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Sam - start with the larger financial institutions
Posted by Victoria/FL of ? on 5/11/05 5:49pm Msg #37186
in your area. They will have competitive rates, plus you won't have to pay a brokerage fee (NEVER would I pay that - it's like throwing away money). A broker is only needed when you have questionable credit or need creative financing. Although most banks now have no-income verificatiion and or stated income.

I agree with the above poster, make sure you give them all exactly the same information so that you receive back comparable rates. One lender may quote their 15-day rate (the lowest) and another lender may quote their 60-day rate (which would of course be higher). If it takes 30 days to close the loan, the 15-day rate really doesn't do you much good.

I always speak with as many lenders as possible and go with the one that returns my calls promptly and seems to know what they're talking about. This may not always be the lowest rate, but I feel better knowing that I'm going to get taken care of, instead of having a loan officer that doesn't return my calls. Remember, on $100,000 a 1/4 percent rate increase is only around $15 per month on a 30 year loan.

Good luck! Given an excellent credit rating, you should be able to get under or close to 6% for a 30-year fixed. I saw a 15-year fixed last night for 5.375% - sweet!
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Messages in this Thread
 Comparing Loan Rates -  SamIam_CA on 5/11/05 12:40pm
 Re: Comparing Loan Rates - rlogan-ca on 5/11/05 12:48pm
 Re: Comparing Loan Rates - Kiso on 5/11/05 12:56pm
 Re: Comparing Loan Rates with other notaries -  SamIam_CA on 5/11/05 1:04pm
 Re: Comparing Loan Rates with other notaries - MaggieMae_CA on 5/11/05 1:13pm
 Re: Comparing Loan Rates with other notaries - jenlyn on 5/11/05 1:37pm
 Jenlyn is right - Melody on 5/11/05 4:45pm
 THANX Melody!! n/m - Sam I am on 5/11/05 7:17pm
 Re: Comparing Loan Rates - Mike/NJ on 5/11/05 1:22pm
 LENDING TREE - Don't go there! - Joan-OH on 5/11/05 2:14pm
 Re: dings on credit - Art_MD on 5/11/05 2:16pm
 Re: dings on credit - Joan-OH on 5/11/05 2:50pm
 Sam - start with the larger financial institutions - Victoria/FL on 5/11/05 5:49pm
 I would go with a broker - Melody on 5/11/05 6:42pm
 Re: I would go with a broker - Sam I am on 5/11/05 7:51pm
 Re: I would go with a broker - Victoria/FL on 5/11/05 8:29pm
 Re: Sam - start with the larger financial institutions - Sam I am on 5/11/05 7:21pm
 Re: Sam - start with the larger financial institutions - Victoria/FL on 5/11/05 8:31pm
 thanks for asking that, it's something I've been wondering - christi/socal on 5/12/05 2:00am
 Re: thanks for asking that, it's something I've been wondering - Eatha/PA on 5/12/05 9:11am



 
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