How to choose a mortgage lender?

[Anonymous]

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@Anonymous wrote:

We (by surprise) found out we hit 740 even on the middle low when one of the lenders pulled our scores. In early July, we were at 736, so we're trying every little thing to stay at 740+. The loan amount for that rate was $527K. You can use their calculator to figure out the rate for your area/loan amount here http://captl1.co/1IKl4DT

Note that there's no addt'l PMI on top of the rate/payment that is shown there for their jumbos which is atypical for most lenders. Lender is holding on the GFE until I am ready to lock, but the LO confirmed the rates have no PMI on top. Here's an example from a few days ago that the LO sent:

Note, at below 740 scores on ARMs, they have points. On their fixed, the LO indicated they don't have points for a 720-739.

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Yikes, those taxes and insurance make me cringe.

[bonne]

Thanks very much about the tip regarding Capital One!  So, when you all are searching for a lender, are there any tools or sites you use? 

[Anonymous]

I have been looking into 90% LTV jumbo lenders for a few months while my home's being constructed, mostly through google. I've used Zillow from time to time just to see which lenders offer something like that and then contact them directly.

Here's my list which you may want to investigate further:

Gateway Loans (2nd lowest APR on 7/1)

Capital One (lowest APR on fixed single 30)

UN FCU (lowest APR on 7/1, requires 740 for full MI credit)

Empire America (site will give you pricing w/o filling out personal detail)

Sofi (expensive, but no PMI on their jumbos)

Chase (impossible to get ahold of anyone there...tbd)

I've contacted like 50 lenders/brokers and these were the ones which were competitive. All the rest either had MI or required a 80/10 structure which we weren't interested in.