Some cool huge property pictures:
The Huge Residence – master
Image by Maigh
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QM Cements the Sorry State of Mortgages for Years to Come
The Consumer Financial Protection Bureau's much anticipated final Qualified Mortgage rule confirms much of the "pre-game" hype from industry observers. It effectively locks the mortgage market into the current state of underwriting conditions for years …
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Question by Mike: What company is the best to get a mortgage for a first time home buyer?
I don’t like or trust bank but i looking to find out what are the best companies to get a mortgage for buying our first home.
Best answer:
Answer by BigD
Depending on your credit and downpayment situation, treat you’d probably want to look for a lender that offers FHA mortgages. FHA mortgages issed by lenders and insured by the Federal Housing Adminstration. You only need 3.5% down and lenders are more forgiving when it comes to FHA mortgages because they are federally backed.
Add your own answer in the comments!
Mike,
In today’s lending environment, the programs, rates, etc. are all relatively vanilla. Some of us do have the ability to get away with charging less due to commission structures, but for the most part, we’re all selling the same groceries.
More important than the lending institution itself, you need to find a loan officer who you want to work with. Your loan officer should spend time learning what is truly important to you and tailor a loan program to meet your needs. Whether it’s getting the absolute lowest rate, the lowest possible closing costs, or simply to help you determine what you can afford, the loan should meet your specific needs. Too many loan officers quote a good rate, then start spouting out “standard fees” and blah, blah, blah. You get a decent loan, but you could have gotten a better one.
That said, I’m a loan officer for a reputable bank with the ability to lend in all 50 states. If you’re interested in discussing your options, I’d be happy to speak with you. Advice is free.
Charles
What I always strongly recommend is that you sit down with a local lender who can walk you through what options are available to you. What it will come down to is who can offer you the best package, which is as important as the best interest rate. I know people that scour the internet, call all over town, looking for the minuscule difference on the interest rate, ignoring the others parts of the package, such as closing costs or pre-payment penalty.
Be sure to get estimates of what the loan is going to cost you, what interest rate you are going to be quoted, the terms of the loan then you can compare apples to apples and make your decision.
If your credit is good, I would try lendingtree.com, they do send you several different lending options to chose from. I have actually tried them once and felt good about every lender they sent me. I would think that lending tree weeds out any questionable lenders and just works with those that are above board. After they make a recommendation, you can then take over the research and find the lender you feel most comfortable with.