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Kiaser
Joined: 15 Oct 2006
Posts: 15
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| Posted: Mon Oct 16, 2006 5:38 am Post subject: Bank or mortgage lenders? |
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| What are the pro's and con's of going with a lender who deals only in mortgage loans as opposed to a mortgage loan from a large bank (such as Bank of America)? |
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dirparker
Joined: 29 Jun 2006
Posts: 9
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| Posted: Mon Oct 16, 2006 12:05 pm Post subject: Approach a Lender |
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Nuked advertisement.
~Haplo |
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Kiaser
Joined: 15 Oct 2006
Posts: 15
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| Posted: Mon Oct 16, 2006 2:11 pm Post subject: |
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| Um, no thanks, I doubt choosing a lender simply out of "lower rates" is a wise choice. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Mon Oct 16, 2006 2:49 pm Post subject: |
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Yeah, that guy does nothing but post ads for his website. There is a reason why every single post he's ever made has been nuked.
The bottom line is that it's not going to make a huge difference. It is more about the individual than the financial institution. |
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Mac
Joined: 04 Feb 2005
Posts: 276
Location: Knightdale, NC
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| Posted: Mon Oct 16, 2006 3:08 pm Post subject: |
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It would probably pay you to compare good faith estimates "side by side" once you have a pair of comparable rates to go off of.
Some banks have their own title insurance and can cover a lot of their profit margin from there where others might not. |
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DallasLoanGuy
Joined: 26 Sep 2006
Posts: 169
Location: Dallas, TX
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| Posted: Tue Oct 17, 2006 2:27 am Post subject: |
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i always suggest you get a quote from both.
a lot of the banks employ kids fresh out of college.... so if all things are equal, maybe a broker would deserve a hard look.
not saying you will not get an awesome loan officer at a bank, but you need to ask good questions. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Tue Oct 17, 2006 3:33 pm Post subject: |
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| Hey, I'm at a bank! And I'm AWESOME!!! |
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DallasLoanGuy
Joined: 26 Sep 2006
Posts: 169
Location: Dallas, TX
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| Posted: Tue Oct 17, 2006 5:02 pm Post subject: |
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like i said... you CAN get a good loan officer at a bank.
but i bank at wamu.... and when i go there i get pitched by 25yr old kids for loans.... i cringe. i wonder how many unique scenarios these guys have dealt with. |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Wed Oct 18, 2006 9:26 am Post subject: |
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| Well, some of those 25 yr old kids are brighter than others. It's not where they work, it's how they work for you! |
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DallasLoanGuy
Joined: 26 Sep 2006
Posts: 169
Location: Dallas, TX
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| Posted: Wed Oct 18, 2006 1:30 pm Post subject: |
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chow wrote: Well, some of those 25 yr old kids are brighter than others. It's not where they work, it's how they work for you!
most first time home buyers do know what questions to ask or what to look for in a lender.
they wont know whether they got a good one or not.
imo |
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