getting pretty close to closing on the house and finally agreeing on a price. i was already approved through First Niagara and got a rate of 4% doing a conventional loan.
anyone have any insight on using someone else or perhaps a mortgage broker that would be more beneficial?
just wanted to explore my options on last time before i committed to something
thanks
Mike
Credit unions are a very good source as well. If you have an account with one, they usually will give you a discount. Buying down points is an alternative for getting a lower rate as well, but you will pay more up front. When I was shopping, I found them all to be very similar, unless you start to offer more money up front.
I am having this same issue right now. First Niagara is offering me 3.75(VA loan) but some online institutes with a healthy amount of good reviews are offering 3.25.
I thought I got a good deal at 4.75 %. Wow.
Also, be aware…when I bought my loan through the credit union, they sold it to another institute just a couple months after I closed. Sometimes they will tell you up front if/who they will sell it to, but they also might not. They say that it’s to free up the money to allow others to take advantage of the great savings they offer. lol It’s probably true, but they certainly aren’t doing it to assist anyone, but themselves.
If you go with a different bank will that push your closing date back?
It doesn’t really matter though, since the purchasing company is buying your contracted loan. They can’t alter the terms.
It matters I went with Bank of America because they’re my primary bank and their website doesn’t suck.
BoA sold my mortgage to M&T who has a bank and mortgage system from the 90s
@JayS I understand, just a heed of warning for some. For me, I liked my new bank better because their customer service and online banking is setup much better, than the smaller credit union. Very minor in the grand scheme of things, but I know someone who went with M&T because they loved their services and then they sold their loan instantly.
Give it time, it will end up with Wells Fargo eventually.
I went through my credit union. It seems your rate will depend on your credit and how much you are putting down as well.
I got in at 4.25% conventional 30 yr. If I did 15yr it would have been 3.25%. This was in early December. Your rate could change .25% between the day your offer is accepted and whatever the rate is at the time you actually close.
I’m bummed I didn’t get 3.25% but for me the monthly payment is easier especially in the near-future and I plan on paying it off early anyway.
I am with Wells Fargo.
NBT 12/5 i closed @3.875% 30yr conventional
Banks are impatient, interest is relatively low these days so they don’t want to sit there and collect your monthly nut for 30 years. They’d much rather generate the mortgage, collect all of the origination fees, then dump it to Fannie, Freddie, or another bank and get it off their books ASAP.
i just moved my current mortgage and added a second mortgage on a new buy. 2.59% on my existing home and 2.99% on the new one… 2.77% was on the table for the new one but the rest of the terms were shitty.
i’m also dealing with a potential third mortgage on a company acquisition and went through months of heart ache on the above mortgages. One thing i learned is that you need to find a mortgage broker who likes you and is willing to do a little bit of extra work. the secondary lending market (non-branch banks) always offer more attractive packages. The branch-banks are more conservative and really only want the cream of the crop mortgages… the exceptionally safe ones where they can charge a premium rate in exchange for branch / in-person service.
there was a solid 0.50% spread on the advertised rates at the bank vs. what the secondary market was offering. this is all in the last month too.
I just closed in November with a 3.375% 15 year fixed through Wells Fargo.
I am trying to get First Niagara to negotiate right now. They dont seem too interested.
I might end up trying Sebonic Financial. They are offering 3.25 on a 30yr and are giving a credit for appraisal and origination fee.
is no one in here a mortgage broker in NY???
forget bank rates.
i had a conversation with my commercial guy at BMO (one of the CDN big 5) and he straight up said that the big banks (primary lenders) only touch the easy stuff and are not competitive in rate to the secondary market. i’m never going back to the bank for a mortgage again… we’re all blowing big $$ every year with that crap
doesnt seem like im too far off with 4%. no way i am gonna pursue a 15 yr mortgage at this point anyway.
if you guys were getting wicked deals of 3.5% places then i would shop around obviously
I’m laughing my ass off because that’s the same thought I had…