Home Mortgage

I am thinking of getting a mortgage on our house.

Any suggestion as to where I might find a good mortgage company ?

Thanks,
Frank.

PS, this:

http://www.msn.com/en-us/money/savingandinvesting/dont-panic…

Frank,

If you’re a Costco member, I’d start there - check the “Member Services” (or something similar) section of the Costco website. You may be able to request rates / fees even if you’re not a member. It might be worth it to explore a membership for the sole purpose of obtaining a mortgage. I think you’d recoup your membership fee with just the savings on mortgage fees alone.

If you’re not a Costco member, try bankrate.com to see rates in your area.

In keeping with history of Saul’s board, I’d check out BofI. They are a Costco preferred lender, but even if you’re not a member I’d recommend that you at least get a quote from them. If you go this route and ultimately finance through BofI, I would not be surprised at all if they immediately sell your loan to another servicing company. That was my experience when using BofI on a refinance.

Hope that gets you started.

Dave

1 Like

Costco limits the amount of fees their approved vendors can charge. When I got a mortgage 2 years ago, I got the best combination of rates and fees from them. You can compare their rates with sites like Lending Tree or Quicken loans and see how they compare. Good luck.

Rob

I used Lending Tree a couple of years ago. I was able to get a 2.75% 15 mortgage and pay zero fees. I was amazed that I paid no fees but in talking with friends apparently it is not uncommon.

Htownrich

Yes on my COST loan the lender rebated fees to me giving me actually a credit on fees. I wondered how they could do that and stay in business.

Rob

Thanks to all for your helpful posts. :slight_smile:

Frank

I wondered how they could do that and stay in business.

http://www.thetruthaboutmortgage.com/how-does-a-mortgage-bro…

"If a borrower chooses to avoid out-of-pocket expenses, the broker may boost the interest rate above the par rate to make money on the back-end via YSP so he or she can cover your closing costs and still make money.

Mortgage brokers have the ability to make several points on the back-end of a loan, earning thousands sometimes without the borrower’s knowledge.

They can also collect money on the front-end of a loan via out-of-pocket closing costs like loan origination fees and processing costs."

"If a borrower chooses to avoid out-of-pocket expenses, the broker may boost the interest rate above the par rate to make money on the back-end via YSP so he or she can cover your closing costs and still make money.

Mortgage brokers have the ability to make several points on the back-end of a loan, earning thousands sometimes without the borrower’s knowledge.

They can also collect money on the front-end of a loan via out-of-pocket closing costs like loan origination fees and processing costs."

As I said, I compared rates and mine were the same as other lenders’ offers. I paid no loan origination fees and processing costs were the lowest of those I got quotes from. If the mortgage broker was able to make money otherwise I am fine with that.

Rob