Author Topic: How to compare mortgage offers?  (Read 3102 times)

rubybeth

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How to compare mortgage offers?
« on: February 22, 2018, 07:12:49 AM »
Edit: I know this topic belongs more in the housing category, but we have a short window of time and I want the most eyes to see this. I can ask a mod for this to be moved later.

We have an accepted offer on a house, and inspection went well. We had been working with our realtor's preferred mortgage broker for our pre-approval letters when making offers (we got other pre-approvals, but just used his letters for any offers we made), but we wanted to compare his actual mortgage offer with a few others. We checked with our credit union, a local bank, and a big national bank, so now we have four mortgage offers to compare. Assuming all have the same interest rate for us, how do we decide?

Our realtor prefers her guy, obviously, because he works commission and "works until the job is done," but I have never read about that being important anywhere else. We close on April 11, so some places won't even let us lock in our interest rate until we are within that window.

Our credit union appears to offer the lowest closing costs. Title fee estimates are annoying/confusing and we've been told they'll be within a couple hundred dollars wherever we go for the mortgage. But their overall closing costs appear to be the lowest. I am clarifying that and hoping to make a decision either tomorrow or Monday.

Let me know what other information would be helpful to have, and if needed, I can PM additional details.


Greenstache

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Re: How to compare mortgage offers?
« Reply #1 on: February 22, 2018, 07:24:27 AM »
Very unusual to have all of them offer the same rate - strongly recommend doing more shopping.  I used a local bank the first time I bought a house, but for every home purchase and refinancing since have ended up going with various online lenders - each time their rates (different companies) were drastically lower than those of physical banks.

Have you looked up rates on Zillow and tried contacting any of those lenders (sticking to those with a high star rating, of course)?  In the last transaction I did (within the last two weeks), I got rates from Quicken, Ally, Northpointe, Guaranteed Rate, and some local banks.  The Quicken sales guy told me it was impossible that I'd found the rate that I did from Guaranteed Rate - he became rather hostile and said there was no way they could be offering 3.875% with only a partial point when Quicken couldn't go below 4.5% without multiple points.  Of course it WAS possible, he just didn't want to lose the sale.

Also, my ears always perk up when people who stand to profit from your transaction throw out terms like preferred...they usually have a very good reason to prefer it.  Either they are getting some kind of direct or indirect compensation from pushing you to use that person, or they just want an easy path forward and don't care if it means you personally end up paying more.

rubybeth

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Re: How to compare mortgage offers?
« Reply #2 on: February 22, 2018, 07:34:07 AM »
Haven't looked at online options for our first mortgage. We were strongly encouraged to go meet with people in person and see what they could offer. We can of course pay more to have the lower rate, and that varies widely, as well. We were told to be aware that some lenders will charge more fees up front to artificially lower the interest rate (basically buying points without us knowing it).

I am also skeptical of using a mortgage broker because I don't want our loan to be sold to a horrible national bank that I hate. :D

boarder42

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Re: How to compare mortgage offers?
« Reply #3 on: February 22, 2018, 07:45:13 AM »
truth in lending act each one should come with a APR which will include the closing costs in the loan rate - WTF do you care what bank holds your mortgage - accepting a higher rate for fear of what bank may service your loan is shortsided.  Rates are going up daily i'd lock as soon as possible with someone and then you typically get one relock prior to close - if rates drop considerably even after a relock you can threaten to leave and they will usually adjust for you - Brokers are best for this as they will go with another bank in this situation usually.  You can also ask the broker who the loan will likely go to, he/she knows this already when they offer the rate to you.  That wont stop that bank from reselling it but any bank can sell your loan away at any time regardless of who you pick

meeting in person is overrated and for the olds

Aunt Petunia

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Re: How to compare mortgage offers?
« Reply #4 on: February 22, 2018, 07:50:57 AM »
My best mortgage experience has been with a credit union. Their closing costs are lower because they are not lining their executives' pockets, and they have excellent customer service (no recordings, your call goes straight to a person). I still have my checking account with them.

I had to go with mega bank for my ag property: horrible customer service and they will try to screw you every chance they get. I actually got a settlement from a class action lawsuit related to title fees. Another time I had to get some repairs done that my insurance company paid for. I had to go through some hoops with calling the bank several times and going to their office just so they would sign the check. I had to sign something stating they were "allowing " me to manage the money and pay the contractor myself, and if the work wasn't done in a certain amount of time they could call in my mortgage.  Then they actually sent an inspector to make sure the work was done, after some screwup with scheduling the inspector took me two more phone calls to straighten out, meanwhile I was anxious about it all not being done before their deadline.

Greenstache

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Re: How to compare mortgage offers?
« Reply #5 on: February 22, 2018, 08:57:15 AM »
There's really no benefit to the in-person meetings - just a way to get you to unwittingly pay more...and your loan can (and probably will) be sold to various servicers no matter who you get the original loan through.  Almost everyone lets you pay online so I don't really care who I'm paying online.  (I have never gone to any bank to discuss my mortgage in person, so I just can't imagine what benefit they are pretending that would provide you in say, six months - you'd call or email in any case if there was an issue or question, right?)

As far as the lending fees, yes, you should be adding up ALL origination charges / lender's fees / points and anything else that goes directly to the lender when comparing quotes to determine the actual cost of the loan.  How long you intend to remain in the house and your tax bracket also play a role in calculating whether paying points would be a wise idea or not.  Here's a pretty good calculator for that evaluation - https://www.mtgprofessor.com/Calculators/Calculator11a.html.

rubybeth

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Re: How to compare mortgage offers?
« Reply #6 on: February 22, 2018, 09:13:07 AM »
The reason given for going in was for them to see we are a solid bet and possibly offer us a better deal. That hasn't happened, so I'm not convinced that did much for us. Most responsive to email has been our credit union and the mortgage broker, but they are hundreds of dollars apart and seemingly offering the same interest rate. :/

boarder42

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Re: How to compare mortgage offers?
« Reply #7 on: February 22, 2018, 09:46:18 AM »
The reason given for going in was for them to see we are a solid bet and possibly offer us a better deal. That hasn't happened, so I'm not convinced that did much for us. Most responsive to email has been our credit union and the mortgage broker, but they are hundreds of dollars apart and seemingly offering the same interest rate. :/

There is nothing special about meeting in person unless you're looking for something unconventional - ie short employment history/variable income as a business owner etc. 

its math plain and simple and rates are based on the 10 year yield.  typically you can add around 1.7% to whatever the 10 year yield is and thats a good rule of thumb for what you interest rate will be, in a rapidly rising or falling environment it will lag this rule of thumb but its pretty useful.  and all banks vary around the 1.7% ... shop around find the rock bottom APR and go from there.

rubybeth

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Re: How to compare mortgage offers?
« Reply #8 on: February 24, 2018, 05:29:33 PM »
Out of curiosity and because of what boarder said, I checked out online rates with himorty.com and they are no better than local options. In fact, some of the local options are actually better. Lower closing costs, too. 🤷🏻‍♀️

boarder42

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Re: How to compare mortgage offers?
« Reply #9 on: February 24, 2018, 06:04:14 PM »
I don't believe you've even said what your rate offer is. But like I said they are based on the 10yr yield the may very by an 1/8th or so sometimes up to a 1/4 but that's rare. It's the closing costs and apr that matter. It's why if someone plans to buy I was recommending people go ahead and buy if they find the right house and not wait on 20%. Back when we had what were actually the bottom of rates. I had a friend refi at the bottom with 4% equity. Got 3.5% fixed for 30 years and no PMI. Now you won't get under 4% for 30 with 20% down and perfect credit.

If you plan to buy and fight the right deal jump on it bc if rates drop you can always refinance lower but you can't go back in time and get a low rate.

COEE

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Re: How to compare mortgage offers?
« Reply #10 on: February 25, 2018, 05:44:35 AM »
All rates being the same, I'd probably choose to stay with my realtor's lender.  I would hope that your realtor has a personal and professional relationship with them and that the lender will get the deal done on time because of it (or else why would your realtor recommend them)?  If it's the house you want, go with the lender that you believe has the highest chance of closing the deal.

I would NOT recommend an online lender for a home purchase.  Maybe I got unlucky, but I had one that offered me a good rate, but was always late on things - including some of the contractual obligations I had to finish while purchasing the house.  As we neared closing I had to threaten to kill the deal several times before the guy would get his head out of his ass.  After buying 3 houses (one of which was a section 203k rehab), this was the one deal I though might not get done due to the mortgage broker not meeting their dates.

I would recommend an online lender for a refi... much better rates, but you get the advantage of no strict closing date, and you already own your house! 

You have zero control over what bank your mortgage will eventually belong to.  Zero.  Don't sweat it.  Chances are your mortgage will end up with Wells Fargo despite your disdain for them.  Only thing you can do then is refinance and hope you don't end up back with WF.

When I bought my house almost 2 years ago, online lenders offered me almost a whole percentage point better rate than the banks - so it was worth the heartburn in the end.  However, right now they only appear to be offering a 0.25% (APR) better rate - I'd just go with my realtors lender unless I had a good reason not to.  Watch for rates to dip again and then refinance when it makes sense to do so.

ChpBstrd

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Re: How to compare mortgage offers?
« Reply #11 on: February 25, 2018, 07:49:00 AM »
Out of curiosity and because of what boarder said, I checked out online rates with himorty.com and they are no better than local options. In fact, some of the local options are actually better. Lower closing costs, too. 🤷🏻‍♀️

Sounds like the credit union is the winner, with the lowest overall cost and the same interest rate (although same interest rate seems improbable). Plus you'll get the added benefit of in-person customer service instead of being placed on hold and processed through some overseas call center.

Regardless of whether you use a local lender, your loan will be bundled and sold off to a large investment bank. Your local bank would be insufficiently diversified if they held 1,000 mortgages in one city, and all their capital would be tied up so they'd be out of the mortgage business for a decade or so.

Shift your focus to shopping around for homeowners' insurance. This will vary by hundreds of dollars per year.

boarder42

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Re: How to compare mortgage offers?
« Reply #12 on: February 25, 2018, 08:22:59 AM »
Insurance can be thousands.

rubybeth

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Re: How to compare mortgage offers?
« Reply #13 on: February 25, 2018, 08:32:23 AM »
On Monday it will be 45 days to our closing date, so we are going to call everyone again and ask again for interest rate and APR. The credit union has lowest APR as of Friday, but the local bank was (weirdly) quoting a lower interest rate. Rate of 4.625% vs. 4.5%. Going to tell them we want to lock in next week and ask what happens if rates go down.

tomsang

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Re: How to compare mortgage offers?
« Reply #14 on: February 25, 2018, 08:39:52 AM »
You have zero control over what bank your mortgage will eventually belong to.  Zero.  Don't sweat it.  Chances are your mortgage will end up with Wells Fargo despite your disdain for them.  Only thing you can do then is refinance and hope you don't end up back with WF.

I agree with this, except the Wells Fargo part. Wells Fargo got slapped down by the Feds for all of their fraudulent activities. They have to keep their balance sheet under two trillion. Most likely if you get a mortgage through Wells Fargo they will sell the mortgage to another bank to keep their balance sheet under the federally imposed limit. I would be very surprised if they are buying loans this year.

rubybeth

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Re: How to compare mortgage offers?
« Reply #15 on: February 25, 2018, 08:54:56 AM »
Insurance can be thousands.

It shouldn’t be on a house that costs less than $200,000. Rough number all lenders are using for insurance is $100/month. We are not in a HCOL area. Taxes also less than $2,000 per year.

COEE

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Re: How to compare mortgage offers?
« Reply #16 on: February 25, 2018, 10:27:56 AM »
You have zero control over what bank your mortgage will eventually belong to.  Zero.  Don't sweat it.  Chances are your mortgage will end up with Wells Fargo despite your disdain for them.  Only thing you can do then is refinance and hope you don't end up back with WF.

I agree with this, except the Wells Fargo part. Wells Fargo got slapped down by the Feds for all of their fraudulent activities. They have to keep their balance sheet under two trillion. Most likely if you get a mortgage through Wells Fargo they will sell the mortgage to another bank to keep their balance sheet under the federally imposed limit. I would be very surprised if they are buying loans this year.

Ah - I wasn't aware.

rubybeth

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Re: How to compare mortgage offers?
« Reply #17 on: February 25, 2018, 12:18:12 PM »
All rates being the same, I'd probably choose to stay with my realtor's lender.  I would hope that your realtor has a personal and professional relationship with them and that the lender will get the deal done on time because of it (or else why would your realtor recommend them)?  If it's the house you want, go with the lender that you believe has the highest chance of closing the deal.

What is the real risk of someone not "closing the deal"? I guess I'm not that aware of what might go wrong other than what I have heard from friends/family, but their situations were more complex. And you'd pay more to have one commission-based person do this vs. another commission-based person with lower fees? The local bank guy is also commission-based, so I would think he would have a similar motivation to "close the deal." I don't see a reason to pay $600-$1,000 more to someone for no real reason other than my realtor likes him and has worked with him.

tralfamadorian

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Re: How to compare mortgage offers?
« Reply #18 on: February 25, 2018, 12:34:29 PM »
...Rate of 4.625% vs. 4.5%...

Of course, location and credit impact these numbers but I receive a running email from my favorite mortgage company (aimloan.com) daily with the current rates. Last numbers I saw from Friday were 4.25% rate/ 4.388% apr/ 0 points. I recommend doing a check with aimloan and penfed real quick- their online calculators are their real time quotes and do not require account sign-up/credit checks/etc.

Also, I think your other options did you a disservice by pointing you to a 45 day lock as opposed to offering a 60 day as well. As you can see here-
http://www.mortgagenewsdaily.com/data/30-year-mortgage-rates.aspx
The 30 years is up 50pts over the past two months.
http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx
And ~25pts over the past 30 days.

Granted not much has changed in the past 15 days but anyone who looks at this stuff everyday (like these mortgage brokers/loan officers) knows that rates have been trending up relatively quickly since the beginning of January.
« Last Edit: February 25, 2018, 02:15:26 PM by tralfamadorian »

MayDay

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Re: How to compare mortgage offers?
« Reply #19 on: February 25, 2018, 02:08:22 PM »
Interesting.

All three houses we've bought, in two different states, Wells Fargo had the lower rate by 0.5. why do you suppose that is?


crispy

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Re: How to compare mortgage offers?
« Reply #20 on: February 25, 2018, 02:41:34 PM »
We went with our credit union when we bought our current house. They had the lowest interest rates and closing costs and they were on top of everything. Definitely a good experience for us.

tomsang

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Re: How to compare mortgage offers?
« Reply #21 on: February 25, 2018, 03:07:23 PM »
We went with our credit union when we bought our current house. They had the lowest interest rates and closing costs and they were on top of everything. Definitely a good experience for us.

I have found that mortgage brokers had the best rates, especially if they know that they are competing against other mortgage brokers.  They can have access to all entities vs. just a Credit Union, bank, etc.  They only get paid if they get the deal.  They will reduce their profit, to get something vs. nothing.

In the past Wells Fargo purchased my mortgages from other entities.  I would not think that they will have as competitive rates as in the past as the fed is restricting them to their size in 2017.  So they can not grow.  Therefore, they will want to make the most money on each transaction.  YMMV 

I think the biggest take away should be that a mortgage is a commodity. Get the most quotes on the exact same day and pick the one with the best rate.  You can tell the entities that you want a zero closing loan, therefore you only have to compare the interest rate. Make the transaction where you are comparing a like product on a specific day.  Tell everyone to give you a locakable rate on a specific date so you can truly compare.

rubybeth

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Re: How to compare mortgage offers?
« Reply #22 on: February 25, 2018, 04:48:03 PM »
...Rate of 4.625% vs. 4.5%...

Of course, location and credit impact these numbers but I receive a running email from my favorite mortgage company (aimloan.com) daily with the current rates. Last numbers I saw from Friday were 4.25% rate/ 4.388% apr/ 0 points. I recommend doing a check with aimloan and penfed real quick- their online calculators are their real time quotes and do not require account sign-up/credit checks/etc.

Also, I think your other options did you a disservice by pointing you to a 45 day lock as opposed to offering a 60 day as well. As you can see here-
http://www.mortgagenewsdaily.com/data/30-year-mortgage-rates.aspx
The 30 years is up 50pts over the past two months.
http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx
And ~25pts over the past 30 days.

Granted not much has changed in the past 15 days but anyone who looks at this stuff everyday (like these mortgage brokers/loan officers) knows that rates have been trending up relatively quickly since the beginning of January.

We had the option to do a 60 day lock, but we were trying to compare options and we were out of town for a long weekend, and were getting mixed answers from everyone. Now Monday is 45 days. It’s just how it worked out, not how we were being led.

Also, what are the fees on those interest rates? We are welcome to pay points for a lower rate at any of these lenders and have looked at some of those options, too.

Also our credit scores are close to perfect, zero debt, first-time homebuyers, 20% down, etc. Basicaly perfect on paper.

kimmarg

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Re: How to compare mortgage offers?
« Reply #23 on: February 25, 2018, 06:17:26 PM »
You have zero control over what bank your mortgage will eventually belong to.  Zero.  Don't sweat it.  Chances are your mortgage will end up with Wells Fargo despite your disdain for them.  Only thing you can do then is refinance and hope you don't end up back with WF.

As someone who went with a local bank over Wells Fargo despite having to jump through more hoops I can say I'm glad I did because the customer service is great! (and yes I have to deal with them at least once a year because they pay taxes and insurance)

tralfamadorian

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Re: How to compare mortgage offers?
« Reply #24 on: February 25, 2018, 06:30:25 PM »
...what are the fees on those interest rates? We are welcome to pay points for a lower rate at any of these lenders and have looked at some of those options, too.

Also our credit scores are close to perfect, zero debt, first-time homebuyers, 20% down, etc. Basicaly perfect on paper.

The fees that I see are not going to be an apples to apples comparison to your property in your location. Like I mentioned above, both penfed and aimloan give real time quotes on their website with complete fee transparency. Both are generally acknowledged as being the cheapest of the internet based mortgage companies. If your credit union/ local bank are giving you similar numbers to what their calculators pop out, then you’ll know that they are giving you a good deal.

And if you are perfect borrowers, there is no reason to go with the local broker/bank/credit union unless you want to support your local institution, build rapport for future borrowing or have reason to believe they would provide significantly better customer service.

COEE

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Re: How to compare mortgage offers?
« Reply #25 on: February 25, 2018, 07:24:01 PM »
All rates being the same, I'd probably choose to stay with my realtor's lender.  I would hope that your realtor has a personal and professional relationship with them and that the lender will get the deal done on time because of it (or else why would your realtor recommend them)?  If it's the house you want, go with the lender that you believe has the highest chance of closing the deal.

What is the real risk of someone not "closing the deal"? I guess I'm not that aware of what might go wrong other than what I have heard from friends/family, but their situations were more complex. And you'd pay more to have one commission-based person do this vs. another commission-based person with lower fees? The local bank guy is also commission-based, so I would think he would have a similar motivation to "close the deal." I don't see a reason to pay $600-$1,000 more to someone for no real reason other than my realtor likes him and has worked with him.

The biggest risk is that you don't buy the home that you've found and want.  More likely your closing will be delayed, but this is something you want to try to avoid also.

I lost a lot of faith in the online lenders when buying a house.  They don't care about you or your dates in your contract.  You're just another buyer to them.  I was going to tell a big long story about my personal experience with one of them, but that doesn't matter.  Suffice it to say, that I could have lost a lot of money due to their incompetence.  In the end it worked out for me, but it took a lot of leg work on my part to push them to meet their deadlines so that I would stay protected.  The experience has caused me to not recommend them for initial purchase of a home, but I think it would be okay for a refi where you already own the home and the final closing date is not as critical.

On the other hand, your realtor has a lender that they know personally (hopefully) and have done a lot of business with.  Their lender wants the realtor to continue recommending them, so they go out of their way to make your life as easy as possible because they don't want you complaining.  They want to maintain a business relationship with your realtor and with you for your next purchase.  Chances are you can meet with them face to face as well, which also means more than a faceless person hundreds or thousands of miles away.  They can see your family, and the future you are trying to build, in the home you love.

aspiringnomad

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Re: How to compare mortgage offers?
« Reply #26 on: February 25, 2018, 07:45:19 PM »
Just adding another data point. I've purchased two homes - for the first purchase, I went with a referral from a friend to a local bank and for the second purchase I went with the cheapest online option with decent reviews. I also refinanced my first home twice, but worked with three online brokers in the process.

So I've gone through a purchase or refinance with five brokers. In short, I had two great experiences and both were online (the second purchase and first refinance), two mediocre experiences and both were online (refinancing), and one terrible experience with the local referral (first purchase). So in my very anecdotal and limited experience, the "go local or you'll regret it" line is mostly a justification to sell you on higher rates or fees. And even if local were correlated with more hand-holding and better customer service, it would really have to be only slightly more expensive before I'd say it's worth it. So I'd just go with the cheapest option - local or online - as long as they didn't start operating yesterday.

rubybeth

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Re: How to compare mortgage offers?
« Reply #27 on: February 26, 2018, 06:48:39 AM »
On the other hand, your realtor has a lender that they know personally (hopefully) and have done a lot of business with.  Their lender wants the realtor to continue recommending them, so they go out of their way to make your life as easy as possible because they don't want you complaining.  They want to maintain a business relationship with your realtor and with you for your next purchase.  Chances are you can meet with them face to face as well, which also means more than a faceless person hundreds or thousands of miles away.  They can see your family, and the future you are trying to build, in the home you love.

But we can do those things with the local lender or credit union, as well. We can take our business from the credit union and go elsewhere, and we can let the folks who told us about the local bank guy that he didn't come through. I guess there's the "relationship" piece, but but I'm not sure that's worth $600-$1,000 to me. :/

rubybeth

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Re: How to compare mortgage offers?
« Reply #28 on: February 26, 2018, 10:56:54 AM »
Two quotes this morning: broker offering 4.625% and 4.710% APR, credit union offering 4.625% and 4.697% APR. Cost difference is over $1,000. Broker did says rate may go down today.

Waiting on local bank and big national bank.

Credit union did confirm they will sell our loan.

Rubyvroom

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Re: How to compare mortgage offers?
« Reply #29 on: February 26, 2018, 11:21:24 AM »
The last pre-approval process we went through was with Sofi. They had our pre-approval ready for us in less than 48 hours. They state that they have $0 closing costs, but we haven't actually confirmed that ourselves as we haven't found a home yet. Given our mustachian level of saving and our great credit score, they basically told us they could have approved us up to 4x more than we were requesting. They were incredibly easy to work with and if the $0 closing costs thing is true, you might consider throwing them into the mix to compare.

rubybeth

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Re: How to compare mortgage offers?
« Reply #30 on: February 26, 2018, 12:08:49 PM »
The last pre-approval process we went through was with Sofi. They had our pre-approval ready for us in less than 48 hours. They state that they have $0 closing costs, but we haven't actually confirmed that ourselves as we haven't found a home yet. Given our mustachian level of saving and our great credit score, they basically told us they could have approved us up to 4x more than we were requesting. They were incredibly easy to work with and if the $0 closing costs thing is true, you might consider throwing them into the mix to compare.

No closing costs seems to good to be true. Credit union is the lowest fees we have seen and they just charge an administrative fee and an appraisal fee--and gave us estimated title costs. Guessing you'd have to pay title fees at the very least.

National bank just quoted us 4.5%. Mortgage broker wants to see their offer, so I sent it.

tomsang

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Re: How to compare mortgage offers?
« Reply #31 on: February 26, 2018, 12:48:43 PM »
No closing costs seems to good to be true. Credit union is the lowest fees we have seen and they just charge an administrative fee and an appraisal fee--and gave us estimated title costs. Guessing you'd have to pay title fees at the very least.

Did you tell your mortgage brokers that you want a zero closing cost loan?  If you don't do this, then you will be comparing apples and oranges.  They all can do a zero cost loan.  They just build it into their rates.  If they know that they are competing with other mortgage brokers they will lower their profit to win the deal.  Don't share the details from the other parties, or they will just match the rate or barely beat the rate.

rubybeth

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Re: How to compare mortgage offers?
« Reply #32 on: February 26, 2018, 03:32:29 PM »
No closing costs seems to good to be true. Credit union is the lowest fees we have seen and they just charge an administrative fee and an appraisal fee--and gave us estimated title costs. Guessing you'd have to pay title fees at the very least.

Did you tell your mortgage brokers that you want a zero closing cost loan?  If you don't do this, then you will be comparing apples and oranges.  They all can do a zero cost loan.  They just build it into their rates.  If they know that they are competing with other mortgage brokers they will lower their profit to win the deal.  Don't share the details from the other parties, or they will just match the rate or barely beat the rate.

No, we don't necessarily want a zero closing cost, we just wanted to see their fees.

We ended up locking in today with the mortgage broker we have used for all our pre-approvals... he was able to match the rate offered by the big national bank (which would have required us to have a checking account there... no thanks). I'm happy the decision is made and I can live with the interest rate. Would definitely look into an online lender for refinancing if that makes sense at some point.

I'll get over it if the loan gets sold to Wells Fargo. :P

rubybeth

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Re: How to compare mortgage offers?
« Reply #33 on: April 24, 2018, 09:56:05 AM »
Annnnd the punch line: it was sold to Wells Fargo. :D

tomsang

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Re: How to compare mortgage offers?
« Reply #34 on: April 24, 2018, 10:37:48 AM »
I'll get over it if the loan gets sold to Wells Fargo. :P

It probably will not be bought by Wells Fargo as they are regulated to keep their balance sheet below $2 trillion.  https://www.reuters.com/article/us-usa-wellsfargo-fed/fed-puts-brakes-on-wells-fargo-when-bank-needs-to-step-on-gas-idUSKBN1FP0K8

rubybeth

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Re: How to compare mortgage offers?
« Reply #35 on: April 24, 2018, 11:21:55 AM »
I'll get over it if the loan gets sold to Wells Fargo. :P

It probably will not be bought by Wells Fargo as they are regulated to keep their balance sheet below $2 trillion.  https://www.reuters.com/article/us-usa-wellsfargo-fed/fed-puts-brakes-on-wells-fargo-when-bank-needs-to-step-on-gas-idUSKBN1FP0K8

😂😂😂 I literally JUST posted that it WAS sold to Wells Fargo. 🙄🤷🏻‍♀️

tomsang

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Re: How to compare mortgage offers?
« Reply #36 on: April 24, 2018, 02:19:31 PM »
I'll get over it if the loan gets sold to Wells Fargo. :P

It probably will not be bought by Wells Fargo as they are regulated to keep their balance sheet below $2 trillion.  https://www.reuters.com/article/us-usa-wellsfargo-fed/fed-puts-brakes-on-wells-fargo-when-bank-needs-to-step-on-gas-idUSKBN1FP0K8

😂😂😂 I literally JUST posted that it WAS sold to Wells Fargo. 🙄🤷🏻‍♀️

Funny stuff!!!  Normally, I would have said that it was likely that Wells Fargo would buy the mortgage. After reading about their punishment, I thought that they would want to manage their balance sheet tighter.