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Which bank are you using for 30 years mortgage

juniornj23
Established Contributor

Which bank are you using for 30 years mortgage

I'm try to work and shopping around for a mortgage loan  and have few questio 

Does everytime I summit an application my credit drop ? 

Which bank are you using and maybe why ? 

 

 

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Message 1 of 4
3 REPLIES 3
dragontears
Valued Contributor

Re: Which bank are you using for 30 years mortgage


@juniornj23 wrote:

I'm try to work and shopping around for a mortgage loan  and have few questio 

Does everytime I summit an application my credit drop ? 

Which bank are you using and maybe why ? 

 

 


I have always used a mortgage lender not a bank. Big banks tend to have a lot of overlays and can take longer to close. 

If coded properly, mortgage inquiries done in a short time period are "dedupped" meaning that they only count as one for scoring purposes (please note all of the pulls will still show on your reports). 

Frequently, you can get a quote/estimate on rate/terms by talking to the lender and providing them with your scores and financial info. This quote is, of course, not binding as they will need to pull credit to issue a preapproval 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 4
jmw1
Frequent Contributor

Re: Which bank are you using for 30 years mortgage

Don't do banks. They're slow as hell and many have lost homes in escrow due to the bank dragging their feet. Sellers don't like buyers who insist on using a bank.

 

Don't do credit unions including those that people like for credit cards like Navy. Navy is good for cards and cars. Not for mortgages. They're just another terrible call center lender as far as home loans. Small credit unions may be good for portfolio non-QM situations where regular QM won't work. I cry everytime I see a post on this forum from someone asking about getting a mortgage from Navy.

 

Don't do mortgage companies that advertise on TV or radio including the one with the rocket.  Somebody has to pay for the high marketing costs. And they cut costs by using call center loan officers that have no previous experience. They profit on volume from leads generated by TV and radio.

 

Go with a good mortgage broker who will connect you with the best mortgage lender for your financial situation. You get a low rate and costs that are within distance of the absolute lowest cost possible. Online lenders may be good for those who are refi only and have a squeaky clean W-2 profile free of any self employment, credit blemishes, frequent job hopping, etc.

 

The main takeaway is to just say no to banks and large credit unions.

 

Message 3 of 4
4sallypat
Established Contributor

Re: Which bank are you using for 30 years mortgage

I used a mortgage broker who got the loan secured and the house to us in 28 days after searching for over a year!

 

Then before the first payment became due, they sold the note to Rocket / Quicken Loans.

 

Guess it does not matter who you get the initial loan from - someone will buy it up....

Message 4 of 4
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