ktgrok Posted April 5, 2021 Share Posted April 5, 2021 Our current mortgage is with a big major company. Our banking and car loan are with a local credit union. And of course, there are all the online ones, etc. (actually, credit union does their mortgages all online now!). So, do you just check rates with places and then pick, or do applications with multiple, or ?? And how often do people get a preapproval or prequalification or what not and then later have mortgage NOT go through? We had a scare with our last house purchase where there was confusion as to his student loan monthly payments (at the time they hadn't started, and they were trying to calculate them based on one payment plan vs the one we were going to use...etc etc....only managed to get the loan because of a typo that worked in our favor...otherwise we would have had to wait two more months until payments started so we had proof of the amount we paid monthly). Oh, and we had to restart stuff at one point because the loan officer quit and didn't do the right paperwork, etc etc. It was a mess and I Do NOT want that happening again. No surprises if at all possible! Plus, I in general don't trust mortgage companies. At all. My last house, decades ago when I was in my 20s married to my ex, accidentally got SOLD by our mortgage company. Yes, I said accidentally! We'd fallen two payments behind when my ex had heart failure and couldn't work, and was going back and forth to Shands teaching hospital to be evaluated for a transplant (meaning hotel and travel costs, copays, etc). I contacted the bank and they worked out a loan modification that put those payments at the end of the loan, adding them to the principal, and I resumed normal payments. Well....somehow that modification plan wasn't communicated to the right department, so many months later I got a note on my door FROM THE NEW OWNER asking when we could move out, as they wanted to take possession after BUYING MY HOUSE AT AUCTION!!!! Took a week to get straightened out and have a judge reverse the sale, etc. So yeah...I don't trust banks/mortgage companies...seems they never actually know what is going on. That said, my current big company mortgage company has not been any trouble in the last 10 years, and i have a credit card via them as well (got for the no interest balance transfer, will be paid off in the next few months, before interest kicks in). No issues with that. No issues with credit union either, and they were easy to work with for our van loan, and do things like skip a payment on the holidays if you want, etc. (I never remember to do that though, lol). And the one time I accidentally paid the van payment twice they were nice on the phone and refunded the extra payment, lol. So, how do you figure out who to go with? Link to comment Share on other sites More sharing options...
fairfarmhand Posted April 5, 2021 Share Posted April 5, 2021 We called our current mortgage company and talked to a loan agent with them. They really wanted to keep our business.. So if youve had good luck with them now, why try someone else? 1 Link to comment Share on other sites More sharing options...
vonfirmath Posted April 5, 2021 Share Posted April 5, 2021 (edited) We found a loan company we trusted, who does NOT sell their loans, and went with them the second time we needed a loan. (We did not shop around. Trust was worth more than a few possible tenths of percentage0 Edited April 5, 2021 by vonfirmath 2 Link to comment Share on other sites More sharing options...
klmama Posted April 5, 2021 Share Posted April 5, 2021 It can pay to shop around. There were several other banks and credit unions offering us much better deals than our own credit union did, and they also had better customer service. It was a very pleasant surprise. Link to comment Share on other sites More sharing options...
Scarlett Posted April 5, 2021 Share Posted April 5, 2021 25 minutes ago, fairfarmhand said: We called our current mortgage company and talked to a loan agent with them. They really wanted to keep our business.. So if youve had good luck with them now, why try someone else? This is what I am thinking. I prefer a bank who won't sell my mortgage. We used Arvest this last time and it went super super smoothly. I never even met with the loan officer in person at all. They did not even send anyone to closing. Everything was done on line or the phone And the abstract company lady came to my office. (Well, that was probably more to do with the business she does with my boss than anything, but still the entire process was so easy.) Link to comment Share on other sites More sharing options...
Ailaena Posted April 5, 2021 Share Posted April 5, 2021 I may have paid more for a company that didn’t sell the loan after six months to another company who sold the loan after 6 months to another company... Usually big name companies don’t do that, I guess? But I went with a lady I know who does mortgages and I wish I hadn’t. If you’ve never had issues with your current company, I’d start with them! 2 Link to comment Share on other sites More sharing options...
ktgrok Posted April 5, 2021 Author Share Posted April 5, 2021 25 minutes ago, Ailaena said: I may have paid more for a company that didn’t sell the loan after six months to another company who sold the loan after 6 months to another company... Usually big name companies don’t do that, I guess? But I went with a lady I know who does mortgages and I wish I hadn’t. If you’ve never had issues with your current company, I’d start with them! Yeah, my first house with all the issues was one of those places that sells the loan. The people they sold it too (Countrywide) was the one that had all the law suits against it, etc. I was not the only one to have issues. Our current one is a bank/mortgage company...so far no issues. We even did suspended payments when DH was on furlough during Covid with no issue, everyone was very nice to deal with, etc. Link to comment Share on other sites More sharing options...
hjffkj Posted April 5, 2021 Share Posted April 5, 2021 I shop around, usually quotes from 3 different places, including current lender than negotiate with current lender using the other two quotes Link to comment Share on other sites More sharing options...
Bootsie Posted April 5, 2021 Share Posted April 5, 2021 For most lenders, pre-approval requires more documentation than pre-qualifying. So, pre-aprroval is likely to fall through. The two main reasons that a borrower may be pre-qualified and then not be able to get a mortgage are: (1) a major change in the borrower's financial situation--loss of job, reduction of income, increase in debt and (2) borrower can qualify for the $ amount of the loan, but the lender does not think that the home the buyer wants to purchase provides enough collateral to back the loan. Also, pre-qualifiying general does not lock in an interest rate. If rates rise significantly, the borrower may not qualify for as large of a loan. It also means that a company that is offering the best rates when you get pre-qualified may not be the best rates when you are actually applying for mortgages. Link to comment Share on other sites More sharing options...
Carrie12345 Posted April 5, 2021 Share Posted April 5, 2021 I applied to prequalify with multiple lenders over the past year. The first two were simply to gain access to look at houses. When we officially decided we were building, the building company gave a list of their “preferred lenders”, mostly local banks. The first one I looked up offered a lower rate than any of the big ones I had looked up, they have experience lending with my builder, and I happened to luck out with getting a loan officer who had built her own house with the builder! Has it been 100% glitch-less so far? No. But I do feel well taken care of by people with a vested interest in a neighborly relationship. (And I received an apology this morning for the glitch, in which I was thanked for being on top of things. Meanwhile, Wells Fargo likes to argue with me every time I call about them adding my mil’s address to our records for absolute no reason.) Link to comment Share on other sites More sharing options...
cjzimmer1 Posted April 5, 2021 Share Posted April 5, 2021 I've had a couple of smaller banks but then the always got sold to bigger banks. Not that is it has been a problem with any of them. Before electronic payments were quite so easy, I decided to switch it to my credit union because it was much easier to do electronic payment in house than send them outside the institution. Since then' I've just kept the local credit for refinances. They have competitive rates, don't sell the loans, and both times, I've refinanced with them, I didn't have to pay for a new appraisal (other places were still telling me I needed it). So I'd start with your credit union and only look elsewhere if they don't meet your needs. Link to comment Share on other sites More sharing options...
Wildcat Posted April 5, 2021 Share Posted April 5, 2021 (edited) Where you're located, I'd go with Trustco Bank. www.trustcobank.com They have very low closing costs and don't sell loans. Edited April 5, 2021 by Wildcat Link to comment Share on other sites More sharing options...
scholastica Posted June 9, 2022 Share Posted June 9, 2022 Zombie thread Link to comment Share on other sites More sharing options...
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