How to find best mortgage rate

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indexfunds
Posts: 52
Joined: Fri Dec 28, 2018 11:13 pm

How to find best mortgage rate

Post by indexfunds »

Hi everyone,

We plan on purchasing a home soon in the New England area and are looking for a mortgage lender. With so many options available, how did you decide where to apply? We are looking for a 15-year fixed jumbo loan. I have received competitive quotes in the past from Chase, PNC, Wells Fargo, and a mortgage company. Which is usually better? Mortgage broker, online mortgage company, local mortgage company, credit union, or bank?

Thanks
w5000
Posts: 119
Joined: Mon Feb 10, 2020 9:33 pm

Re: How to find best mortgage rate

Post by w5000 »

Not sure I have real concrete advice. Obviously a broker will do some "shopping" for you, so that's a time saver. But the last time I bought a house, I also checked with my local bank, and they had a much better rate. Oh, and isn't there a mega thread on bogleheads with mortgage / refinancing deals?
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JAZZISCOOL
Posts: 2101
Joined: Sat May 18, 2019 11:49 am
Location: Colorado - 5,700 ft.

Re: How to find best mortgage rate

Post by JAZZISCOOL »

I've used online lenders for the last 20 or so years. Better and LenderFi are 2 mentioned here fairly often.

Many threads here on the topic (search at the top).
goblue102
Posts: 15
Joined: Mon Nov 19, 2018 9:53 pm

Re: How to find best mortgage rate

Post by goblue102 »

It’s anecdotal, but I got the best rates on a conventional 30 yr from Bank of America last week. They beat the online regulars (Better, loan depot) and other banks by a fair bit. I shared that rate with a local lender where I’m shopping (Philadelphia area) and they improved their rate and got close enough that i locked with the local team. In part it was a desire to work with local people, and in part they convinced me that BoA has a poor track record of closing on time (which has been my experience in the past as well).

It doesn’t matter much for a refi, but we want to close our purchase on schedule. Overall it was a valuable bit of legwork to shop around. Good luck!
Topic Author
indexfunds
Posts: 52
Joined: Fri Dec 28, 2018 11:13 pm

Re: How to find best mortgage rate

Post by indexfunds »

Thank you all for the response. I looked at the latest posts from that thread and it is mostly refinancing. We are purchasing a home for the first time.
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The Man with the Axe
Posts: 61
Joined: Sat Dec 21, 2019 2:05 pm

Re: How to find best mortgage rate

Post by The Man with the Axe »

For a basic home purchase a credit union may have the best rates.
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