Like different counties of the same state? (Tx?)
Thanks.
2007-09-26 12:52:46 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Banks are a good place to get loans, but if they do not have the product you need then you have applied to the wrong institutions. If they don't have the mortgage product you are seeking you will have to apply to a different bank.
This can be a never ending application process when applying to a bank with limited mortgage products, or the one they are pushing for the day.
Your best bet is to apply through a mortgage broker. This person has many underwriters with lots of mortgage programs available.
This mortgage broker has no axe to grind and will submit your mortgage application to many lenders and underwritters as they are authorized to do business with. Thus you will not simply be applying to various banks.
The mortgage broker also don't get paid until you are pleased
with the mortgage product you are offerred and only get paid after you have signed loan docs and the loan is closed.
In most instances the loan does not cost you any more than if you did the mortgage loan at a bank.
When you are speaking with this mortgage broker, make sure that before you sign any documents you get yourself a Good Faith Estimate (GFE) signed by the mortgage broker.
This document give you some idea as to how much this loan will cost you.
The other document you might consider requesting is the Truth-in-lending document.
This document will give you the total cost of the mortgage for the life of the mortgage. Don't let the big number scare you.
If you are comparing mortgages this document is probably the best one to have to compare the cost between one mortgage broker and another, because this one has the Annual Percenage Rate (APR).
To be very frank between 80%-90% of mortgage loans today are gotten through a mortgage broker or banker.
Many mortgage brokers are located and licensed in many states, it does not matter which state you get your mortgage in as long as the mortgage broker is licensed in that state.
95% of the mortgages that close will be sold to another lender that purchase mortgages so where and who you get it through is of no consequence.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-09-26 13:20:30 · answer #1 · answered by loanmasterone 7 · 1⤊ 0⤋
No, it may affect you slightly depending on which county the property you're going to buy is in. Not where the application comes from.
A few things that vary depending on where the property is located.
FHA loan limits (only if you're doing an FHA loan obviously)
Income restrictions for community lending programs (generally for people with lower credit scores and less equity)
Various state laws will also affect lenders, but there's generally not a big difference county to county in the same state.
2007-09-26 20:00:47 · answer #2 · answered by matzael 3 · 0⤊ 0⤋
Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal youinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!
2007-09-26 20:41:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Research on the internet for the best rates, but read the fine print. Banks have the best rates. If you are talking about a Mortgage or a Home Equity Line of Credit go through a Bank. A credit union can also give really good rates sometimes. You look more credit worthy to have a bank on your report then Harry's Home Loans.
2007-09-26 19:56:33 · answer #4 · answered by CaseyMae 2 · 0⤊ 1⤋
Yes, it matters. You want to research the reputability of the company you are working with. There are banks, mortgage companies, mortgage brokers, and finance companies. Mortgage companies and banks offer a lot of the same products and are not brokers. Mortgage brokers often charge high fees to do your loan. Finance companies do mortgages but are typically with high interest rates for risky credit. I would recommend a mortgage company you need to ask the lender if they are a broker. You also need to research the rates for your area to make sure you are getting a good deal.
2007-09-26 23:07:05 · answer #5 · answered by yourmtgbanker 5 · 0⤊ 0⤋
Not really.
2007-09-26 19:56:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋