keep in mind that there may be benefits to one lender or another if you have established relationships. For example, although bank A may give you better terms (rate, points, etc), if you have a relationship with bank B (checking/savings accounts, etc), they may give you breaks in the rate, or other benefits like accessing your mortgage account with the same login as your other accounts, ease of money transfers, etc etc
I am currently working with a specialist at Wells Fargo. The particular loan officer I am working with have been great thus far.
- Very Responsive
- Provides his personal cell for direct access
- Provides courtesy calls for items that he promises but needs more time
- Very patient when it comes to explaining options... I have been on the phone with this guy numerous times past 9PM for about an hour + (no complaints)
This is just my 2 cents.
As Dr. J've mentioned, all banks are different and can treat each customer differently dependent on your relationship.
Best to do is shop around.
Choose a few big banks (Chase, Wells, Citi) and select a few Local Banks (smaller neighborhood banks) to compare rates and fees.
Some banks may be able to waive fees or they charge slightly lower fees. (ex: appraisal, application, etc...)
In the worst case, you can always check with your Real estate broker and see if he/she have a recommendation. Usually they work in tandem.
Anyone have any specific lender that they recommend? Chase? Capital One?
Search my posts in the Finance section for my suggestions on shopping around. Everyone's mortgage situation is different: Where the home is located, credit scores, assets, job type, market conditions, etc. A specific lender might be great for one borrower, but not able to help someone else.
Plus letting all lender know you are shopping around helps you get their best offer up front, especially now that the mortgage market has really slowed up. Anyone would be happy to have your business right now, and if they don't act like it, move on to someone who is.
One lender I contacted does not require escrow. Does anyone suggest escrow or is it better to avoid it and just put money aside (earning interest) to pay for insurance and taxes?
You will probably find that not having the lender escrow for you means having a slightly higher rate, because you are a slightly higher risk, especially if you don't pay your taxes and the county forecloses on the home. In all reality, how much interest could you possible make in these times. Let them escrow and not worry about it.
Stay away from the fly-by-night lenders that you've never heard of. If you are really tempted by one, RESEARCH them before you go. They are the plague of the mortgage industry.
I refinanced last year with Chase (4.25%) and waived escrow. They waived the normal 1/4 point or so fee to do this due to my low loan to value ratio (I had about 35% equity). I highly reccommend waiving escrow if you can. In my case, the bank was collecting over $400 more per month than they needed. That's a lot of cabbage! All told, my payments are now over $1000 less than they were before the refi.
E finita la cuccagna
Liberals want you to think like them, Conservatives just want you to think!
I refinanced last year also with WF. While the specialist I worked with was great, their processing was abysmal. I hope they've improved since then, but it took 3-4 months past my original closing date before I finally was able to close on my loan. Fortunately, they honored the rate decrease that occurred in that time so it wasn't completely a bad thing.
Dont use the 800# on the back of coldwell banker realesteate agent cards. They only care to close as many deals as possible without answering any questions.
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