How do you decide what bank to get a mortgage from?
My boyfriend and I have two different banks. How do we decide where to go to get pre-approved for a mortgage? My bank is pretty much local, with only about 10 branches total. My bf's bank is national.
Public Comments
- The bank that offers the lowest rate, no points, 30 or 15 yr fixed. Ask at both banks what the rate is
- Most banks will just sell your mortgage to an investor. So it doesn't really matter what bank you "choose". Go for what makes most sense financially.
- One of the "rules" in the real estate firm I worked for was that we could never set up a loan for a customer that involved using a locaL bank, The reason: Those employees in the mortgage department worked on a salary thus did not have the incentive of a commission to encourage them to do a rapid close. When I dealt with morgage brokers, they were fast and efficient.
- Go to at least 2 Mortgage Brokers they will give you the best rate. You shouldn't care wich bank give you the mortgage , they will sell it anyways... I got my super cheap mortgage from an internet bank and they sold it to Washington Mutual (my bank) who had already reject me!!
Powered by Yahoo! Answers