Shopping for a mortgage

[crackboy]

So first time buyer here. I need to shop around for a mortgage and I have no idea where to start. I have the option of going with the agency I had the realtor with but I would like to try and get some alternatives and possibly get a lower rate

I went in and put in info for lending tree.

The property is in pittsburgh, pa

So any tips or suggestions on where to look are appreciated

thanks

[Lexi-Bell]

pm Inspector Gadget

[crackboy]

will do, thanks

[JoeStrummer]

One of my sales managers spent 10 years in the mortgage business. He says Lending Tree is your best bet.

[Danno]

Know anyone in the area? Ask them who they used. belong to a credit union? See what they can offer.

[hutash]

Check with your local community banks, and a couple national banks (B of A, Chase, etc.) My last several loans have been through brokers, as they are usually your best bet for fixed rate loans. I would stay away from ARMs if they are even around these days, unless you really do a lot of home work. I have never been a fan of Lending Tree type companies, but that is just me. I'll buy skis over the interweb, but not a several hundred thousand dollar home laon.

So, yes, PM Inspector Gadget.

[crackboy]

actually just went and talked to a guy at the local wells fargo.

looks like a no go since I won't get my first paycheck until the end of july (start date of July 1) and wells fagrgo won't close the loan until then. which is bad for our closing date of june 6th

[The Reverend Floater]

actually just went and talked to a guy at the local wells fargo.

looks like a no go since I won't get my first paycheck until the end of july (start date of July 1) and wells fagrgo won't close the loan until then. which is bad for our closing date of june 6th

Seriously send a PM to Inspector Gadget. He is a GREAT dude, very honest and straight forward, knows the business and has references. Can't hurt, right?

[crackboy]

i am waiting to hear back from him.

[H0G]

DONT go to a bank. It will cost you big time, especially wells. A broker is the way to go. Flagstar, citi, and gmac have good rates now. GMAC is taking forever to get through underwriting though.

Ask for a good faith. Send it to me or IG to look over. We can tell you if they are taking advantage of you. If you are shopping, try and not let them pull your credit. Tell them you have X score (hopefully above 740)

Rates are fluctuating between 4.5 and 5% if you have great credit.

[cramer]

david.goldberg@enmcdirect.com


Tell him cramer sent ya

ill add that you run it buy the other loan guys in here (gadget is a good guy). he's pretty good. Closed 2 FHA loans and a standard 20% down in under 14 days for 3 of us buyers in the extended family out in cali.

[crackboy]

So 2 possible issues.

1. I won't have my first paycheck until after we close. we close June 5th and i start work July 1

2. The closing is in PA, and I won't be able to attend.

I actually already have a good faith estimate for a FHA with 3.5% down.

My credit is really good.

[skier666]

A mortgage broker has access to different lenders...I'd start there. When I got our mortgage, I started with my bank, then went to a broker, then back to the bank, and the result was a battle between the two. Good luck.

[cramer]

[quote]1. I won't have my first paycheck until after we close. we close June 5th and i start work July 1[/quote}

So im assuming this all went t hrough before you left your current job? They made it pretty clear to me, dont change jobs, dont aquire new credit, pretty much, dont do a fucking thing. I guess you were at your last job for quite a few years? I had to provide 2 years taxes, 2 months of bank info, my retirement info, copies of my ss and drivers license (my wife too) on all acounts. And they called both of our bosses to verify how long we'd worked there.

With that said, you dont make a payment for 2 months, so who gives a fuck about your first check? You wont have payment till august 1st. I closed dec 21st and didnt pay my first payment till feb 1st.

as 666 the devil said, go through a broker. They'll find you the best deal out there. I just went through lendingtree.com and the broker i got beat any big bank out there. Oh and i work for bank of crap, so that shouild tell you something. Banks rates suck. They offered me all kinds of "employee discounts". well thos discounts were shit. period.

[Blatant]

may want to search this topic son, you'll find lots of info.

[Bart T]

i hear zillow has a service kind of like lending tree, only better b/c you don't give them your name or any personal info. you just input your credit score, down payment, etc... they forward the info to the banks ...then zillow gets back to you with the #s. from what i hear, zillow requires them to issue a GFE with all the costs set forth so you don't get reamed at the closing.

as for closing before starting the new job, i had that same problem once and bumped up my start date. we stayed in a hotel until we closed, probly 2-3 days. the hotel costs will probably be less than you'd pay the seller to accomodate a delayed closing (you'd probably need to cough up his carrying costs). the other alternative would be to get your bank to be reasonable, worth a try but good luck with that.

[Supermoon]

Bump for mortgage questions.

Wife and I just moved to a new city. We have a good friend who is a mortgage broker who is helping us out, and got us what I think is a pretty good rate, but I want to do some due diligence and shop around a bit to make sure we aren't leaving a bunch of money on the table.

From what I read we can get 2-3 different bids within a two month period without adversely affecting our credit score, right? If we stay with our original broker, will they pull our credit score again when we close, or just look at our other financials to make sure they haven't changed since our pre-approval?

Thirdly, my wife has a sales job, and since she's moving to a new market and can't keep her list, they aren't going to count any income coming in from her, even though she's moving to a new company to do the exact same thing. Is that standard for all brokers, or is it possible we could find a place that would count some of it? She makes about 30% more than I do which sucks to have to keep out of our qualification.

[digitaldeath]

actually just went and talked to a guy at the local wells fargo.

looks like a no go since I won't get my first paycheck until the end of july (start date of July 1) and wells fagrgo won't close the loan until then. which is bad for our closing date of june 6th

do not deal with wells fargo idiots

[mall walker]

From what I read we can get 2-3 different bids within a two month period without adversely affecting our credit score, right?

it's not that long, and it varies. generally within a month, those inquiries will be treated as a single inquiry... it could be as long as 45 days, but it could be as short as 14. it's best to list the places you're curious about (I'd recommend looking into at least one or two local credit unions) and hammer them out in as short a time as possible.

that said inquiries are a small portion of your credit sore, and you can have 2 in 2 years before it starts to hurt you.

[4matic]

Find a local credit union. Their in house products can be very competitive. 5/1 arms and such. With yield curve so flat arm rate is almost equal the 30 year rate.

[Supermoon]

Find a local credit union. Their in house products can be very competitive. 5/1 arms and such. With yield curve so flat arm rate is almost equal the 30 year rate.

Yeah, that was going to be my next stop.

[Danno]

Bump for mortgage questions.

Wife and I just moved to a new city. We have a good friend who is a mortgage broker who is helping us out, and got us what I think is a pretty good rate, but I want to do some due diligence and shop around a bit to make sure we aren't leaving a bunch of money on the table.

From what I read we can get 2-3 different bids within a two month period without adversely affecting our credit score, right? If we stay with our original broker, will they pull our credit score again when we close, or just look at our other financials to make sure they haven't changed since our pre-approval?

Thirdly, my wife has a sales job, and since she's moving to a new market and can't keep her list, they aren't going to count any income coming in from her, even though she's moving to a new company to do the exact same thing. Is that standard for all brokers, or is it possible we could find a place that would count some of it? She makes about 30% more than I do which sucks to have to keep out of our qualification.

Do not worry about that hit to your credit score, if your score is that marginal that it can't take a tiny hit without impacting your credit worthiness, you have bigger problems. Also, I think the hard pull only comes with the actual application, not pre-approval, but I'm just a dentist. The mortgage broker should know this shit cold, and should be able to handle the fact that you are shopping around (or if you don't want to impact the relationship, ask a different broker who is giving you a quote).

Not all brokers/lenders follow the same policies, so it is possible someone else will calculate differently. Still, is the problem that you're not able to borrow as much as you'd like? If not, why does it matter? And if so, maybe you should rethink things...

Where are you located?

FWIW, I got competitive rates from my credit union, but not the best rates. The best rates came from a broker recommended by Cruiser on here. I also once got a smoking deal from a lender I found on zillow (also, looking on zillow was recommended on here, can't recall who). Northpointe Bank. Whole process went fairly smoothly and the rate and fees were insanely low, Cruiser's broker (who had been out of town when I needed the loan) said he probably couldn't have beaten it if he was in town.

[Supermoon]

Do not worry about that hit to your credit score, if your score is that marginal that it can't take a tiny hit without impacting your credit worthiness, you have bigger problems. Also, I think the hard pull only comes with the actual application, not pre-approval, but I'm just a dentist. The mortgage broker should know this shit cold, and should be able to handle the fact that you are shopping around (or if you don't want to impact the relationship, ask a different broker who is giving you a quote).

Not all brokers/lenders follow the same policies, so it is possible someone else will calculate differently. Still, is the problem that you're not able to borrow as much as you'd like? If not, why does it matter? And if so, maybe you should rethink things...

Where are you located?

FWIW, I got competitive rates from my credit union, but not the best rates. The best rates came from a broker recommended by Cruiser on here. I also once got a smoking deal from a lender I found on zillow (also, looking on zillow was recommended on here, can't recall who). Northpointe Bank. Whole process went fairly smoothly and the rate and fees were insanely low, Cruiser's broker (who had been out of town when I needed the loan) said he probably couldn't have beaten it if he was in town.

Thanks Danno.

I have good credit, so I'm not too worried about it, but I don't want to do anything that could cost us even a little bit on our APR because I know it costs $$$ in the long run. I'm sure our broker would answer these questions, but she's a friend of the wife's more than anything and I don't want to rock the boat too much.

We are in Boise, so the market isn't going crazy like it is on the west coast, but the area we are looking in is expensive for the area. With just my income, the max we can borrow is pretty much smack dab in the middle of what the good house are going for, so having some extra room to even add another 30-40k on the house would expand our options greatly. Our financial goal is to be able to live on one salary and bank the rest, so we aren't looking to get a million dollar house or anything.

Saw the Zillow suggestion above. I'll check them out too.

[liv2ski]

Saw the Zillow suggestion above. I'll check them out too.

That was going to be my suggestion as I only do loans in CA.

If your wife is a commission sales person starting over in a totally different market place, it may or may not be unreasonable to use her income. It just depends on her circumstances. If you don't need her income to keep the dti under 50% you should be fine. The rules have nothing to do with the broker but FNMA to whom every company underwrites to their guidelines.

The lender will pull new credit but it should not effect your scores.

[VTeton]

Hope all you degenerates are refinancing if you are 3.75% or higher.

I can lock 3.25% fixed 30 yr but I decided to kick the can down the road until at least tomorrow. Am I an idiot? Already at 3.625%