Preferred Mortgage Lenders

Hello

I'm interested in ATS member's feedback on their mortgage lender whom have closed within the last 10 years. I'm shopping right now (new build) and would like to know:
-which lender did you go with?
-what incentives/promotions did they offer, if any? (i.e. waived fees, no/discounted closing costs, did they meet or beat competitor's rates/fees)
-what lessons learned do you have to share after working with this lender?
-have you used this lender for other products/services?
-what is your overall advice?

I'm probably going with my builder's lender because of their current promotion but I don't appreciate some of their communication and process thus far, and want to do my due diligence.

Also, if you've gone through the process of a new build, I'm interested in anything you'd like to offer up.

Thanks
67

Doesn't really matter.
Just look for a few things.

Lowest set rate, "never a variable rate"
Competitive fees for paperwork.
Some fees are out of their hands like state title work and city survey costs so everybody will charge those.

Many mortgage companies sell your mortgage to other companies. If you don't want that try a bank or credit union that keeps theirs in house.

I have never done a new build myself but have several friends that have. My advice is inspect the house often as builders like to cut corners to save money. Make sure you get what you paid for. Bringing beer to the job site at quiting time occasionally is highly recommended. The labor drives the nails and getting on their good side might get a few extra nails in the right places.

originally posted by: Bluntone22
Bringing beer to the job site at quiting time occasionally is highly recommended. The labor drives the nails and getting on their good side might get a few extra nails in the right places.

Thanks

I can appreciate this last part -- reminds me of Shawshank Redemption when they're tarring the roof.

I use dis guy Tony from Staten Island. You wants his numbah?

a reply to: AugustusMasonicus

Yeah Tony - I hear he's got plenty of experience with concrete too... like a Tony of all trades, if you will.

I'd actually like to see a 'product/service review' forum on ATS - plenty of smart people here... experienced (like Tony) and I'm sure half of ATSers use products or services... at least half

Hell, it seems like I can even buy quality windshield wipers, and it might bring more advertisers to ATS... wait, nevermind - terrible idea.

originally posted by: six67seven
Hello

I'm interested in ATS member's feedback on their mortgage lender whom have closed within the last 10 years. I'm shopping right now (new build) and would like to know:
-which lender did you go with?
-what incentives/promotions did they offer, if any? (i.e. waived fees, no/discounted closing costs, did they meet or beat competitor's rates/fees)
-what lessons learned do you have to share after working with this lender?
-have you used this lender for other products/services?
-what is your overall advice?

I'm probably going with my builder's lender because of their current promotion but I don't appreciate some of their communication and process thus far, and want to do my due diligence.

Also, if you've gone through the process of a new build, I'm interested in anything you'd like to offer up.

Thanks
67

I work in mortgage finance.

As a rule, the builder's lender is the worst place to get your mortgage. In most cases, the builder is double dipping (they usually own part or all of the mortgage company). It is highly illegal for mortgage companies to pay referral fees to real estate agents or builders as it violates RESPA regulations. Builders get around this through some legal technicalities but they very much violate the spirit of the law.

The typical game is that they will throw some "free upgrades" to the house. For example, they will give you $10k of upgrades if you use the builder's lender but won't if you choose your own financing. In the vast majority of the cases, the builder's lender will not be competitive. Sometimes they are but in most cases they aren't. The problem is you want the $10k of "Free upgrades" so you will take getting bent over on the mortgage.

I won't even get into the losers that typically work for builder mortgage companies but let's just say they usually aren't the brightest bulbs in the industry. They don't get paid as much as regular loan officers as the business is just handed to them, so they tend to be new in the business or below average performers.

The best way to find a mortgage lender is REFERRAL - coworkers, friends, family, etc. Mortgage lenders who advertise a lot are nothing but boiler room chop shops. The best mortgage lenders rarely ever advertise because we don't need to. Our satisfied clients do the talking for us. The more a lender advertises the more expensive they are going to be. Trust me.

Once you get a referral, get the builder's offer in writing. A good loan officer will be able to tell you if the deal is good or not.

a reply to: Edumakated

Yep, you pretty much nailed it.

My builder is offering 10k to put towards anything, and 5k off closing costs. I already forced them to cut the origination fee in half, although I sent them a competitor (bank) quote who is completely waiving the origination fee -- Ive expressed my dissatisfaction to them about this and now they dont respond to me as swiftly as they did just prior to me fighting for myself. Still, the builder's lender (owned by the builder) is the better deal since Id only pay about $1500 in closing costs. But the next fight will be the interest rate in a couple of months.

I did receive a lender's contact information from a good friend and emailed them this morning, and Im waiting to hear back from another so I feel like Im in a good spot at the moment.

Nonetheless I appreciate your advice!

a reply to: six67seven

I guess in a sense it really doesn't matter with the exception to the rate you get at the time of signing. Our mortgage has changed hands before..the company can sell the mortgage to someone else so it basically comes down to the rate in the begining.