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03-04-2014 05:41 PM
I am aware that the rates are about the same but perhaps someone has recently closed on a home loan and had a good experience with low rates that you can recommend?
And yes, I did do a Google search and there are so many to choose from!! Wells Fargo, Chase, Quicken Loans, The Good Company, etc. etc. It has been exactly 13 years since my last home loan was taken out, so I cannot recall if we searched out the lowest rates, or what!!
So, if you have recently bought a new home and had a good experience, please share! I am about to buy a new home and will be needing the very best rate (and yes, I know there are lots of different rates offered) and will need someone easy to work with. Are online companies just as good as going to a Wells Fargo bank? Is it best to use a bank you already have an account with?
Thanks in advance for your reply!
03-04-2014 05:50 PM
Actually the rates are not the same. The type of mortgage, your credit score, and the length of time you want the mortgage for can vary. WF ran us though the wringer and we were putting half down and over 800 credit score for 15yr.
03-04-2014 05:52 PM
Wow, thanks for the warning about WF.
Yes, I know that there are lots of different rates as to 30 yr. fixed, 15 yr. fixed, VA, FHA, etc. The way I should have worded it is if say Wells Fargo has a 4.5% 30 yr. and maybe Quicken Loans has a 4.2% 30 yr. I think what I was trying to ask is if someone found a really low 30 yr. fixed rate.
Thanks for your reply, es. It will help me stay away from WF!
03-04-2014 05:55 PM
Ours wasn't a new purchase loan, but about a year and a half ago we refinanced with Quicken Loans. I have to say - I was skeptical and was very careful going in (my husband found them and he's very gullible), but they turned out to be excellent. I have absolutely no complaints.
I imagine it would work the same with a new home loan.
Wells Fargo is one that I just avoid on GPs because I never liked them as a bank.
03-04-2014 05:57 PM
On 3/4/2014 chickenbutt said:Ours wasn't a new purchase loan, but about a year and a half ago we refinanced with Quicken Loans. I have to say - I was skeptical and was very careful going in (my husband found them and he's very gullible), but they turned out to be excellent. I have absolutely no complaints.
I imagine it would work the same with a new home loan.
Wells Fargo is one that I just avoid on GPs because I never liked them as a bank.
Thanks for your reply, chickenbutt! I have often wondered about QL. I found an online company recommended by Zillow.com and they have answered a few questions for me and seem very legitimate. I am like you, I am usually skeptical about everything along these lines. Thanks again!!!
03-04-2014 06:04 PM
Glad to offer my POV. When he brought me in I did a little checking around because my husband will believe everything he's told. So I wanted more before I would agree to sign anything. We ended up getting a great interest rate, no points or any of that, and the service was impeccable. We ended up coming to an agreement over the phone. They had it indocument form, online, all along the way.
When it was time, they FedExed the paperwork here and sent a Notary, with whom we signed everything. She, in turn, FedExed everything to them and it was moving like wild fire. I liked that because I remember the old days when an escrow would take 2-3 months.
I cannot remember the timeline right now (because my memory doesn't work too well anymore), but I remember it was as quick as they said it would be. We were given a date for closing, in the beginning, and it was closed by then. I wish I could remember the exact amount of time but it was not more than a couple of weeks for everything - including an inspection (which ended up being done by a guy who graduated from the same high school as I, over 40 years ago - really weird!), all the paperwork, and everything.
But I liked that any time there were any documents from ANYBODY, they were made available to me right away. Sorry this got long - I could talk all day.
Also, I pay the mortgage on their website every month. It's easy and easy to understand everything. You can look anything up and it has a field for when you want to pay extra. It's always credited quickly.
03-04-2014 06:07 PM
CB, you are great, thanks for the info! This is exactly what I wanted to find out! We will be a bit spread out as we finalize everything, so that is good news that they use a Notary, Fed-Ex, etc. And yes, I sound like I am from the 20th Century in not knowing some of this!! Thanks again for all your good info!!
03-04-2014 06:14 PM
Oh, hey, tell me about it! At first I was like 'um, there is no local office where we will do this business??'. Seriously. But it was seamless.
Be sure to get the interest rate and payment info for 15yr, 20yr, and 30yr. We had refinanced about 8 years before and I was not going to start over another 30 years. I could only get the husband down to agreeing to a 20year loan. But the payment was not much more than the 30 year loan, plus we'd be paying the house off 2 years sooner than the previous loan AND saving over $60,000 in interest. If it were just my choice, I'd have gone with the 15yr loan. But 20 is still way better than starting over again for 30.
But, yeah, they were totally cool about really getting right down to busines. The guy made the appt for the inspection IMMEDIATELY upon approving things (which was also very quick) and we had the guy here in less than a week. They submit things, all along the way, to QL and things just go bing bang boom.
Look at me going on and on. ha! I guess I'm almost still, after a year and a half, really pleased about the whole thing. Whether it's just you, or you and a spouse/partner, you can get on the phone with them and to a conference call or speaker phone call where you can all talk with the guy and get all your questions answered.
03-04-2014 06:17 PM
Girlfriend, you are not going on too long, I totally hoped to find out about Quicken Loans, so thanks so much for your good info!
03-04-2014 06:28 PM
Our mortgage is with Citi Mortgage and I have no negatives to say about them.
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