Forum Thread

first time home buyer

64 14 January 1, 2020 at 05:50 PM
Deal
Score
0
733 Views

Thread Details

0 Deal Score
733 Views
Hi my wife and I looking into buying a home together we have 20% down for what we like to spend. but where not sure who to go to for a lender. we both have chase bank and thinking we can start there? who would you guys recommend?

16 Comments

1 2

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2007
Free hugs!
13,269 Posts
806 Reputation
Global Mod
#2
Quote from bxraze
:
Hi my wife and I looking into buying a home together we have 20% down for what we like to spend. but where not sure who to go to for a lender. we both have chase bank and thinking we can start there? who would you guys recommend?

Most recommendations won't help. A broker or lender has to be licenced in your state. I got a pre-approval from USAA for my last home, ended up being financially forced into another lender (forced because it saved me money). My refinance was through a friend, but unless you live in one of three or four states, I can't recommend him.
Reply Helpful Comment? 1 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2012
L6: Expert
1,184 Posts
901 Reputation
#3
My recommendation would be to definitely go through a broker...they will beat out the majority of any major bank out there. Broker of credit unions will have the best deals the majority of the time. Best thing about a broker is they do the searching for you.
Reply Helpful Comment? 1 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2005
Let Sleeping Dogs Lie
6,827 Posts
2,607 Reputation
#4
See who your realtor recommends your credit score will also have some influence.
Reply Helpful Comment? 1 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2006
disgruntled caveman
33,182 Posts
2,028 Reputation
#5
Quote from bxraze
:
Hi my wife and I looking into buying a home together we have 20% down for what we like to spend. but where not sure who to go to for a lender. we both have chase bank and thinking we can start there? who would you guys recommend?
put in the legwork. Call brokers and lenders. The difference in rates and points can be quite significant. Putting in some effort now will save you thousands.

Also, congrats and good luck!
Reply Helpful Comment? 1 0
I heart slickdeals:

$12: 10 (good!) DVDs
$138: Zen X-Fi 32 gb
$4: ToyStory 1&2 BR/DVD + 2x TS3 movie tix
$45: 8 bags M&Ms+ 4Orville 6packs + 2 Redbox +3 blurays+ 2 DVDs+ 4 movie tix+ 1 Bisquick
$262: 50" LED TV
$281.99: mower+ 3 barstool+ 2 tailgate grill+ 6fertilizer+sawzall+4pillows+edger+swimsuit+2WiiU AfterglowPro +2sandals + sprinkler + 50' hose -- SYWR
One happy wife!
Running video game deal list: $155 bought me
3DS: DKCR, ALBW, PkmnY, MarioGolf, Starfox, FE:A
WiiU: NinLand, BatmanAC, AC4, W101, NG:RE, MK8, Pikmin 3, NSLU, 3DWorld, ZombiU
This comment has been rated as unhelpful by Slickdeals users
Joined Sep 2015
L2: Beginner
64 Posts
14 Reputation
Original Poster
#6
Quote from bonkman
:
put in the legwork. Call brokers and lenders. The difference in rates and points can be quite significant. Putting in some effort now will save you thousands.

Also, congrats and good luck!
Thank you
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2007
Free hugs!
13,269 Posts
806 Reputation
Global Mod
#7
Quote from bxraze
:
Thank you
To add to bonkman, don't worry about the credit hit running multiple checks. If you have things in a row and 6 brokers run you in a week, it doesn't hurt.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2019
L2: Beginner
46 Posts
18 Reputation
#8
most places sell off your loan to wall st
I would look for 15 or 30 fixed loan with lowest interest rates it looks like house prices are dropping.how secure are your jobs in next recession.before applying for loan pay off all debt and credit cards
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2017
L3: Novice
128 Posts
18 Reputation
#9
Me and two of my co workers used better.com online only broker so you saved i a lot on fees and a great rate. If you have 20% and great credit the balls in your court. Better.com then sends out someone to your home or anyplace to meet up and finalize the mortgage.
Reply Helpful Comment? 1 0
This comment has been rated as unhelpful by Slickdeals users
Joined Oct 2009
If It's Free, It's for Me
2,534 Posts
691 Reputation
Pro
#10
Quote from justthebieber
:
most places sell off your loan to wall st
I would look for 15 or 30 fixed loan with lowest interest rates it looks like house prices are dropping.how secure are your jobs in next recession.before applying for loan pay off all debt and credit cards
Amen, and make sure the home's Principal, Interest, Taxes, & Insurance are no more than 25-30% of your income.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2014
L1: Learner
14 Posts
10 Reputation
#11
Cut the middleman, the leaches, the real estate croocks (who steal 6% of a house sale value, for doing NADA, zilch, zero)!
Reply Helpful Comment? 1 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2005
Let Sleeping Dogs Lie
6,827 Posts
2,607 Reputation
#12
If you are good with tracking your funds pay your own taxes and insurance.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2008
Life = YMMV
1,843 Posts
1,172 Reputation
#13
If you haven't already - be sure to double check your credit reports to make sure they don't have any red flags. You can get each of them free once a year. Do not pay for them.

I signed up at creditkarma.com so that I can monitor my score for free. Granted it's not the same scoring system that the banks use, but it helps give me a general idea.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Sep 2015
L2: Beginner
64 Posts
14 Reputation
Original Poster
#14
Quote from teenbean
:
If you haven't already - be sure to double check your credit reports to make sure they don't have any red flags. You can get each of them free once a year. Do not pay for them.

I signed up at creditkarma.com so that I can monitor my score for free. Granted it's not the same scoring system that the banks use, but it helps give me a general idea.
Yea credit is good nothing open without me knowing lol
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2005
L10: Grand Master
30,240 Posts
3,904 Reputation
#15
Quote from justthebieber
:
most places sell off your loan to wall st
I would look for 15 or 30 fixed loan with lowest interest rates it looks like house prices are dropping.how secure are your jobs in next recession.before applying for loan pay off all debt and credit cards
The above is true but the terms (rate, term, etc) won't change. In each of our mortgages they've probably changed hands 3-4 times each in less than 5-7 years or so. Even to banks I've never heard of or don't even have a presence in our neck of the country. Heck, when we refinanced 3 years ago, the note was with 3 different banks in the first 4 months!

That said, the terms won't change but obviously things like customer service, etc will. You'll never have control over that. I wonder if credit unions are a bit more "loyal"?
Reply Helpful Comment? 0 0
Page 1 of 2
1 2
Join the Conversation
Add a Comment
 
Link Copied to Clipboard