Any good mortgage company out there?
Answer:
Last night I became aware of an escrow company on-line who claimed that their website had been on-line since 2001 (fancy site with lots of nice words) and that they had been in business for years. I researched it and found out it was a phoney escrow company that just put up a site on 7/18/06 and scammed their first victim on 7/21/06 and were working on more. Forget realmoneyideas as stated above, and PROCEED WITH REAL CAUTION, there are literally hundreds of scam mortgage companies on the internet, it's a big dollar scam. Before you get involved in anything you should thoroughly investigate them on-line using multiple search engines and typing in the word scam or rip-off after the business names, that will alert you to any scams that company has been involved in. Below are a few free links to use to protect yourself. Good luck and remember to come back and chose a best answer, that enables us to stay here and help people out longer. Thank you.
Try this Site: www.realmoneyideas.com Go to the
"Real Estate" page. Try ones there. Hope this helps You.
We like countrywide.
I am very happy with Washington mutual. A big good name is a bit of protection from scam. They have plenty branches too.
But I don't know their current rates, it depends on the type of mortgage (ARM or fixed 30 or?) you want. 6.5 sounds really low.
I found Etrade bank to offer very attractive mortgages and if you are into ARMS then ING Direct could work as well. Not sure whether they refinance though.
Good luck!
Rates have been climbing steadily for months. At this point, refinancing makes the most sense if you get some key benefit out of it, like cash for home improvements, or consolidating higher rate debt to improve cash flow. Last week I rated a mortgage for someone with a 758 score and he came in at 6.5.
Sometimes, pushing your existing mortgage company for better terms (unless you hate them) is worth a look. In order to keep your business, I've seen them cut fees and rates. Worth a call at least.
Examine your goals and make sure this is a good time to do this for your life plan. Significant rate reduction isn't in the cards for a while yet.
I'm in the mortgage business and if someone is offering you a 30 or 15 year fixed rate at 6.5%, with no points upfront, then you should take it before it goes away. Be very careful because there are several companies that will try and sell you a great rate only to change it later. Also, please make sure that the loan is exactly what your looking for, for example you ask someone to quote your a 30-year fixed however the rate they've provided is that of a 1, 3, or 5-year variable.
If you have further questions and reside in California, please feel free to visit the Allure Financial website at http://www.allurefinancial.com , you may also send your contact info on the "contact us page". Though the site is still under construction, you will still be able to navigate through it. Good Luck!
Hi There,
One thing alot of consumers out there dont realize about mortgage lenders is that they all are willing to allow you to buy down your interest rate.
What i mean by that is everyone has whats called a "par rate" that they qualify for. You as a borrower have an option to pay fee's to buy down below that par rate.
The thing to take into account is how long do you plan to stay in the mortgage?
The reason i say that is if you pay $1,000 to buy down your rate from 6.875 to 6.5 (completely made up figures) you have to decide if its worth it, or if you will recoupe your costs to make it a benefit. If the lower rate saves you $100 per month, and you plan to keep this mortgage for 5 years.you then saved over $5,000 ($100 x 12mths = $6000 - $1000 (initial invstmt) = $5000)
So, in this case it would make sense.again these are just figures im making up for an example..
If i were you, i would consult a professional, and have them give you an exact analisys for your particular situation.. From here you will know what it will cost you, and you can determine if the costs overweigh the benefits, or if it works in your favor to buy down your rate (9 times out of 10 it is a benefit)
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My name is Jason Fry, i work for Providential Bancorp, a nationwide mortgage lender. Feel free to give me a call at 312-264-6448, or email me at jasonf@providential.com.
All lenders have different buy down pricing as well. My company tends to have VERY low costs to buy down your rate. Give me a call, and i will be happy to give you more details!!
thanks, and good luck!
Jason Fry
Senior Mortgage Specialist
Providential Bancorp
312-264-6448
Rely on referrals and you're less likely to get "bait and switch"; companies that advertise the most have less need of any individual client or commitment to integrity, since they can just run another ad.
That said, your financial planner or CPA should have referrals. I do about 2/3rds of my business like this, and the other 1/3rd finds me online.
Whether 6.5% is "fabulous" or "terrible" depends on your exact file. If you're intending to keep the property over about 5 years, fees are less important than rate because you have time to recoup the savings. If you think you may sell or refi within 5 years, then instead focus on a no-cost, no-point loan to keep your transaction commitment minimal.
We have ARMs from much lower than that, but whether they're good for you depends on specifics. Contact a good broker to sort through that (like myself!)
You can find several mortgage companies by searching at
http://www.online-mortgage-shoppers.com/.
Suggest you try a search therer on "mortgage good credit"
Your best bet may be to find a reputable mortgage broker in your area, because they can often find rates lower than you'll find anywhere online or in the papers. But 6.5% is pretty good if it's a fixed rate. Considering rates have been as high as 18%, it's really good.
One thing you should look for in a mortgage broker is a satisfactory Better Business Bureau rating. It's sometimes hard to find, but they are out there. If you need other advice, let me know.
Look at mortgage brokers. They have access to many different lenders with different rates. But right now, 6.5 is about as good as it gets without paying points.
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