topic USAA, Quicken Loans or Somewhere Else ?? in Mortgage Loans

USAA, Quicken Loans or Somewhere Else ??

kmksga — Fri, 17 Dec 2010 06:00:58 GMT

How do I know which to choose....USAA or Quicken Loans or a Mortgage Broker or somewhere else....

Any thoughts / Suggestions ??? Loan would be Conventional 20% + down.

Re: USAA, Quicken Loans or Somewhere Else ??

BrianB_The_Loan_Professor — Fri, 17 Dec 2010 06:32:35 GMT

On a conventional loan with 20% down you should be able to get a decent loan anywhere

shop a couple of places and see what is offered and then take the one the works best for you

I would avoid quicken as I am pretty sure they sell your info to brokers - I am not 100% sure so check it out for yourself

I know many of the online companies that market hard make their money that way and it is not in your best interest to use them

if you dont know a broker ask friends and family for suggestions

or just try your bank

Good Luck

Brian

Re: USAA, Quicken Loans or Somewhere Else ??

Anonymous — Fri, 17 Dec 2010 18:27:42 GMT

USAA is almost always worth getting a quote from. They do have some exceptional offers sometimes. It's not the place to go if you have a 'unique' loan, but at 20% down, it doesn't sound too unique. Quicken does not sell your information. They do lend, sort of. By no means am I endorsing them, but that's Lending Tree types, not Quicken that sells your info.

The lending industry changed when the credit markets changed. I worked at a mortgage brokerage in the early part of the decade just like many people. At that point, broker rates, fees and service was on par with mortgage banks and direct lenders. That's not the case today.

When I talk to broker friends, they're often .375% higher in rate or more, not to mention that their fees are higher. I'm not sure what state you are in, but you will have a few large mortgage-only, well-priced direct lenders. You will find significantly better rates if you ask (1) who underwrites and (2) who funds the loan. If they do that in house, you're probably going in the right direction.

Edited to remove a bunch of white space.