Mortgage Loans

[awdsmama]

There are so many banks, credit unions, brokers etc out there - how many do you approach and how do you choose which ones?

I have one credit union acct right now that holds my checking/savings accts.

I'm about to open an acct at another CU specifically for their Visa products (in case I don't get a regular Visa, they offer secured whereas my current CU does not). 

So those are two places I could start.  

I heard that, in my area at least, Umpqua Bank has a flat $895 origination fee no matter the cost of the house.   Is this good? 

I keep reading that funds must be seasoned for 2mos in your accounts.  Is this BEFORE you start the pre-qual/looking process or just hit 2mos by the time you sign?

Any tips would be greatly appreciated!!! 

[JM-AM]

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awdsmama wrote:

There are so many banks, credit unions, brokers etc out there - how many do you approach and how do you choose which ones?

I have one credit union acct right now that holds my checking/savings accts.

I'm about to open an acct at another CU specifically for their Visa products (in case I don't get a regular Visa, they offer secured whereas my current CU does not). 

So those are two places I could start.  

I heard that, in my area at least, Umpqua Bank has a flat $895 origination fee no matter the cost of the house.   Is this good? 

I keep reading that funds must be seasoned for 2mos in your accounts.  Is this BEFORE you start the pre-qual/looking process or just hit 2mos by the time you sign?

Any tips would be greatly appreciated!!! 

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CU some people swear by them, myself included.

When it comes to a mortgage if your comparing CU will 99% of the time be higher then a Broker. This isnt about promoting Brokers, as I also Promote LO's when the situation warrants it. Since Im a Mortgage Banker I have the best of both worlds.

" I heard that, in my area at least, Umpqua Bank has a flat $895 origination fee no matter the cost of the house.   Is this good?"

This depends on how you look at it and how much you understand. Banks do not have to disclose things the way a Broker does. Will they raise your rates because of this offer? Is there a certain score to qualify? Questions, questions, and more questions... lol

I charge a flat rate of $750 for Origination Fees, and I actually credit it back to the customer. Does that mean I have a better offer? You as the customer may interpret it as you are getting a better offer, but you as a standard type of customer really have no idea. And without me actually seeing your deal I wouldnt know if it was better either. I can make an educated guess, but it will be just that a guess.

[awdsmama]

If there isn't a "Mortgage for Dummies" book there shood be...and if there is maybe I should find it LOL

It's all sooo confusing.  Points, front/back end, all the fees etc. 

[NewbieReed]

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awdsmama wrote:

If there isn't a "Mortgage for Dummies" book there shood be...and if there is maybe I should find it LOL

It's all sooo confusing.  Points, front/back end, all the fees etc. 

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+1   Lord help me! 

[maluba]

Actually, there is that and the 'Homebuying Kit for Dummies'.