Lender comparison - Pls help me out

The decision on which of these lenders will be suitable for you will depend on your requirements and the loan offers they provide. For me the bank which will provide lower interest rate for the complete term of the loan will be with whom I will go.


McLarnon

You need to go through their websites and check the rates they have posted, like rate posted at wachovia for the 30 yr frm, is of 5.875% with 0.750% points & 0.750% origination fee, while the rates for wells fargo for the same 30 yr frm is given as 6.125% with 1 point as origination fee. Likewise you need to check the other lenders for their rates and then decide which loan term will suit you and which lender is providing you the better rate.

"And also please let me know if you have had any bad experiences or heard of any bad experiences, so that I don't fall in the same pit.
"

I know about wells fargo that they are accused of charging consumers interest of their mortgage more than 1 day prior to the deed being recorded in California which is an admitted violation of the California laws.

Hi Guest,

Welcome to our forums.

First of all start shopping with a number of lenders. Note down the lender's services, down payment required, rate lock options, rates and fees, monthly payments on all preferable loan programs that may be offered to you.

Sort out at least 5 lenders on the basis of low rate offered on the preferable programs. From these 5 lenders, select the one with the lowest monthly payment.

While you select lenders, keep in mind the service background of the lenders, and whether they have valid license. You can also collect testimonials from the lenders.

You may also ask your friends and relatives if they have ever dealt with the companies you will be approaching. It may help you select a company with good services.

Good luck!

Caron

Guest,

Everything is so nicely explained in the community mortgage booklet available at http://www.mortgagefit.com/bookshelf/buyers-handbook.html

I have gone through the booklet and it really helped.

Thanks to all for the responses.

I have gone through the lender websites and called a few and got the different loan types and rates.

But the dilemma is with the reliability and the service of the lenders. Even if a lender gives a low rate, if he is not reliable then there is no use.

As someone else told here I will go through the testimonies....

I want to know if anyone here has had a very good (or bad) experience with any of these lenders.

i had a friend of mine who had once completed an application to refinance with the citimortgage. he was asked for an application fee which was to be refunded once the loan was approved. he found out that there were collections on his credit reports and tried to dispute them.

meanwhile he requested citimortgage to cancel the application and also requested for a refund of the application fee charged from his credit card.

however, the company officials continued to tell him that the fee was non-refundable sine the application was already approved. but the company did not provide him with an official approval letter.

First_time,

That's going to be impossible to answer given the companies you are talking about. Wells Fargo probably has over 15,000 people who can provide loans across the country. Heck, it may be twice that. So by asking if anyone here has had a bad experience, it would be incredibly coincidental if you found that helpful.

If you were considering small local mortgage lenders or say, the wells fargo branch at 5th and main, etc. it would be more likely that any feedback you received would at least apply to you, in your area.

You mentioned all big, reputable banks. I know it can be overwhelming to figure out who to work with but certainly you feel more comfortable with brand names. So stick with those and interview a couple of loan officers from that list. Ask them tough questions like, how can i trust you?

Good luck in making your selection....

PS - I prefer Bank of America which wasn't on your list but then...I'm biased :)

I have worked on all the following Lenders so as far as my experience is concerned I would prefer the following :


JP Morgan chase
Citi Mortgage
Wells fargo
Wachovia

I will also prefer Bank Of America as Ken has mentioned in the earlier reply, since its not on your list BOA has some good Loan Programs with them.

You can also check following options :

Credit Suisse
Aegis
Greenpoint Mortgage

Aegis has recently launched some good brand new Loan Products and rates are also good as of now so can check before making your final decision.


Regards

Sagar

Dear first time home buyer,
It's been several months since you posted your request for advice and I don't know how far along you are. So let me start from the beginning. First little about myself. I have spent the past 30 years on the phone as a telemarketer. For the past 7 years I've been a lead developer in the mortgage business. I am working my way to becomming a loan officer.

So here we go. The first thing you do is get your credit report from annual credit report dot com. Get the toll free number and call. You get a more complete report through the mail. You order all three at once. You will get a dispute letter with the reports. Read all three reports thoroughly. Anything thats wrong dispute it. It takes about 30 days or less. If there were mistakes they will be corrected. You will get revised reports in the mail for free. This does not affect your credit score. Once your reports are reading correctly, now you buy all three scores from the web site annual credit "report dot com. Couple bucks a piece. Lenders go buy your middle score unless you have a low score like in the 400's. Than you have to use a niche company that will use your top score.

Everybody gets it wrong on pulling credit. If you pull a good web site it will say 14 days. In the past it has been X number of pulls in a 14 day period. You have two 14 day periods in a month. So you had either 0, 1, or two hits on your credit report. I have read where they elimenated the 14 day period. It doesn't matter. Rule of thumb was 30 days, it still is. You can have 50 credit pulls in 30 days it doesn't matter. It will not affect your score. But lets get realistic. Your not going to talk to 50 companies. You had it sorted down to 4. Don't worry about customer service. Once your loan is in place you won't talk to the company or your loan officer again unless the loan officer is your friend.
As far as programs go, everyone has fixed rates, adjustables and so forth. You want the best rate and you want to pay the least for it. If your credit score is 620 or higher you can make banks and mortgage brokers compete for your business. If your credit score is 619 or below you have to use a mortgage broker. That's ok, talk to 3 or 4 brokers.
Go to Google, type in questions to ask a mortgage broker. Get a good faith estimate. Look at line 808 it will be marked poc. (Paid outside of closing costs). They don't really want you to be aware of this. Tell the loan officer you want the par rate. Brokers get a rebate from the lender. They get paid to sell you a higher rate. The par rate should pay him under a thousand. It represents about 45% of their profit. There is nothing wrong with making money, but there is also nothing wrong with you deciding what you want to pay. Tell him you would rather pay a fee upfront. If you ask a bank what this amount is for them they can't tell you, the loan officer doesn't know. Look at all the fees apr, line 808 and so on. Find a loan officer your comfortable with, drill him and then do business with him. Don't go by company name. Don't worry about customer service. When you sign at the closing table make sure the numbers are exactly what you were told they would be or walk away.
If you are at 620 or higher with your score. Your comforming. Rates can change three time in a day. If you are comparing different companies make sure quots are from same day and time. If any one wants to charge you a fee to even work on the loan walk away. And don't pay someone to fix your credit report, you can do it for free. Remenber 30 window to pull credit. Loan officers like to scare you on that one. They don't want the competiton. Hope this helps. One more thing, I almost forget. If your thinking about bankrupcy. There's a third one no one know's about. It's called the Wage Earner Plan. It combines chapter 7 and chapter 13 it's been on the books since 1935 hmmmm. Ask your lawyer. It's considered a chapter 13 but as I said it combines both. From what I read this does not appear on your credit report again consult your lawyer. ISIN'T INFORMATION GREAT. Hmmmmmmmmmmmm.
See Ya. Good luck.
"mark7295@yahoo.com"

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Sorry my e-mail was incorrect.

"markgb7295@yahoo.com"

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Hi Mark,

Welcome to our community.

Thanks for your wonderful advice to first time buyers. Yes, truly one should be aware of the basics that involves buying a home with a mortgage.

To avail a competitive rate on a mortgage, a good score does help a lot. And it can really make lenders or loan companies compete with each other and in the end, the borrowers benefit from it. This is because it makes way for them to avail special benefits on their loans. But even if one does not have a very good score, getting a home loan isn't difficult. What's important is that the buyer should be aware of the loan options that fit into his situation - whether he's into low credit or if he has filed bankruptcy some time ago.

I agree with you Mark when you say that one should compare loans in the proper way because the factors which he uses to compare the loans may vary from time to time. Finally, it's another good piece of advice from your end - Never pay anyone to repair someone's credit. There's in fact no need to do so if one can rebuild and improve credit at his own efforts.

Great advice Mark

Hope you enjoy visiting our forums.

Regards,

Jessica.

Very good detailed analysis Mark. It is like summary of the total loan process.

Niicss

HI
I feel this is a good Finance company which u can try out

http://www.bestpickhomeloans.com