Getting a mortgage loan.?
Written By: admin on November 12, 2009
5 Comments
I initially went to a mortgage broker for a preapproval. I had to sign all sorts of paperwork. Chose to go to the bank today and found out I could get a mortgage loan with a 4.8% rate with .625 points. Can I forget about the mortgage broker and stick with quote the bank gave me? or do I need to stick with the broker? Also, is that a excellent rate the bank gave me?
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Tags: all sorts, fixed rate private student loan consolidation, home equity loan lowest rate, mortgage broker, mortgage loan, paperwork, preapproval
You’re probably under no obligation to the mortgage broker, unless something you signed says otherwise. But, if you’ve paid them a fee, you probably won’t get a refund.
Why not call the mortgage broker and tell them, "Hey, my bank just offered me 4.8% with .625 points. I’m thinking about signing up with them. Can you do better?"
And maybe they can. If they do, you’ll save thousands. If not, you can go with the bank.
Don’t forget that a excellent mortgage broker checks many, many banks to find the best rate, not just one or two. That doesn’t mean you can’t get yourself a excellent deal, though.
Go with the bank. you do not owe that first person anything.
Which ever one you want. I went directly to the banks and looked online etc and then went with one. The bank will guide you through what you need to do, also call up a local lawyer and say you are buying a house and they wil also guide you on the process. Hope this helps.
check bankrate.com, ditech.com, gmac etc
I found i knew more than some brokers!
You do not owe the mortgage broker any loyalty. The rate is very excellent from the bank. The lender with the best rate is not always the best place to get your loan. Compare the Excellent Faith estimate side by side from both lenders before you make your final choice. You will be comparing apples to apples and can not only see who has the best rate but who also will charge fewer fees. Excellent Luck!
If that is a 30 year mortgage rate bank gave you is fantastic. Low interest and very small points. Investigate further with you bank if there is any hidden fees like origination fee. If not take bank offer and forget about broker.