Hey All, New to the forum
Firstly, sorry for the long entry & not using appropriate acrnonyms. So, I am going back and forth, researching as much as I independtly can.. but, would appreciate any thoughts/suggestions on Mortgage loan companies.
My Husband & I will be 1st time home buyers & are very very soon going to apply for pre approval, BUT we havent solidied with who. This process is most definitly exciting, nerve wrecking, and my brain is racing a millions times a minute. Ive read scary stuff about banks, mortgage lenders/brokers selling loans, giving customers the shaft..people losing homes over it. End result, its making me a bit scared, paranoid. My husband and I are both 37 yrs old working professionals - We have checking , savings with Wells Fargo with our life savings there & have been customers for at least 6-8 yrs.
We thought about just going with our bank (Wells Fargo) for our mortgage loan, but then also read quite a bit of negatives with them too. Now Im debating if we go with a credit union (which we dont even have an account with).
Our realtor suggested Loan Depot ? Which i've read up on a bit, and they seem ok as well, but again mixed reviews..and i guess because they arent a "bank" .. I just get nervous about these companies selling our loan to no name companies and things get screwy with loan..etc. Just trying to avoid the "at worst" nightmare happening to us.
Enough rambling.. Ok any suggestions? Thoughts or Experiences with Loan Depot? Wells Fargo? Any other banks etc
We're aiming for a Conventional loan 30 year fixed.. We are putting down 20% for sure, to avoid PMI.
Yearly Income: $51 K
Fico Credit Score Range: 850s (He definitely has the higher/solid credit scoreHis score is great!)
Active Loans: (1) Car Loan/Finance - Balance $25K ? Actively Paying/On Time
CitiCard: Available Credit $24 K
Yearly Income: $75 K
Fico Credit Score Range: 705
(1) Student Loan Debt: $12 K - Actively paying/On time, however I do have 5 late payments from 4 yrs ago, which I have already tried disputing
(2) Car Loan: $4 K left on loan, Actively paying/On Time payments since April 2014
Available Unused/Credit: ($27 K) $2000 Capital One + $600 Wells Fargo Unsecured Card + $24 K CitiBank Card (my husband, but I am authorized user).
Aside from our car loans..my student loan, and our credit cards..which balances are at $0 ... we have no other debt.
I am also a first time homebuyer, and the thought of choosing the wrong lender really scared me as well. I did the whole 5-star yelp and google search, and also recommendations from realtors. I spoke to 4 different lenders. Every time a lender just stopped answering me, or if I didn't feel was informative enough, I would search for another one. For my sake, I found the right one by the fourth. So don't worry, and just know that you aren't obligated to just find or speak to one, you are allowed and should talk to a few. But for the sake of your inquiries, do it within a 30 day period (less is better)
Might I add, out of all the lenders I spoke to, @homeloanexpert is the best. You'll know why once you reach out to him
I am also a 1st time buyer and I am going through Loan Depot myself. I was pre-approved through Quicken but Loan Depot if the preferred lender with the builder I have chosen. They are giving me a sweet deal for closing costs so I am sticking with them. The good thing with them is that they do not charge fees for refinancing later on. So in my case, I am going the FHA route since I do not have 20% down. So the home I am buying has equity built in so within the year I plan on a refi to get out of the PMI. It is nice to be able to do so without having to pay fees yet again. They are also willing to match other offers I have had from other lenders. So they are pretty comparable to others. What I have noticed are not so much the rates that vary but the fees charged by each company. I would go with the one that has the lowest fees. Those add up.