Good Mortgage Companies?

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Andymoler58
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Good Mortgage Companies?

Post by Andymoler58 » Sun Jul 12, 2015 1:45 pm

Does anyone know of any good places to get a mortgage from? I was looking at Amerisave. Has anyone used them? I am thinking about buying a place from a friend and want to keep the closing costs and loan origination fee to a minimum.

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MichaelRpdx
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Re: Good Mortgage Companies?

Post by MichaelRpdx » Sun Jul 12, 2015 2:08 pm

"They are all arms of the same octopus" ~ John Steinbeck

I can't comment further because I work for a financial institution that originates mortgage loans and have a bias.
Be Appropriate && Follow Your Curiosity

brian2013
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Re: Good Mortgage Companies?

Post by brian2013 » Sun Jul 12, 2015 2:53 pm

Hi, i am a real estate attorney and work worth them all. Imho they are not ask the same. Take a look at movement mortgage, they are the best i work with. Wells Fargo has been a mess for several years, steer clear

Bob Gibson
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Re: Good Mortgage Companies?

Post by Bob Gibson » Sun Jul 12, 2015 3:02 pm

Not sure what state you live in but you may want to take a look at Third Federal Savings and Loan. We've used them multiple times and they are top notch. Great rates and great customer service. www.thirdfederal.com

retiredjg
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Re: Good Mortgage Companies?

Post by retiredjg » Sun Jul 12, 2015 3:05 pm

Andymoler58 wrote:Does anyone know of any good places to get a mortgage from? I was looking at Amerisave. Has anyone used them? I am thinking about buying a place from a friend and want to keep the closing costs and loan origination fee to a minimum.
A lot of the closing costs are not related to the mortgage company, but whoever does the closing/settlement paperwork. I shopped this out a few years ago and some charge more for this and less for that and some do the opposite - there was no clear answer because they all ended up being within a couple hundred dollars of each other.

There is also the choice of who does the inspection(s) and that is no related to the mortgage company either.

The loan origination fee is definitely related to the mortgage company and you often have a choice of "this rate with 1 point" vs that rate with .5% point".

In the long run, I think the interest rates you can get are more important that closing costs and loan origination fees.

hmw
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Re: Good Mortgage Companies?

Post by hmw » Sun Jul 12, 2015 7:55 pm

I used goodmortgage.com last year when I bought my house and refinanced with them this year. I am happy with their services and their rate is good. I found them through the mortgage professor web site.

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jabberwockOG
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Re: Good Mortgage Companies?

Post by jabberwockOG » Mon Jul 13, 2015 5:04 pm

If you know any real estate agents call and ask them if they have any favorites. Agents push customers to companies that can efficiently get the loans done because they don't want to lose the sale. Be aware that some agents could recommend a company because they may get a kickback so call someone you can trust and ask for 2 or 3 names. Shop a mortgage company by the rate, discount, and total closing costs. Tell the broker what amount you want to borrow and ask them to provide you with a written offer for rate, discount points and closing cost percentage. Chose the lowest cost company you feel can close the loan reliably and hold them to their written offer on rate, discount, and closing costs. If you don't understand the components that make up rate, discount points, and closing costs, and how they interrelate, do the research and reading to educate yourself before choosing a company and a loan. My guess is that 90% of people getting a home loan get ripped off to some degree because they lack an adequate understanding of how to execute the transaction in their best interest. Once the loan has closed, the mortgage company matters little once the loan has been executed , it will almost certainly be sold , sometimes multiple times and be serviced by totally different company.

profnot
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Re: Good Mortgage Companies?

Post by profnot » Mon Jul 13, 2015 7:59 pm

In my area, credit unions give the best deals.

And there's no bait and switch (suddenly a fixed rate become fixed for 5 years only) nonsense.

If a CU loan officer treats her/his customer/members badly, the officer gets fired!

And the money stays local.

Lacrocious
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Location: Wisconsin

Re: Good Mortgage Companies?

Post by Lacrocious » Mon Jul 13, 2015 8:59 pm

For Wisconsin - Wisconsin Mortgage Corp - have used them for many loans/refi's over the years. PM me if you want a name. PenFed was good for the last refi (we are 2 years into a 5/5 - 30year arm @2.5% - with an estimated 2 years before we sell).

- L

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MichaelRpdx
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Re: Good Mortgage Companies?

Post by MichaelRpdx » Mon Jul 13, 2015 10:44 pm

profnot wrote:In my area, credit unions give the best deals.
I believe that applies in every area.
Be Appropriate && Follow Your Curiosity

Gleevec
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Re: Good Mortgage Companies?

Post by Gleevec » Mon Jul 13, 2015 11:10 pm

They're mostly the same. Make sure not paying points and that they close fast in your area.

NYnative
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Re: Good Mortgage Companies?

Post by NYnative » Mon Jul 13, 2015 11:44 pm

Navy Federal Credit Union, if you are eligible to join, has very good rates, no hassle service and never sells its loans.

Pentagon Federal Credit Union, which you can join if you become a member of a number of military related groups, or, for anyone, join the National Military Family Association for a one time charge of $15. They also have great rates and, while they may sell some mortgages, they service them forever.

Far better rates and lower fees than any bank I have found . :D

playtothebeat
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Location: southern california

Re: Good Mortgage Companies?

Post by playtothebeat » Tue Jul 14, 2015 12:05 am

I just refinanced with WJ Bradley and had a great experience. My mortgage situation was somewhat unusual and all other lenders struggled with it (title issues; wife's mortgage from her prior marriage, etc). WJB was able to make it work and bring in a lender to do the 2nd concurrently. PM me if you want the contact info for the person I dealt with..

abner kravitz
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Re: Good Mortgage Companies?

Post by abner kravitz » Tue Jul 14, 2015 6:26 am

I would recommend Quicken just on the basis of their customer service and systems. I've had two mortgages with them and have been very happy.

NOVACPA
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Re: Good Mortgage Companies?

Post by NOVACPA » Tue Jul 14, 2015 6:54 am

NYnative wrote:Navy Federal Credit Union, if you are eligible to join, has very good rates, no hassle service and never sells its loans.
They do, like nearly every bank, sell their loans. It's what allows them to get cash to fund their next loan.

A quick Google and skim of their 2012 Financial Statements (first that came up) and you can see they had gains on their loans sold of $290M. Further down in the statementsame they say they do keep some for their own portfolio. Likely only the top quality paper (760 FICO, lots of equity, etc.)

Most people care about the servicing of their loan and one would need to look to see if the company has mortgage servicing right assets on their books to see if they retain servicing when they sell the loan.

FiveDriver
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Re: Good Mortgage Companies?

Post by FiveDriver » Tue Jul 14, 2015 8:35 am

You can search for the best rates in your area at this website...
http://www.hsh.com/

Chances are your loan will be bundled and sold, sometimes even before you make the first payment.

The Real Estate Attorney and the Title Company are going to be your biggest expenses and their Fees often vary widely. Call a few RE Attorneys in your immediate area, you don't want to travel too far to review & sign all these docs.

Luke Duke
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Re: Good Mortgage Companies?

Post by Luke Duke » Tue Jul 14, 2015 9:18 am

Just shop around for the best combination of rate/closing costs. 95% of them are going to sell your mortgage within a year anyway and you'll be dealing with someone else anyway.

NYnative
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Re: Good Mortgage Companies?

Post by NYnative » Tue Jul 14, 2015 9:28 am

I stand corrected on NFCU. They have apparently changed their policy. When I took out a mortgage with them many years ago, they clearly stated they did not sell their loans. Times have changed. However, as far as I know, they, same as PFCU, will always service loans they issue, even if they sell them. And both CUs do a great job of servicing.

ddurrett896
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Re: Good Mortgage Companies?

Post by ddurrett896 » Tue Jul 14, 2015 10:13 am

NYnative wrote:I stand corrected on NFCU. They have apparently changed their policy. When I took out a mortgage with them many years ago, they clearly stated they did not sell their loans. Times have changed. However, as far as I know, they, same as PFCU, will always service loans they issue, even if they sell them. And both CUs do a great job of servicing.
+1 NFCU is the bomb!

They sell the loan, but continue to service the loan. I went with a conventional loan and only put down 5%, no PMI and they paid $2,500 in closing cost.

boobinson
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Re: Good Mortgage Companies?

Post by boobinson » Tue Jul 14, 2015 3:44 pm

Pretty much everyone loves their mortgage company. My suggestion is to use the Zillow Mortgage Tool. It is the best of the online mortgage comparison sites. Best of all is that you do not supply any contact information, so the quotes are anonymous. I have used it for a refinance and a home purchase and both times the companies I ended up with were very good.

NYnative
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Re: Good Mortgage Companies?

Post by NYnative » Tue Jul 14, 2015 4:00 pm

Gotta say that I hated every mortgage company I had until I started using NFCU and PFCU. I had mortgages sold multiple times, with the transactions completely messed up, escrows misplaced, communicating with the new company as well as countless other issues. I'm sure other decent companies exist, but every time my mortgage was sold, I ended up with a new mortgage servicer. Hasn't happened in over 20 years with the CUs.

boobinson
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Re: Good Mortgage Companies?

Post by boobinson » Tue Jul 14, 2015 6:31 pm

NYnative wrote:Gotta say that I hated every mortgage company I had until I started using NFCU and PFCU. I had mortgages sold multiple times, with the transactions completely messed up, escrows misplaced, communicating with the new company as well as countless other issues. I'm sure other decent companies exist, but every time my mortgage was sold, I ended up with a new mortgage servicer. Hasn't happened in over 20 years with the CUs.
I agree that it can be frustrating when your loan gets sold to another servicer. However, I am willing to bet that the rate/fees one gets with one of the Zillow lenders is better than that from a NFCU/PFCU. For me, it is worth dealing with the hassles even for a small difference in rate/fees.

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