Posted on: 05th May, 2011 04:11 pm
My credit score is equifax 690, transunion 663, experian 630.
I am trying to buy a house in California. I have a lot of friends that are going through Wells Fargo. I dont know why they are doing it.
1. Does wells fargo have the best rates now?
2. Should I use a broker or should I go with a major bank?
3. What is the pros and cons to using a broker or a major bank?
4. Which would you recommend?
5. What kind of rates do you think I would qualify for?
I am trying to buy a house in California. I have a lot of friends that are going through Wells Fargo. I dont know why they are doing it.
1. Does wells fargo have the best rates now?
2. Should I use a broker or should I go with a major bank?
3. What is the pros and cons to using a broker or a major bank?
4. Which would you recommend?
5. What kind of rates do you think I would qualify for?
Hello Judy,
I am a direct lender based in La Palma, CA. To answer your questions:
1. Wells fargo has competitive rates. Most lenders can come within .5-.75 of anothers rate
2. Using a broker will get you access to more programs, if you have a difficult loan to obtain, using a lender or bank, will usually be cheaper, as the broker is a middleman
3. Pros and cons are just the costs, and working with a middleman. Pros for broker are access to infinate number of lenders and banks, cons, longer turn times, extra fees and costs (you pay broker fee and then the lender fee that the broker sends your loan to fund)
4. I would recommend what ever is cheaper in both the short term (closing costs) and the long term (APR or total cost to finance)
5. Rates are still really low. Depends on the type of loan you wish to obtain and how much you put down. Also your credit should be above 620 for conventional loans and 640 for FHA. FHA you only need 3.5% down. Rates are in the 4's for Single Family homes, with verifiable income and credit of 640+. I hope this helps. Thanks!
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I am a direct lender based in La Palma, CA. To answer your questions:
1. Wells fargo has competitive rates. Most lenders can come within .5-.75 of anothers rate
2. Using a broker will get you access to more programs, if you have a difficult loan to obtain, using a lender or bank, will usually be cheaper, as the broker is a middleman
3. Pros and cons are just the costs, and working with a middleman. Pros for broker are access to infinate number of lenders and banks, cons, longer turn times, extra fees and costs (you pay broker fee and then the lender fee that the broker sends your loan to fund)
4. I would recommend what ever is cheaper in both the short term (closing costs) and the long term (APR or total cost to finance)
5. Rates are still really low. Depends on the type of loan you wish to obtain and how much you put down. Also your credit should be above 620 for conventional loans and 640 for FHA. FHA you only need 3.5% down. Rates are in the 4's for Single Family homes, with verifiable income and credit of 640+. I hope this helps. Thanks!
[Promotional content deleted as per forum rules. Thanks.]
Welcome judy,
The rates will depend upon the real estate market. If you have the required credit score and income, the lender won't charge a higher interest rate. With the credit scores that you have, you'll be able to get a FHA loan.
As far as I know, using a broker will be a better option rather than directly going to the bank. As Chris says, the broker will offer you more options. It is difficult for me to let you know about rates. You should contact the lenders and they can assist you in this matter.
The rates will depend upon the real estate market. If you have the required credit score and income, the lender won't charge a higher interest rate. With the credit scores that you have, you'll be able to get a FHA loan.
As far as I know, using a broker will be a better option rather than directly going to the bank. As Chris says, the broker will offer you more options. It is difficult for me to let you know about rates. You should contact the lenders and they can assist you in this matter.
