Best place to get a mortgage these days?

[genjix]

Hello,

Where would you advise I look to obtain a mortgage? I know places constantly change so wanted to see updated recommendations

[AerialP]

There is no one-size-fits-all answer because there are so many dynamics to consider, and even with one particular property vs another.
But for me, I'd defer to a local credit union unless there is something obvious right off the bat for me to consider elsewhere. But that's just me.

[Golf maniac]

I agree there is no one place to go. Too many variables to say go here. I would start with the internet search and look for sites such as bankrate.com, quicken loans, etc. In my personal experience the internet gives you the best rates but checking out local credit unions and the bank where you have your checking / savings accounts makes sense also. Shop around, read reviews and watch the closing costs (they can vary dramatically). If you are buying a home you really want a mortgage company with a good reputation for closing on time and with no surprises.

[IndexFun]

I always suggest doing a price comparison from three to four separate banking verticals:

1. Local Credit Union
2. Big Bank
3. Regional Bank
4. Online Bank (Check out costcofinance.com if you are a Costco member for participating online banks w/ capped fees)

You should make sure you are comparing apples to apples across all 4 categories (term, downpayment, points, etc.).

Good luck!

[Wings5]

I agree with IndexFun.

We recently closed on a home. We got rates from each type of institution.

One word of warning about brokers recommended by the realtor. I also spoke with the mortgage broker that our realtor recommended. He was pretty pushy and inserted himself where he shouldn't (for example, calling the listing agent). He never would give me even rough numbers for rates. When I mentioned that our local credit union and a brick and mortar/online bank (National Bank of Kansas City) had 30 year fixed rates at 4%, he went on a tirade about how they aren't reputable and can't actually close deals for those rates. He told me I needed to talk with our realtor about why I needed to use a reputable lender like himself. He can close quick, the credit union or bank can't, etc.

We wound up switching realtors for other reasons, but his association was part of it.

We also wound up with that 30 year fixed loan at 4%. The closing costs were minimal, we closed in about 15-20 days, the loan department was phone available on weekends, the credit union is servicing the loan, and we can walk in anytime with questions.

We did shop around but overall we were very happy.

[softwaregeek]

For jumbo loans, the market is the wild west. If you have 200 to 250k assets to move, any megabank will give you major discount.

Get estimates and take to the next bank. Repeat as necessary. When nobody will beat the rate, you are getting a good deal.

Different banks are strong on different mortgages. Some are better fixed, some better ARM. But you won't know until you get enough quotes.

[Student2]

I found this site https://www.mtgprofessor.com/home.aspx very helpful. I learned a lot and, if you go all the way through the process, you will also get mortgage rates from "up front mortgage brokers" which are useful even if they are not who you choose to buy your mortgage from. I have purchased and refinanced exactly once, which is scant compared to many on this site, but I did a lot of research (including the link I provided, which I found on Bogleheads, of course) and ultimately went with Aimloan.com. My very local credit union couldn't beat their rates and didn't even offer a no-cost mortgage. They were the best of the four banks I queried (megaBank, online bank, credit union, and other medium-sized bank).

Best of luck in your search!

[mesaverde]

I am currently refinancing my home with Aimloan, as recommended by many on Bogleheads over the years. Their rates are perhaps the best that can be found AND the process has been very smooth. It's easy to get a quote on their website and you don't have to enter any personal contact info. just to get a quote.