Notices

Mortgage Input

Old 01-21-2010, 08:10 AM
  #1  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Mar 2003
Location: United States
Posts: 9,436
Default Mortgage Input

I am shopping mortgages. Does anyone have any experience with any of these lenders? We are members of all of these lenders and the credit unions seem identical.

Any reason we should go with one over another?

Should we buy points?

We are looking at a 30 fixed VA loan.

Navy Federal Credit Union
Teacher Federal Credit Union
USAA
Chase Manhattan
Bank of America

I am asking everyone that I can for advice before we choose.

Thank You
captbone is offline  
Old 01-21-2010, 08:13 AM
  #2  
Junior Member
 
Join Date: Jan 2010
Location: CT
Posts: 17
Default

As far as paying points, that is going to depend on how long you intend to stay in the home. There is a break even period of up to 10 years in some cases. There is a disclosure statement associated with each mortgage and I would review them very carefully as to the fees that will be paid associated with each loan.

Just make sure you are comparing apples to apples.
JeremyCT is offline  
Old 01-21-2010, 08:18 AM
  #3  
Senior Member
 
Join Date: Jan 2009
Location: Iowa
Posts: 9,624
Default

Originally Posted by captbone View Post
I am shopping mortgages. Does anyone have any experience with any of these lenders? We are members of all of these lenders and the credit unions seem identical.

Any reason we should go with one over another?

Should we buy points?

We are looking at a 30 fixed VA loan.

Navy Federal Credit Union
Teacher Federal Credit Union
USAA
Chase Manhattan
Bank of America

I am asking everyone that I can for advice before we choose.

Thank You
As a Mortgage Broker I wrote many VA loans and it really doesn't matter where you go it is regulated by the VA.

As far as buying down points like was said by Jeremy only buy down if you plan on staying there for a positive return on spending the extra money.
davidkuhlmann is offline  
Old 01-21-2010, 04:20 PM
  #4  
Senior MemberCaptains Club Member
 
Join Date: May 2003
Posts: 2,154
Default

if you are on long island check island federal credit union seem to always have some of the lowest rates when they post in fridays newsday
total mayhem is offline  
Old 01-21-2010, 07:26 PM
  #5  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Dec 2004
Location: St Joe Bay / Lake Talquin
Posts: 2,573
Default

As much as everyone hates BoA they have done well with me. Personal and business. I had they going back and forth on my boat loan between their Marine Division and my personal account rep. I thought it was great dropped about 1 pt and to think they were fighting themselves. Personal Account Mgr figured he could better then the Marine Division and he did. I would suggest you sit down and see who offers the best deal,
fldmax is offline  
Old 01-21-2010, 08:22 PM
  #6  
Senior MemberCaptains Club Member
 
Join Date: Mar 2004
Location: NC
Posts: 3,261
Default

I would work through a credit union as my first choice and pay as few points as possible.
itwonder is offline  
Old 01-22-2010, 02:40 AM
  #7  
Senior MemberCaptains Club Member
 
Join Date: May 2002
Location: North Shore
Posts: 967
Default

We just went with a broker. Zero cost to us. nothing. zilch.

Lobsta is offline  
Old 01-22-2010, 02:44 AM
  #8  
Senior MemberCaptains Club Member
 
Join Date: Jan 2003
Location: Houston,Tx,U.S.A
Posts: 11,729
Default

We refinanced a year ago and the broker ended up using BOA, now they call 3-4 times a week trying to sell every bull crap Insurance polcy along with an assorted list of junk you can think of.

If you can avoid them...
USAA is supposed to be a very solid group and I have only heard good things about them.


Not much help but I would avoid BOA.

John
jtburf is offline  
Old 01-22-2010, 06:23 AM
  #9  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2009
Location: Florida
Posts: 17,176
Default

Post up TOTAL out of pocket and rates from the people you're talking to. I just did a refi for 15 years @ 4.375 and I could not be happier. Total out of pocket was about $2000. I could have gotten the out of pocket lower had I used a different closing agent/title company, but I used the one that did the title work last time, thinking I would save money.

PM me if you would like more information about the people that I used. I couldn't be happier.
OldPete is offline  
Old 01-22-2010, 07:37 AM
  #10  
Senior Member
 
Join Date: Jan 2009
Location: Iowa
Posts: 9,624
Default

In "most" cases you will get better rates and fee's from a Mortgage Broker. They sell loans for multiple banks and lenders so if one lender has better rates into the loan process they can switch the loan for you. You do not have this option with a bank or credit union. The Broker will take care of all of the details with realtors, title companies all you have to do is sign a few papers and the rest is handled for you until you show up at closing to sign the final paper work.
davidkuhlmann is offline  
Old 01-22-2010, 07:57 AM
  #11  
Senior Member
 
Join Date: Sep 2008
Location: Lafayette, La.
Posts: 3,960
Default

All the financial institutions can make their product sound the best. I recommend putting the pencil to the paper and figure a total payout with each to see how they look. Sometimes it will surprise you. I personally like to go no longer than 15 yrs. It is amazing how little the payment goes up as compared to a 30 yr.
Mike
beenie is offline  
Old 01-22-2010, 11:56 AM
  #12  
Senior Member
 
Join Date: Jan 2009
Location: Iowa
Posts: 9,624
Default

Originally Posted by beenie View Post
All the financial institutions can make their product sound the best. I recommend putting the pencil to the paper and figure a total payout with each to see how they look. Sometimes it will surprise you. I personally like to go no longer than 15 yrs. It is amazing how little the payment goes up as compared to a 30 yr.
Mike
You are so right Now put the pencil to the Interest difference
davidkuhlmann is offline  
Old 01-22-2010, 12:54 PM
  #13  
Senior MemberCaptains Club Member
 
Join Date: Mar 2006
Location: NC
Posts: 794
Default

I went back and forth between Wells Fargo and USAA.

Went with Wells, but wish I had stayed with USAA. The rate was minimally higher but they are so much better to deal with. Wells was 0 points.

Do a web search regarding rising interest rates and falling home prices. If you aren't gong to be there for 8-10 years, you may find that buying right now isn't the best investment. My dad talks about buying their first house and doing lots of work to it (he's an engineer) only to have a really hard time selling it. They wound up essentially flat due to the high interest rates.

For a visual. Use one of the mortgage calculators on the web and put in 10, 12 or 15% and see what that does to the payment on a 30 year mortgage. You will understand how this would hurt someone trying to sell a home in a few years. I can't speak to your specific situation, so you'll have to do the legwork and decide for yourself.
rit.05 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Thread Tools
Search this Thread