Any lender recommendations??

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Submitted by newbuyer on February 28, 2010 - 12:20am

I am shopping for a home as a first time buyer and went to chase and sdccu and wells fargo for pre approval letters couple of weeks ago. All of them quoting the interest rates to be 5 to 5.125%.

But, I see many ads online such as lending tree, quicken loans that offer much lower interest rates (4.25% advertised).. what is the catch? Am I missing something here?

Also, please post if you have any recommendations on lenders. Thanks.

Submitted by Effective Demand on February 28, 2010 - 12:48am.

Im sure the catch is that you arent comparing apples and oranges on loans and just see a home loan with a certain rate. It is most likely something like a 5/1 ARM not a 30 yr fixed or something like that.

As for lenders, Pentago Federal Credit Union.

Submitted by Raybyrnes on February 28, 2010 - 1:11am.

If you are not locking the rate in that day what does it mater what they quote you. It going to have changed by the time you find a house and close. A better question might be to find out what the par rate of a loan is and what their mark up is form there. That might give you a better apples to apples comparison.

Submitted by UCGal on February 28, 2010 - 2:13pm.

Shopping rates is challenging... You need to shop rates and FEES. And some places charge origination fees that are different than points - points are tax deductable, the others aren't... You need to get ACCURATE estimates of fees and rates.

I shopped around a lot when we refi'd last year - I ended up going with Sheldon (HLS here on piggington.) I liked the level of information he gave up front.

When I was shopping, SDCCU wasn't even close. I bank with them - but their rates weren't competitive.

Submitted by mydogsarelazy on February 28, 2010 - 8:23pm.

I got very good results with aimloan on a recent refi.


Submitted by HLS on March 2, 2010 - 8:31am.

Without knowing what you qualify for, it is impossible for anybody to quote you a rate that is accurate.

IF you qualify, AT THE MOMENT, 30 YR fixed rates on a single family house are around 4.875% with no points, on loans below $417,000. (Condos are higher)
If you aren't putting at least 20% down, you will have mortgage insurance added.

Rates can (and do) change at any time. Contact me privately if you would like to know what you qualify for. My office is in Carlsbad and I do loans anywhere in CA for 1 to 4 unit properties.
5YR and 7YR ARMS start at 3.50% these days.

There is no such thing as one rate that fits everybody. It's never been more difficult to qualify for a loan and as many people are finding out, banks have higher rates today. Until you are locked in, approved and underwritten, quotes mean nothing. HLS

Submitted by bob2007 on March 2, 2010 - 7:07pm.

I would seriously check with HLS to see what he can provide. He is very upfront about rates and fees.

Submitted by GoUSC on March 2, 2010 - 7:45pm.

I used a local broker with Wells Fargo. He closed a very complex FHA loan in 30 days (unheard of) and the rate was very competitive (5% back in August). The fees were also very fair (outside of FHA).

He understands the whole process to the tee and we were in contact with him and his processor every day. I have since referred him to quite a few people and they have all been VERY satisfied.

If you would like it email radelow AT yahoo DOT com


Submitted by Raybyrnes on March 2, 2010 - 8:41pm.

I would think that the FHA program is pretty cookie cutter so the lender are not going to have much differentiation.
If it is like a Federal student Loan you can talk to 10 different lenders and they all have the same rates and terns.

Did you ever consider looking at the Chafa (california Housing Assistance Program)

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