Does anyone know the best way to find the best mortgage?

Question

Does anyone know the best way to find the best mortgage? I want to refinance to a 15-yr mortgage, how do I find the best rate? I tried lending tree, and they had a very limited selection and I was spammed to death.

Thanks!

Answer 1

Rates change as often as several times a day so shopping by rate doesn't make a lot of sense, especially since it is only one component of what makes a mortgage loan the best one for you.

Call you current lender and ask about a streamline refinance. These can be very, very cost and time effective.

We all send our loans to the same investors, rates don't differ enough from lender to lender to make that much of a difference. It takes a pretty good differential to make a big difference in the payment and if you're paying too much in fees to get it, it probably doesn't make sense anyway.

The biggest disservice my industry has done to the consumer is to teach them that it is all about the interest rate. Costs and service are at least if not more important.

Interview loan officers until you find someone with whom you can develop a lifelong financial relationship based upon trust and mutual respect.

Answer 2

First off make sure it makes sense to refinance. Ask yourself these questions: How long have I been in my current mortgage? Do I plan on living in this house forever?

People need to realize that paying off the mortgage should be the last debt you ever pay off, since the interest is tax deductible. If I were you I would make sure I had no other debts that need to be paid off. If your current mortgage is older than 15 years old it wouldn't make sense to refinance to a 15 year mortgage, plus it might be more cost effective to keep a 30 year or longer mortgage, or even an interest only or deffered interest loan and save the difference in a seperate account. This way you have access to this money should anything happen, plus YOU earn a rate of return on this money, instead of the Bank. If you are disciplined to do this you could end up with millions of $$$ plus your home. Compared to owning a home in 15 years, and paying 2x's what the loan was.

Back to the mortgage. The mortgage industry is very very competitive company's like Wells Fargo and Washington Mutual would have to be competitive to each other in order to stay in business. What the public doesn't understand is mortgage rates have really nothing to do with where you go. Its all based on your credit score, debt to income, and how much the loan officer wants to get paid. So my advice is find someone who has been doing it for a long time with a reputable BROKER company, that you feel comfortable and trust.

What I told you to do earlier is how the wealthy people work their mortgages, there are reasons for these different mortgages and most loan officers don't really know how a mortgage works, they just want to sell you one so they can get paid. They have an agenda to follow.

Good Luck.

Answer 3

Why not try World Financial Group or the Royal Bank?

We need to remortgage as well, so I looked into a few different places. I like the sounds of a self-directed mortgage the best. For these, you have to get a mortgage that can have a LOC attached to it (also called a matrix mortgage).

The Royal Bank has a product called the 'RBC Homeline Plan'. This plan gives you about 75 per cent of the value of your home and let you use each mortgage payment to increase your LOC as well as invest it in a mutual fund or something, which you can then use once a year (depending on the mortgage you have) to pay your mortgage down faster.

WFG is the only investment company I know of that actually knows about this. The banks know that it's LEGAL as well, but don't tell too many people about it because they like using your money. Contact WFG about their HELOCK or self-directed mortgage options.and then they set up the investment for you. Everything is done automatically after that. No extra payments to actually earn money!

Answer 4

I recently did the Lending Tree/Ditech route and was not very happy with the selection as you found out. I then googled Mortgage Companies for my city name. It took a while but I found several companies that I'd did not know but were very very competitive. I thought they would just take my account and sell it to Chase or another bank, but I ended as they're account now for over 2 years....and very happy I went with a smaller firm.

Answer 5

Call some local mortgage brokers and ask them. They each have several sources. Or ask a real estate agent who is the best mortgage broker around. It all comes down to shopping. And yes, you'll get spammed. There's not much you can do about that.

Answer 6

Go to several different banks and see what rates they offer. Then taking the lowest rate, go back to your lending institution and tell them that you can get such and such a rate at ________ Bank. They will probably match what you have been offered and you will not have as much problem, as they already have your mortgage particulars.