Best Bank/Lender for 15 year fixed mortgage?

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Pricklypear
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Best Bank/Lender for 15 year fixed mortgage?

Post by Pricklypear » Thu May 30, 2019 11:05 pm

Any recent new homeowners out there who can share which lender they went with for a 15 year fixed mortgage, and what was the interest rate + origination point? (Assuming excellent credit 760+).

Thanks!

Iorek
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by Iorek » Thu May 30, 2019 11:22 pm

I would check out Amerisave, esp. if the loan/income documentation will be straightforward and you are ok moving quickly/without a lot of handholding.

They have good products with credits against closing costs too (no cost refi), and they post current rates on their website (but note even 760 credit might not get you exactly the posted rate, and I think they don’t lock rates until underwriting is complete).

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Nate79
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Location: Delaware

Re: Best Bank/Lender for 15 year fixed mortgage?

Post by Nate79 » Fri May 31, 2019 6:05 am

We had a good experience just recently on a no cost refinance with Better.com.

jminv
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by jminv » Fri May 31, 2019 6:49 am

Check a few of the mortgage rate comparison sites (bankrate, NerdWallet, etc) and go with one of the lowest rate offers. It’s variable depending on how much down, credit score, location. I saw better.com had one of the lowest rates.

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whodidntante
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by whodidntante » Fri May 31, 2019 7:01 am

The cheapest one. I've had the best terms with local credit unions. They have offered to match rates and the closing costs are much lower. About half in my experience.

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Kenkat
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by Kenkat » Fri May 31, 2019 7:22 am

If available in your area, Third Federal Savings is good. Competitive rates and they don’t sell the servicing of your mortgage to other banks.

Silk McCue
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by Silk McCue » Fri May 31, 2019 7:26 am

Kenkat wrote:
Fri May 31, 2019 7:22 am
If available in your area, Third Federal Savings is good. Competitive rates and they don’t sell the servicing of your mortgage to other banks.
+1

https://www.thirdfederal.com/featured-rates#tab-3

15 year 3.39/3.53%


The also have the best HELOC rate in the nation on a consistent basis. Prime - 1.01%

Cheers

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Kenkat
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by Kenkat » Fri May 31, 2019 7:31 am

Silk McCue wrote:
Fri May 31, 2019 7:26 am
Kenkat wrote:
Fri May 31, 2019 7:22 am
If available in your area, Third Federal Savings is good. Competitive rates and they don’t sell the servicing of your mortgage to other banks.
+1

https://www.thirdfederal.com/featured-rates#tab-3

15 year 3.39/3.53%


The also have the best HELOC rate in the nation on a consistent basis. Prime - 1.01%

Cheers
I have both! Interesting that my current rate is also 3.39% even though I refinanced to that rate 5-6 years ago or so.

Nowizard
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by Nowizard » Fri May 31, 2019 8:15 am

Check a variety of places. We have had multiple loans with a relatively small, regional lending bank based on excellent service and what we believe is a competitive rate. We recently purchased a home at a 15-year, fixed rate which was below rates quoted by Bloomberg at the time. We have excellent credit.

Tim

armyhokie88
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by armyhokie88 » Fri May 31, 2019 1:02 pm


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Nate79
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by Nate79 » Fri May 31, 2019 1:05 pm

armyhokie88 wrote:
Fri May 31, 2019 1:02 pm
https://www.navyfederal.org/loans-cards/mortgage/ , 3% for 15 year it appears
A little bit deceptive because it is actually 3.00% with 0.5% of points.
https://www.navyfederal.org/loans-cards ... tgages.php

wootwoot
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by wootwoot » Fri May 31, 2019 8:53 pm

Nate79 wrote:
Fri May 31, 2019 1:05 pm
armyhokie88 wrote:
Fri May 31, 2019 1:02 pm
https://www.navyfederal.org/loans-cards/mortgage/ , 3% for 15 year it appears
A little bit deceptive because it is actually 3.00% with 0.5% of points.
https://www.navyfederal.org/loans-cards ... tgages.php
Looks like a great rate! It has me considering a refi.

tenkuky
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by tenkuky » Fri May 31, 2019 9:11 pm

Silk McCue wrote:
Fri May 31, 2019 7:26 am
Kenkat wrote:
Fri May 31, 2019 7:22 am
If available in your area, Third Federal Savings is good. Competitive rates and they don’t sell the servicing of your mortgage to other banks.
+1

https://www.thirdfederal.com/featured-rates#tab-3

15 year 3.39/3.53%


The also have the best HELOC rate in the nation on a consistent basis. Prime - 1.01%

Cheers
+2
And I used their 10 year low-cost loan which is even better savings if you can wing the higher payments.
Good experience with service but terrible website.

aerosurfer
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by aerosurfer » Fri May 31, 2019 9:57 pm

I was very satisfied with AIMloan.com. Very easy to work with, transparent and delivered the best rate I could find at the time within 30 days.

mariezzz
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by mariezzz » Sat Jun 01, 2019 1:02 pm

aerosurfer wrote:
Fri May 31, 2019 9:57 pm
I was very satisfied with AIMloan.com. Very easy to work with, transparent and delivered the best rate I could find at the time within 30 days.
+1. Aimloan employees were very knowledgeable & able to explain things clearly, and responsive - far better than the credit union I had worked with on the initial purchase, and far better than the local bank I had initially considered for the refinance. Most 'loan officers' do not understand the loans all that well. They're just the salespeople.

Student2
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Re: Best Bank/Lender for 15 year fixed mortgage?

Post by Student2 » Sat Jun 01, 2019 3:57 pm

aerosurfer wrote: ↑Fri May 31, 2019 10:57 pm
I was very satisfied with AIMloan.com. Very easy to work with, transparent and delivered the best rate I could find at the time within 30 days.
+1. Aimloan employees were very knowledgeable & able to explain things clearly, and responsive - far better than the credit union I had worked with on the initial purchase, and far better than the local bank I had initially considered for the refinance. Most 'loan officers' do not understand the loans all that well. They're just the salespeople.
+2. AimLoan had the best rates, and I did a simultaneous comparison with BigBank#1, Rocket mortgage (online mortgage co), and my very local credit union. The process was the most transparent and the process was straightforward. Our loan servicing has been relatively straightforward (they pay our property taxes a little later than we would, but we're pretty conservative so we keep on top of this) and there has always been an easy answer whenever we've had questions.

Incidentally, you didn't ask, but I learned about AimLoan through the Mortgage Professor https://www.mtgprofessor.com/home.aspx. There's great information on this website, even if you've bought a home before, and if you work through the whole mortgage process on the website, at the end you'll get current rates that applies to your mortgage about current rates from upfront mortgage lenders . A key learning I gained was to ask for quotes for a fixed term, no-cost mortgage for comparison purposes. There are three things in play when you are buying a mortgage: points, interest rates, and origination fees. When you request quotes for a no-cost mortgage, you remove two of these variables and force lenders to quote you only on APY...which makes it easier for you to compare. After you review this and pick your lender on this basis, you can ask for the terms you want from the lender you pick. This approach is not guaranteed to get you the lowest cost mortgage, but it's the easiest way to compare costs. The website explains this better than I can.

Best of luck!

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