask your agent", which I already did an she gave me a suggestion (currently probing)
  • Read online reviews of the lenders I consider
  • A good and a bad review for PNC

I plan to get 2 or 3 rates and then make them compete to see what happens.  Any advise on what else can I do to squeeze a lower rate from them?

 

Wow, a phone plan for fifteen bucks!