Washington Mutual for first home loan?

Question

I bank with Washington Mutual. Is this where I should go for my first home purchase? Should I give a second look to a broker or alternate lender?

Answer 1

We have our current home loan with WAMU, and have refinanced it through them. I like that it was very easy to get the loan, and they did it all on phone, through the signing, then sent a notary to our house for the closing.

What matters is how good your credit is. It might be possible to find a better program through a credit union. You need to check out several offers before you make up your mind.

Answer 2

Don't let that last guy scare you! Washington Mutual Bank is an excellent real estate lender. Always go to the bank where you have an established relationship first. Countrywide Home Loans is excellent, too. Most of these banks offer the same types of programs with the same basic fees. They will give these fees in a written statement upfront. Washington Mutual works just a bit like a credit union, in that everyone owns a little piece in a way. They have the ability to make decisions that are not always "conforming".

If you have a credit problem, then start fixing it. If you want to make a purchase before the credit problems are gone, then go ahead and go with a broker. This is where they come in handy and can shop the loan for you. Be aware, though, it is going to cost you some dough, and not all mortgage brokers are created equal any more than realtors are. There are the good and the bad in our industry, (note my screen name). Get references. The only way it makes sense to jump the gun before you are credit-ready is if you run across the deal of a life time-property and the amount of equity you are going get makes the mortgage brokerage fees a mute point.

Answer 3

I wil go against the grain for some of the previous messages. First of al if you like you can go with WaMu if you like. They might even save you money on the closing cost since you are already a customer BUT they might not be able to find you the best % or the best loan program.

A mortgage broker has the option to shop around with many lenders. All the lenders that work with the broker know that the broker can give them business so many times the % offered to the brokers are lower if you get the loan directly through the bank. I DO HOWEVER suggest you shop around mortgage companies as well. BUT before you do that make sure you get a copy of your credit report that you got from the first broker you went to. If you have everyone take a credit report from you, you credit will plummit!

So all in all, going with your own bank has its pros and cons as it does going with a mortgage broker. I hope this information helps you decide, good luck

Answer 4

Washington mutual is a wonderful bank, they have great first time home buyer programs. They have a great wholesale subsidiary Long Beach Mortgage. The fact that your a first time home buyer shouldnt determine where you go for your loan, your credit history is the most important determining factor. Things like your fico score, income, rental history, credit history, factor you into one of two category's, prime or subprime. Meaning great credit or not so great. i used to work for Long Beach so i know what they will do , and that's pretty much anything. Some personal info would be helpful in giving you more specific advice. But this is the internet so i'm sure your not going to give anything too personal. A licensed broker will look at your credit report and help you find the best loan for your lifestyle. There are dozens of options for first time home buyers. If you dont know one or cant find one. I can make a solid recommendation for you.

Answer 5

Always shop. I just did a loan for a customer who had banked at the same bank for 17 years and I beat their rate by over 1/2% with even trying real hard. It is always best to shop around. It is good buisness sense. Would you buy the first car you drive, or the first house you look at? Do the same for your loan, it is a huge purchase and best to be sure you are getting a loan that is in your best interest, not the banks. Let me know if you have more questions on what to look for ect.

Answer 6

I am currently in the same situation, and I am considering washington mutual. however I think credit unions can give better deals sometimes because they are run by us. it only costs about $25 to join and that is your own money in a savings account. I am thinking of both options. another however, a broker may be able to find you a better deal, because they work with many banks and loaning establishments. good luck

Answer 7

Definitely check with your own bank first. But do shop around as well.

Give the brokers a bye unless your credit is weak. There are hidden fees and costs with a broker and if your credit is strong, you'll get a better deal at a bank, credit union, or mortgage banker.

Answer 8

The main key everyone out there needs to remember is that every person in america have different finances, employment, credit, bills, etc. Each and every person qualify for something different. On top of that every lender has different guidelines in which they lend money..

Washington Mutual for instance is a large retail bank. Their main focus is checking and savings, along with credit cards and investments. The mortgage division has limited programs available.

To work with a company like washington Mutual, you are considered a conforming borrower. If you don't meet their strict guidelines, then you will not qualify. Another thing to keep in mind is that you cant find many niche programs, also known as specialized products that can offer you moreflexibility as a first time homebuyer.

My advice, keep your banking with WAMU, work with a Mortgage Broker to purchase a home..

Your best bet is to work with a company that is partnered with multiple investors. There are a couple reasons i suggest that:

1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. They then can find the best of the offer, and allow the investors to compete for your business. This means lower rates and costs for you!

2. If you on your own call multiple banks to see what you qualify for, each and every lender will have to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..

So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer handle it for you..

As for Lendingtree.com, I have worked with them myself in the past, but quickly stopped. They sell your information to brokers, and mortgage companies. You then are flooded with 100 calls per week from every mortgage company in America. Then if you choose to work with one of them, Lendingtree then charges points on your loan to the mtg. company.

Ultimately this means more fees passed on to you the borrower. Again i suggest you work with one single mortgage consultant.

My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. We realize a first time homebuyer needs the best program to suit their needs for the very first largest purchase of their lives. This is why we are partnered with over 80 different investors that all have different programs and options.

I'd be happy to assist you in a Mortgage Loan, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.

Feel free to give me a call at 312-264-6448, or
you can email me at [e-mail].

Thank You,

Jason Fry
Providential Bancorp
Nationwide lender serving 50 states
Corporate headquarters, Chicago, IL

Answer 9

You should absolutely check around. This is the most important purchase of your life and shopping for the best rate, especially in a high rate time, is paramount. Go to LendingTree.com and see what their rates are and then check out other lenders. Be smart, not everyone tells you up front about fees they charge that may make that lower rate actually a higher rate. Buyer be ware!

Answer 10

I Chase presented them out. they're going to despatched you a letter contained in the mail explaining what has ensue. each and everything else will proceed to be an similar. not one of the words change. How do i understand? because i became with Washington Mutual about a 365 days in the past and they bought my loan to Wells Fargo.