what morgage to pick?

Question

My bf and I are going for morgages soon....what company is the best one to choose? There are soo many! We are first time buyers so we want to have nice people and people who will treat us like adults and not jsut brush us off or take us for granted. Please help.

Answer 1

Choose the one with the lowest rate for the least amount of time. If you can afford a 15 year mortgage and it's not too much of a monthly payment, go for it. The sooner you pay off your interest, the more money will go towards your principle, the better off you'll be.

Answer 2

I spent the last year doing delinquency interviews and pre-foreclosure inspections for different lenders and I've heard some horror stories about how some of the customers are treated. For example, if you get 2 payments behind, some mortgage companies will NOT accept just a single month's payment from you...you have to come up with both months (and that can be quite a challenge).
Another problem I've heard is you send in a payment and it never gets credited!
Also, there are predatory lenders out there. (Be careful! If a company lets you into a mortgage with payments you will barely be able to make, they might be setting you up for a loss, and then they can repo the property, or foreclose and re-sell it)
Short of naming names, I suggest you check this website : www.rip-offreport.com (I can't get it to come up right now but when it's working again it is a good place to see how different companies treat people).
Try to avoid A.R.M.s (adjustable rate mortgage)...you want a fixed rate.
Also, your loan is likely to be sold to several different companies after you get your house. Why not stipulate in the contract those companies that you DON'T want to have your mortgage? Seems to me you could insist upon a clause such as that. Don't get pushed around just because you're a first time mortgagor and you're so thrilled that they gave you a mortgage! Remember, they're making big bucks off you.

There is a place that advertises on the radio here that they'll give you a mortgage with no closing costs. You could check into such deals and see what's up.

Answer 3

For the best results, shop around. Look at both internet companies, like Lending Tree, and local banks. First, when you're getting a mortgage, you're looking for the best deal you can get, not a friend. You can't guarantee that the nice lady who greeted you at the door won't be kicked out of it herself the next day. We have always had good luck with CitiMortgage, but even they can be a pain--a lot of companies have call centers in India, and if you have a complicated problem, it gets difficult to communicate (my husband once asked for a representative in the United States, and didn't budge until a manager gave him the number--he made sure he wrote it down).

Answer 4

I recommend Hamlin Mortgage. They are a smaller, more personable group. Take a few seconds and fill out the free evaluation form at the source website and a loan officer will contact you within 24 hours. Good luck.

Answer 5

Sit down and figure out which one will be the best for your finacial situation.

Some may offer loans which require less cash at closing, but high montly payments. This is better for me and my fiance since we have very good income but have not saved alot over the last few years. Or you can go with a loan which helps lower your monthly payments.

Answer 6

Kimberley,

I am a mortgage officer in Ohio, where I am licensed in most states. I deal with several lenders, and I will work hard to give you the best rate. Contact whenever possible.

513-860-2940 ext 10

[e-mail]

Martin Smith

Answer 7

get married before you buy a house together.

Answer 8

i can help you