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I know it is out there and I found it - thought I bookmarked it
A site compating mortgage rates in my area .......... all I can find is online lenders and I would like to compare bank rates not sure I am ready to make the leap to online mortgage companies.
Where can I find rates from local banks and credit uniions in a given area?
Is there a reason you don't want to work with an online lender? I've done both and found that things pretty much work the same between each but the online lenders have some lower fees and typically slightly better rates.
Usually you can go to your local credit union web page and see the mortgage rates on the site.
Overall mortgages are all based on the MBS bond and will vary depending on the crappy bank fees and your credit rating.
I did find this in a site and it laid out everything I was just hoping to find it again. I know they are there [thought I had bookmarked the site]
This is for my father and getting him through the concept of prequalification was enough of a challenge. [he is now prequalified with a bank but I think we can do better] I think we need to go sit down in an office and work with a lender that way.
I have done that but it does not give Wachovia and others. The only actual bank it lists is BOA. Actually Wachovia, despite its problems, has one of the better rates.
And how do you know which mortgage companies are any good - I think fear would be the biggest factor of changing - yes the rates are a bit lower.
Out of my 5+ loans, I have never had a loan that wasn't sold off in the first 3 months and then sold again later on. So I really only care about who I am working with the get the loan. Make sure you review the good faith estimates from the companies to find the hidden fees.
Do you know how many problems and complaints bankrate has about its "rate comparisons"? Many lenders PAY to advertise their rates on that site, so its a little less than impartial.
Anytime a lender is paying to post and ad, and they know the only factor in a consumers mind will be rate... what will that do to quoted rates? What benefit does it do me as a lender to pay money to a service and then quote rates that are higher (but honest) than others?
So of course every lender wants to go on there and quote .1% lower than the next guy... get those applications in the door. Of course later on that rate might change or the fees might go up, but by that point they hope you are committed to the process. Not all lenders do this of course, some are honest and upfront and there will always be some consumers that get lucky and get all or more than promised.
However, just remember what it is... an advertisement. The purpose of the site is to sell you a loan so that the lenders keep paying money to bankrate. It is the same for many online sites that promise rate comparisons. Its a good place to get a "feel" for rates and costs but never treat it as 100% accurate.
The best option is to ask friends, family and co-workers for lender recommendations. Do not just ask a Realtor (even though many refer clients to me, its not the best choice for unbiased recomendations) if at all possible, although that is often a decent source if they are an honest professional. Ask people you know who they worked with and how they were treated. Then interview the loan officer as you would any other business professional. Do not just ask "what rate can you get me". Ask them how much experience, education, licensing and training they have. A .125% lower rate isnt going to do much good if the guy you are speaking to went from selling used cars to selling mortgages last week and has no clue what an ARM is. It is more important to be sure you are working with an honest professional that will give you good advice rather than just spit out rates and fees.
This doesn't mean that you shouldn't shop around, but compare apples-to-apples. That means finding 2-3 experienced loan officers and comparing their good faith estimates AND their truth-in-lending statements with the APR. After all, I can quote you a 5% fixed rate any day... but how many points will you need to pay and what will the APR be for it?
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.
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