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I have been shopping around a lot. An although USAA does have a higher rate. 6.75 no points no origination. It is really hard to beat their deals. Especially with a $45 a month pmi.
Has anybody financed with them? Or decided not to go with them and go a different direction?
I had a client of mine that decided to try them.... one problem is that they seem to outsoruce their mortgages. So you speak to one of their agents and get "sold" on the program... but they broker it out to someone else to actually do the loan.
Once they get there, the numbers and level of service seemed to change a lot. Their APR was only ~.1% lower than mine as well, so when it came down to it the client decided the headache of getting passed from sales person to processor to loan officer to closer and the inability to get direct answers to her questions was not worth .1% over 30 years.
Its a personal opinion. Many purchases are a tradeoff of quality/service versus price. Cheaper works in some situations, but when it comes to one of the largest financial transactions in your life cheaper might not be the best basis for a decision.
Wow--We have a mortgage app pending at a retail Wachovia branch in SC...but I haven't heard anything about this. Do I need to be looking for a new lender???
if you already have an app in, they will still honor it.
I had a client of mine that decided to try them.... one problem is that they seem to outsoruce their mortgages. So you speak to one of their agents and get "sold" on the program... but they broker it out to someone else to actually do the loan.
Once they get there, the numbers and level of service seemed to change a lot. Their APR was only ~.1% lower than mine as well, so when it came down to it the client decided the headache of getting passed from sales person to processor to loan officer to closer and the inability to get direct answers to her questions was not worth .1% over 30 years.
Its a personal opinion. Many purchases are a tradeoff of quality/service versus price. Cheaper works in some situations, but when it comes to one of the largest financial transactions in your life cheaper might not be the best basis for a decision.
while i have obtained better financing other places, USAA has always been amazing with all my insurance rates and banking.
USAA is limited to those who are:
- Military retirees who served honorably, regardless of when they retired
- Military personnel honorably discharged on or after Jan. 1, 1996
- Widows and widowers of military members killed in action while eligible
- Active-duty service members, National Guard, Selected Reserve, and officer candidates
After they join, spouses and children of the above may also be eligible to enjoy the benefits of membership.
Most all loans are going to be sold off in the first 3-6 months anyway. Very few lenders hold their own paper. It doesnt matter who you originate through it will likely end up with either HSBC, Countrywide, or Chase.
Dito on the above statement...
I talked with Wachovia yesterday, found they're not doing 2nd mortgages any more.
If you have any issues, it's best to deal with a broker because they can shop around for you.
If you have great credit, good income, etc, it's best to deal directly with a bank.
Get a copy of your own credit report and black out your SS#, so you can fax it (or email), so they don't run your credit. Too many credit inquiries will drop your credit score.
If you really want to be cheeky, order and pay for your own appraisal with the understanding you can change the bank name. That way if anything changes at the closing table, you can walk without having to pay for another appraisal.
while i have obtained better financing other places, USAA has always been amazing with all my insurance rates and banking.
Good point... I heard their insurance rates and service are outstanding. The problem is people expect the same of the mortgage side, and I hear it is not the case. Their "mortgage division" seems to consist of them generating leads and then passing them along to another company to do the actual work.
Some small credit unions do the same with mortgages (I was part of a "credit union resource" center a few years ago that did the loans that they sent to us) and with auto loans. Credit unions are usually a great advatange, but when they outsource their business its pretty much the same as calling a broker on your own.
I talked with Wachovia yesterday, found they're not doing 2nd mortgages any more.
Neither are most other banks. There are few sources for 2nd mortgages or HELOCs these days. If you know a good HELOC lender I can refer clients to let me know. Even though they are "low revenue" loans I would do them for free for good clients or business partners, but these days its hard to find a good lender for them.
Quote:
Originally Posted by Modification Specialist
If you have any issues, it's best to deal with a broker because they can shop around for you.
If you have great credit, good income, etc, it's best to deal directly with a bank.
That was always the old saying, but its not always true. I have beaten banks on high quality clients several times, both on price and service. Generally though... the more issues you have the higher the benefit it is to have a good broker.
Quote:
Originally Posted by Modification Specialist
Get a copy of your own credit report and black out your SS#, so you can fax it (or email), so they don't run your credit. Too many credit inquiries will drop your credit score.
Technically, multiple mortgage inquiries within a 30 day period should only count as one inquiry. So shopping around should not hurt your credit, but that is on the new FICO. So I always suggest clients do this and send me a copy of their report if they have one for a preliminary analysis. To get a pre-approval we do need our own credit, but I can do an analysis contingent on getting the same score/history.
Quote:
Originally Posted by Modification Specialist
If you really want to be cheeky, order and pay for your own appraisal with the understanding you can change the bank name. That way if anything changes at the closing table, you can walk without having to pay for another appraisal.
This might not work... a lender could reject a consumer ordered appraisal because there is the potential for fraud. Everyone says the banks committed appraisal fraud and asked for inflated values to close loans, but just as often borrowers pushed for higher appraisals so they could cash out more money and buy a new Plasma TV or take a vacation. You can order your own appraisal if you want to be safe, but the lender might require you pay for another one with a source they trust.
Good point... I heard their insurance rates and service are outstanding. The problem is people expect the same of the mortgage side, and I hear it is not the case. Their "mortgage division" seems to consist of them generating leads and then passing them along to another company to do the actual work.
Some small credit unions do the same with mortgages (I was part of a "credit union resource" center a few years ago that did the loans that they sent to us) and with auto loans. Credit unions are usually a great advatange, but when they outsource their business its pretty much the same as calling a broker on your own.
my father refinanced with USAA several years ago at a rate of 4.5% with a 5 year arm. not bad and he didnt complain and he has LOT of experience with financing and leverage. i was just too busy at the time to help him.
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