Good lenders??

dabster · 07-11-2007, 05:56 PM

I'm looking to refi but keep going back and forth. I bought the house a year ago so rates haven't changed significantly - it's an ARM. I'd like to get into a fixed rate if possible, but it's become a little harder with the tightening of the requirements based on all the bad loans made over the last few years.

Any suggestions? I've got a broker working on it - the same one I used to get the loan. My other thought is letting it ride for a few years and see how it goes. I've read a number of reports that forecast the rates staying the same for sometime to come based on the declining housing market, etc.

Hedwig · 07-11-2007, 07:00 PM

If you can get a decent rate with low or no points I'd go to the fixed.

I had a mortgage with Principal and they were pretty good, but I don't know if they still exist or not. When I refinanced I went through a broker, the loan was almost immediately sold to WaMu. I'm not impressed, but they're at least OK.

Have you contacted your present mortgage company? Many times they will refi and not charge all the closing costs because they already hold the mortgage. I've had a mortgage refied with the same company and only paid for the credit report and apprasial. They didn't require things like the title search because it was done before they got the loan the first time.

dabster · 07-13-2007, 01:14 AM

Quote:

Originally Posted by Hedwig

If you can get a decent rate with low or no points I'd go to the fixed.

I had a mortgage with Principal and they were pretty good, but I don't know if they still exist or not. When I refinanced I went through a broker, the loan was almost immediately sold to WaMu. I'm not impressed, but they're at least OK.

Have you contacted your present mortgage company? Many times they will refi and not charge all the closing costs because they already hold the mortgage. I've had a mortgage refied with the same company and only paid for the credit report and apprasial. They didn't require things like the title search because it was done before they got the loan the first time.

A good idea. Maybe I'll contact them. We've had perfect payment history so I'm not worried about that aspect...

Thanks!

Hedwig · 07-13-2007, 02:30 AM

I couldn't remember the company that had the mortgage on my other house. It was Regions Mortgage, but they may only write in the south, I'm not sure.

neil5623 · 07-13-2007, 10:20 AM

Avoid HomEq Servicing COMPLETELY!!!! AT ANY COST. They are easy to work with at first if you have to make an agreement for a situation, but if that agreement has an "uh-oh" they don't hesitate at beginning foreclosure.

lhslancers · 08-07-2007, 11:16 PM

I'm gonna sound like a paid commercial for the credit unions but if you can get in with one it might be worth your while to check them out. Navy Federal and Penfed are two of the best. There are others as well.

Hedwig · 08-07-2007, 11:53 PM

That's true, but credit unions have more restrictions on mortgages. Although I've gotten good deals on car loans, credit cards, and personal loans at CUs, I have never found their mortgage terms to be better than what I can get elsewhere.

belle103 · 09-15-2007, 06:28 AM

there are a good number lenders whereabouts....they cannot all be bad.

AntiPlastic · 11-06-2007, 01:00 PM

I know the original poster has prob solved their problem by now, but I am still looking for a good lender, so a big BUMP for this thread, hoping for some other user input

Loan Doctor · 11-29-2007, 09:53 AM

Do you have any credit problems that would prevent you from getting an FHA loan?

Charles

no1healey · 12-25-2007, 04:38 PM

There are so many things to concider...Is you mortgage a long term or short ?
My experience with mortgage brokers has been very good,however its like a deal for an auto,you are paying everybodys wages in the deal..The brokers I have dealt with made the loan process quite painless, and then the loan was sold to another ...And thats a concern.What reputation does the new loan company have and how are they to work with? The most important question I find is what kind of customer service (or non cust serv) is availible to you...Some of these loans end up in a mega cororations
that have different zip codes with in the same city...Try resolving glitches with that!(taxes -insurance,mis placed payments,loss of mail-turn around time on a notice etc)
our mort co kicked a chk out just because of a diffeernt acct no. weeks.....
A local source can resolve issues that arrise much less painless and they are aware
of local trends that effect you and them. So its a question you must find fits your situation the best.

Loan Doctor · 12-26-2007, 11:14 AM

I think that your comment/question relates to servicing companies, the companies that you send your payment to.

There is virtually no way to control who the ultimate servicing company is going to be for a loan. Most of the time the Loan Officer or Mortgage Broker can pick who the investor will be-and they can pick one that typically keeps the servicing portion of the loan. (The loan itself may have been sold in a bundle to the market place, but the servicing can be so profitable that the investor will continue to provide that function.)

But the Mortgage person can not promise that the loan servicing company will always remain the same.

Charles

Hedwig · 12-26-2007, 07:19 PM

I've had loans with servicing companies (or the mortgage holder servicing the loan) all over the country and never had a problem. I set up automatic drafts of my checking account for the payment. Payment includes escrow for taxes and insurance, which the mortgage company pays.

Loan Doctor · 12-26-2007, 08:33 PM

The vast majority of servicers are wonderful, the only ones that are unethical are those that take on the servicing of Sub-prime loans. Those companies intentionally "mis place" the incoming checks or somehow don't credit the account until after the 16th of the month, get the figures wrong for the escrow accounts etc. The fee's that they generate from such errors are very large when added up for all the loans they are involved with.

I think that those companies will go by the wayside in the next few years, as most loans done these days are conforming or Government. The servicing for those loans typically are done by large, ethical organizations.

Charles

roybean · 12-27-2007, 12:27 AM

Credit unions have never done anything for me, although I am a member of one or two.