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Thread: Selecting a lender for a mortgage

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  1. #1 Default Selecting a lender for a mortgage 
    There are threads about taking out loans for cars, but what about houses? How should one select a lender?

    Are there any banks/credit unions that I should look into that are known for good rates?
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  2. #2 Default  
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    Quote Originally Posted by cheu_f50 View Post
    There are threads about taking out loans for cars, but what about houses? How should one select a lender?

    Are there any banks/credit unions that I should look into that are known for good rates?

    I find that getting a good mortgage broker is your best bet as they represent multiple institutions, I've bought 4 houses at this point, and each one i checked my local CU which "supposedly" had the best rates. And my broker beat them everytime.


    I have heard really good things about East West Mortgage... Just havnt tried them myself. My parents refi-ed with them earlier this year and got a rate in 2%'s.
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  3. #3 Default  
    Quote Originally Posted by Chris! View Post
    My parents refi-ed with them earlier this year and got a rate in 2%'s.
    Damn. That's awesome.

    I also think broker is the most important factor in getting mortgage. When I was buying my place, I went with boa and was automatically assigned random person and he was an ultimate dickhead when I told him I was a student, he seemed very irritated and not helpful, kind like he assumed I would never get a loan. Then I tried harvard employees credit union from work and got assigned probably one of the slowest and laziest people on earth. Guy was barely comprehensive and I ended up writing two rant letters to his boss.

    I ended up with a broker who found a bank with best rate for me, he was like a negotiator between me and bank. He would tell bank I'm going to have enough downpayment, and in meantime he would give me advices what to pay off first, school loans or credit cards and such. I think it's not the bank but the person you deal with. Mine even though he got me what I wanted, I didn't find very appealing so I can't recommend him to you, but hopefully you'll find the right guy on here.
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  4. #4 Default  
    Banks and cu's are fairly limited in what they can offer. A good broker can find you different discounts and credits that banks can't offer, as well as a broader portfolio of products
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  5. #5 Default  
    Avoid Bank of America. I went with them for my mortgage, I was basically strong armed into it because the property was bank owned and had fallen through on 2 separate deals before hand so the bank who owned the property was only accepting offers made in cash or BOA per-approval. I got a great rate (2.94%, which is really good for a first time buyer I am told), but they have terrible internal process managers. My Closing got pushed out a month because my mortgage underwriter took a vacation, did not finish my paperwork before leaving, did not hand it off, so after my weeks of complaining, it got sent to another underwriter, who completed it, but the manager of that division wanted to personally review it for some reason, which took a whole extra week. It was basically a huge mess, and I was honestly less than 30 minutes away from being homeless as my apartment had been rented (as I did not expect it to take 7 weeks extra from my scheduled date of closing) and I had to be out on Friday at midnight, and they held my paperwork until that Friday at 4:30 (it had to be at the city register office by 5 so I could get my keys).

    Moral of the story, don't use Bank of America.
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