In search of a good Mortgage Lender

[Ewalker33]

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?

[DallasLoanGuy]

just get a referral from a friend/relative/coworker.....  we all pretty much have the same rate/fees

[HiLine]

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.

[frugalQ]

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.

[HiLine]

You can also try to get your credit union or bank to match offers from other lenders.

On a related note, today's mortgage rates are ridiculous. You can get 3.75% with 1k of net lender's credit after subtracting appraisal, origination, and underwriting fees.

[Anonymous]

How did your purchase loan go? Who did you use and would you refer that company?

[ezdriver]

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."

[Anonymous]

Ez....kb home by chance?

[skigirl916]

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@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."

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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%!!!

[ezdriver]

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@skigirl916 wrote:

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@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."

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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%!!!

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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.