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Advice on getting best mortgage?

6 years ago

last modified: 6 years ago

We are under contract to buy a house that is being built. The builder currently owns the lot and house but it is being built like a custom house to accommodate our aging in place needs (wheelchair friendly, elevator, rimless showers, etc.). We got a pre-qualification letter from a major national bank prior to signing the contract and have top-notch credit ratings. We are also extremely fortunate to have a safe income stream unless the US federal government fisc goes belly up, good savings, relatively low debt (we will have to carry our current mortgage for a while because we don’t want to put our home on the market in this environment while we’re still living in it - but we’ll still have a good debt to income ratio), and plan to put at least 50% down on the house. If we do not have unexpected delays, the builder expects to settle in early June (his subcontractors are still working on site).

I’d appreciate advice on how we go about getting the best rates, lowest fees on a mortgage. In normal times, I’d talk to a bunch of lenders on the same day and ask for their rate on a 30 year, 0 point jumbo loan and ask for a list of their fees. How do you compare one lender against another (apples to apples) when you can’t get in touch with multiple lenders the same day and when rates are so volatile from one day to the next?

In this environment, are lenders willing to drop/lower their add on fees?

Do banks, credit unions (like USAA or Navy Fed) or brokers typically offer the best terms — or is there no answer to this question.

Advice on on dealing with this process is greatly appreciated.

Featured Answer

kudzu9

6 years ago

mtpo-

If you are a USAA member, then that is where I would start. I've had several mortgages from them and they have always been very competitive on rates and fees. And I have found them to be upfront, transparent, and very efficient. On something as important, longterm, and financially significant, dealing with a trusted entity is important to me.

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Comments (9)

Shola Akins
6 years ago
In the Georgia area, I find that BB&T mortgage is almost the only way to go. Their fees are very reasonable and no one could touch their rate when I shopped around. They are now called Truist Bank.
mtpo
Original Author
6 years ago
thanks shola. We met with a mortgage specialist there when in-person meetings were still possible. She promised to follow up with info and then all this COVID craziness set in. She never followed up with a list of fees etc. Given your good experience, I’ll follow up with them.
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Stax
6 years ago
last modified: 6 years ago
If you are going to consider USAA, there is a thread that is currently going on that you might want to read;

Best Mortgage Rate

OH, wait. YOU also started that thread... have to wonder why! lol
Mrs. S
6 years ago
last modified: 6 years ago
Maybe different states are different. I'm a member of USAA, and a local credit union, but they couldn't touch the rates I was offered by a mortgage broker. We've done 4 refis in 15 years, and each time, the mortgage broker had the best (with lowest/no fees). Additionally, I have never wasted my time meeting with one in person. It's a phone call. In fact, except for a mobile notary, it's all done digitally and over the phone.

But this past month, in the midst of the most recent refi, our current lender offered unilaterally to lower our mortgage rate below what the broker was offering us. No refi, just a rate readjustment. We had to go with that. I hope this helps.
Stax
6 years ago
Mrs. S Take a look at the companion thread i linked to.

I also belong to USAA and also NFCU Credit Union... Retired
Stax
5 years ago
Ya think shopping around is good? lol
sushipup1
5 years ago
"David Jones" and "Rahel Hunter" are well-known spammers. "Rachel" will come back and edit the post to add spam/ Please flag them.
Elmer J Fudd
5 years ago
I did a refi 9 months ago and Quicken Mortgage (aka Rocket Mortgage and for a while Charles Schwab Mortgage) had USAA and others beat by a considerable margin.
stella winxie
3 years ago
last modified: 3 years ago
Suppose you say that you want to get the best mortgage. In that case, you can only succeed by cooperating with mortgage brokers because they know how to get the most profitable mortgage. As soon as I was ready to get a mortgage together with my wife, I immediately turned to this company -- Mortgage Broker Northampton, because I heard a lot of positive feedback about the work of mortgage brokers. I think I had no other alternatives. And as I expected, everything happened quickly, and most importantly, it benefited my family. I'm not paying that much money for the huge house I could get.