Could you suggest tools or methods for effectively shopping around for mortgages? I’m based in NY and I’ve been contacting some major banks but I’m interested in finding better offers. Thanks for any advice!
I always recommend exploring a variety of lenders including major lenders, retail lenders, credit unions, and mortgage brokers.
Torin said:
I always recommend exploring a variety of lenders including major lenders, retail lenders, credit unions, and mortgage brokers.
I agree - it’s good to check with a range of lenders like big banks, local banks, credit unions, and retail lenders.
I am about to close and have been working with CrossCountry Mortgage near NYC, going from an offer to conditional acceptance in three weeks. My loan officer was incredibly helpful throughout my home buying process, which made a huge difference. Despite high rates generally, they made the process very clear and smooth.
It’s a good idea to contact mortgage brokers and independent banks. Big banks typically don’t offer special deals unless you’re a major client.
If you are working with a real estate agent, asking them for a mortgage broker referral could be beneficial. Also, consulting friends or coworkers who have had positive experiences with their mortgages could be helpful. Larger banks often do not offer the best rates and can have challenging processes. A referred local specialist might offer better rates and a smoother process, ensuring your transaction closes on time.
@Blane
Big banks typically offer the best rates for jumbo loans.
@Blane
Be wary of referrals from real estate agents as they might receive commissions, which could influence their recommendations. I found it better to steer clear of any service providers frequently used by realtors.
Look into local credit unions which might offer better rates compared to big banks. While searching can be time-consuming, securing a lower interest rate can significantly reduce your monthly payments and decrease the likelihood of needing to refinance later. Use online tools to find well-reviewed credit unions.
It’s wise to ask friends and colleagues for recommendations. For buying a home, opt for a local mortgage broker who understands local issues and whose reputation depends on their performance. For refinancing, you might prioritize cost over service since you already own the home and the stakes are different.
@Haru
Why do you think local lenders handle mortgage issues better, given that federal guidelines affect all?
Torin said:
@Haru
Why do you think local lenders handle mortgage issues better, given that federal guidelines affect all?
I prefer not to work with large-scale internet lenders or big banks for purchases as they may not be responsive enough to address problems. Being able to meet someone face-to-face to solve issues can make a significant difference.
@Haru
Do you think a local big bank would be more credible? There’s a perception that local lenders are more reliable, but in my experience, a lender’s competence is not necessarily related to their location.
This forum offers many useful tools for mortgage shopping. Recognizing that it’s not only about rates but also about finding a reliable service already sets you ahead.
I strongly advise against big banks as they often lack personalized service and can complicate your transaction. Partnering with a local provider can enhance your experience.