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Thread: Mortgages and lenders

  1. #1
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    Mortgages and lenders

    My wife and I are looking to buy a house and I've been doing some research into mortgage rates in the Cincy area, but figured since people here tend to respond quite well to random questions, I thought I'd see opinions here...

    Does anyone have a lender they'd recommend? Ones they would not recommend? Happen to know someone who's got great rates and/or first-time homebuyer programs?

    We're most likely a 30-yr Fixed FHA, $120-150 K home range, minimum down if that helps...

    I know someone at Bank of America, also looking at Huntington and US Bank so far...

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  3. #2
    post hype sleeper cincinnati chili's Avatar
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    Re: Mortgages and lenders

    Quote Originally Posted by freestyle55 View Post
    My wife and I are looking to buy a house and I've been doing some research into mortgage rates in the Cincy area, but figured since people here tend to respond quite well to random questions, I thought I'd see opinions here...

    Does anyone have a lender they'd recommend? Ones they would not recommend? Happen to know someone who's got great rates and/or first-time homebuyer programs?

    We're most likely a 30-yr Fixed FHA, $120-150 K home range, minimum down if that helps...

    I know someone at Bank of America, also looking at Huntington and US Bank so far...
    My advice is to shop around and just get the best rate, especially if your credit is good. All of these banks might just sell your loan to a different servicer anyway. That happened with us. I imagine that at least one person on Redszone is a mortgage broker, who will be pm'ing you shortly.
    How, then, are those people of the future—who are taking steroids every day—going to look back on baseball players who used steroids? They're going to look back on them as pioneers. They're going to look back at it and say "So what?" - Bill James, Cooperstown and the 'Roids

  4. #3
    THAT'S A FACT JACK!! GAC's Avatar
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    Re: Mortgages and lenders

    We are currently with our credit union (15 yr, 5.35%, and pay weekly); but several years ago we used Lending Tree where you are given a list of numerous lenders to consider and consult with depending on your needs and qualifications.

    http://www.lendingtree.com/stm3/offe...-8109&adtype=1
    "panic" only comes from having real expectations

  5. #4
    KungFu Fighter AtomicDumpling's Avatar
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    Re: Mortgages and lenders

    We recently refinanced. I called a bunch of banks to get their rates and Somerville Bank won. We ended up at 4.625% with no points for a 15 year loan.

    Most of the other banks and credit unions were around 5.5% or higher, often with points and other fees added in too.

    It pays to call around.

    Call around!

  6. #5
    Member cumberlandreds's Avatar
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    Re: Mortgages and lenders

    Get the lowest rate you can get from anyone you find that is reputable. It will most likely get sold to bigger bank like Bank of America. That's what happened with ours. The bank that gave us the loan,we never paid months mortgage to them. It was sold right away to a bank in New York and about a year after that BOA bought it andwehad it with them since,12 years.
    Reds Fan Since 1971

  7. #6
    Smells Like Teen Spirit jmcclain19's Avatar
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    Re: Mortgages and lenders

    Agree with what everyone here has already stated. We bought with a 30yr FHA Fixed and shopped around to find a great deal and it was sold (at the closing table mind you) to GMAC.

    Make sure you use the banks against one another too. Get a concrete offer and ask others - Bank X is giving me 5.85% - what can you offer? The worst case is they'll pass.

  8. #7
    THAT'S A FACT JACK!! GAC's Avatar
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    Re: Mortgages and lenders

    Quote Originally Posted by jmcclain19 View Post
    Agree with what everyone here has already stated. We bought with a 30yr FHA Fixed and shopped around to find a great deal and it was sold (at the closing table mind you) to GMAC.
    One of our previous mortgages was also sold to GMAC. We were with them for about 6 years and had no problems whatsoever.
    "panic" only comes from having real expectations

  9. #8
    Member 15fan's Avatar
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    Re: Mortgages and lenders

    Been working on a refi for...8 months now. Sterling credit, always pay bills, etc.

    The latest roadblock is that one of the big credit companies goofed and assigned a legal judgment against someone else to my credit report.

    So my advice is to pull your credit reports (from each of the big 3: Equifax, Transunion and Experian) and go over each of them with a fine comb before you start down the mortgage road. I can tell you from experience that if there's an error on your report, it's a bear to get fixed.

    Edit: I'd also add this - if you don't have a friend or relative at a bank who's going to take care of you on a mortgage, get a referral for a mortgage broker. They know the industry, quirks, etc. Let them size up your situation and present you with options, rather than having to deal with all of the customer no-service at the banks.
    Last edited by 15fan; 08-16-2009 at 10:47 AM.


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