06-14-2007, 06:19 AM
Although John and John will likely know more, yaw got to shop around, everywhere and don't take anything said by any loan officer or broker for face value. Read all of the terms before you sign and don't let yourself get caught up into a dead-line nor complication 'just because' you are or believe the loan you are about to sign is all, either, they can offer or you can/could have shopped for.
Old advise from those guys who try to sell you their books about buying houses cheap is one single that's most helpful..
Try the smallest lending intuitions, banks credit unions.. usually these are the lenders who are the hungry-est. you can get the best rates and closing costs because they want your business. But not just that, you try to make friends at these smaller places. You'll get more personal service and once you are respected you can get the best deals they can offer, and be able to take their offers to competitors.
Brokers unlike bankers receive most of their pay from the points on the loan. Some can and will compete for your loan with the least amount of points and interest but you've got to keep your eyes on the contract much more than most banks.
Keep in mind, if the loan officer 'likes you' or your credit, good standing, etc. you can negotiate your loan to the max..
Oh yeah BTW, bank of America "trying" to get into the mortgage business?? Ha, should be called, 'Bank that owns America' Plus I most likely I wouldn't get a loan from them. They, whenever I've spoken to em have always had the worst of both lending and savings. For example; I am getting 4.8% interest on savings and checking in a small bank, whereas B.o.A. offers a whole, 0.75%.. However, when I shop, I check with everybody.. Always like them because they generally give me the numbers I know are easy to beat though, ha ha.
Edited by - Jeffhale on 06/14/2007 10:42:20
Old advise from those guys who try to sell you their books about buying houses cheap is one single that's most helpful..
Try the smallest lending intuitions, banks credit unions.. usually these are the lenders who are the hungry-est. you can get the best rates and closing costs because they want your business. But not just that, you try to make friends at these smaller places. You'll get more personal service and once you are respected you can get the best deals they can offer, and be able to take their offers to competitors.
Brokers unlike bankers receive most of their pay from the points on the loan. Some can and will compete for your loan with the least amount of points and interest but you've got to keep your eyes on the contract much more than most banks.
Keep in mind, if the loan officer 'likes you' or your credit, good standing, etc. you can negotiate your loan to the max..
Oh yeah BTW, bank of America "trying" to get into the mortgage business?? Ha, should be called, 'Bank that owns America' Plus I most likely I wouldn't get a loan from them. They, whenever I've spoken to em have always had the worst of both lending and savings. For example; I am getting 4.8% interest on savings and checking in a small bank, whereas B.o.A. offers a whole, 0.75%.. However, when I shop, I check with everybody.. Always like them because they generally give me the numbers I know are easy to beat though, ha ha.
Edited by - Jeffhale on 06/14/2007 10:42:20