Hey all. I am trying to do my due diligence and find a competitive rate for a 30 year fixed mortgage. I am looking to buy the condo I am renting from family with 10% down. So shopping around requires a little more work since I have to consider PMI.
My initial short search looked at the two major new lenders:
Sofi:
- Higher rate than most, but no PMI with 10% down. There qutoed rate was around 4.375
Better Mortgage:
- 30 year rates between 3.87 and 4.125%, $135 PMI.
Neither have origination fees, which makes them cheaper than any bank or credit union I have looked at. I closely looked at Navy Federal, Capital One, and my local credit union. All 3 had worse fees, slightly worse rates or PMIs than Better.
What I am looking at now is the nerdwallet tool to compare mortgage offers. They seem to come up with some lower interest rates and PMIs even than Better.
https://www.nerdwallet.com/mortgages/mortgage-rates/compare-mortgage-rates?trk_referral_pageviewid=164670d9-f7b9-4d2c-b9e5-7fd9a844008aHas anyone used this tool to help find a more competitive offer? It seems to come up with some slightly better options than I have been able to find just looking at random.
Has anyone found or used another tool to quickly get an idea of who may have the current most competitive offers?
For instance nerd wallet quickly return an offer that was at 4.125% interest with 0 PMI from Home Point Financial. I am trying to confirm details to see if that is accurate since that would make the offer more competitive than SOFI or Better.
My fall back option is to maybe use a family friend who services loans. I am not 100% if he searches for loans in general or always goes through one lender. Or what his fee would be. But I generally prefer to comparison shop online.