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I'm in the process of looking to purchase a home and I'm not sure which Lender would give me the best options for a Mortgage. Has anyone used DCU for a Mortgage Loan?
just get a referral from a friend/relative/coworker..... we all pretty much have the same rate/fees
Some with lower than average rates: Sebonic Financial, Consumer Direct Mortgage, K2 Lending, BNC National Bank
Some with average rates: Quicken Loans, Bank of America, Chase
I'm using Sebonic Financial. If you need a referral, let me know.
Credit unions are a good route....there are some fees which the banks have to charge but CUs do not. When I shopped for lenders, I found that credit union closing costs ran about $1,500 lower than banks.
It's also good if you can find a lender that's running some type of promotion like 1/2 off origination fees or similar.
I am a sales counselor with a national builder. I just asked my inhouse loan officer about current FHA rates and how dependendent they are on credit scores vs conventional rates. This is his response:
"There are 3 different credit score tiers for FHA rates (mnthly PMI is not credit score driven for FHA) 580 - 619 there is a pretty heavy pricing hit 620-659 is about the same as 660 and above. For example based on todays rates a 580 fico is 4.125%, 620 fico is 3.75%, and 660 fico is 3.625%........the key is to be 620 and above for rate."
@ezdriver wrote:I am a sales counselor with a national builder. I just asked my inhouse loan officer about current FHA rates and how dependendent they are on credit scores vs conventional rates. This is his response:
"There are 3 different credit score tiers for FHA rates (mnthly PMI is not credit score driven for FHA) 580 - 619 there is a pretty heavy pricing hit 620-659 is about the same as 660 and above. For example based on todays rates a 580 fico is 4.125%, 620 fico is 3.75%, and 660 fico is 3.625%........the key is to be 620 and above for rate."
That's not really true. Some lenders will work with 580+ for FHA, some lenders REQUIRE a 620 or above just to get approved. The better the score, the better the rate. There are definitely more than 3 tiers.
I just secured an FHA loan with my mid-score above a 660 and my rate is 3.5%. If I had a mid-score above 700, it would be even lower. Sadly, I couldn't quite get there in tme.
But I'll take 3.5%!!!
@skigirl916 wrote:
@ezdriver wrote:I am a sales counselor with a national builder. I just asked my inhouse loan officer about current FHA rates and how dependendent they are on credit scores vs conventional rates. This is his response:
"There are 3 different credit score tiers for FHA rates (mnthly PMI is not credit score driven for FHA) 580 - 619 there is a pretty heavy pricing hit 620-659 is about the same as 660 and above. For example based on todays rates a 580 fico is 4.125%, 620 fico is 3.75%, and 660 fico is 3.625%........the key is to be 620 and above for rate."
That's not really true. Some lenders will work with 580+ for FHA, some lenders REQUIRE a 620 or above just to get approved. The better the score, the better the rate. There are definitely more than 3 tiers.
I just secured an FHA loan with my mid-score above a 660 and my rate is 3.5%. If I had a mid-score above 700, it would be even lower. Sadly, I couldn't quite get there in tme.
But I'll take 3.5%!!!
My assumption is that my inhouse LO was speaking for his own employer's rate sheet. Every lender determins its own rate sheet, pricing "tiers" and overlays. Also, rates change on a regulary basis ... sometimes several times daily.