best place to get mortgage loans at low interest rates. I have a good credit and employment.?

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Major banks such as Bank of America, Citi Bank and Wells Fargo charges closing costs often powerful. Are there other small banks or lenders that offer low cost and the closing down? I saw some TV ads personal loan companies (such as “Cash Call”) starts to make the mortgage itself. Are they reliable? Thanks

  1. Reply
    February 18, 2011 at 4:11 pm

    Your bank

  2. Reply
    Simpson G
    February 18, 2011 at 5:05 pm

    Start with the bank that you currently bank with
    Then, pull out your phone book and start calling banks in your area. Don’t forget to call credit unions as well.
    If you are a member of any organizations, ask them if they have contacts. Churches, Unions, and even licensing boards often have programs set up, or can network you to someone.

  3. Reply
    February 18, 2011 at 5:08 pm

    Comparing interest rates is nice, but you really need to look at the complete package. Many sites can offer you a great interest rate, but there may be undesirable things attached to this great rate, points, pre-payment penalty, high closing costs, etc. So rather than comparing just interest rate, check out other things that may cost you money. I always recommend that people check where they bank currently. Sometimes the best deals are at small local banks rather than MortgageMart internet sites and big banks.

  4. Reply
    February 18, 2011 at 5:19 pm

    Average mortgages have rates of around 3.750%. You can find them in some places lower than that but you’ll be lucky to find one with a rate any lower. My suggestion is to use the mortgage rate finder. One example:

    Shop around!

    Oh, and putting down a good percentage of the mortgage up front will help a lot. That will probably help more than just having good credit. If you can get into a 15 year fixed rather than a 30 year you should get you a lower rate too.

  5. Reply
    February 18, 2011 at 5:49 pm – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

  6. Reply
    Quicken Loans
    February 18, 2011 at 6:37 pm

    It’s important to consider a couple of factors when looking at lenders:

    1.) Personal/Financial goals for your home

    Since rates are still low it’s important to evaluate how long you plan on living in the home. If it’s less than 7 years, perhaps an ARM would make the most sense for you. If you plan on staying there long term, consider a 30-year fixed mortgage to keep your payments reasonable while you accomplish other goals such as home improvement, etc. If you plan on living there long-term and your goal is to pay off your loan as quickly as possible, consider a 15-year fixed mortgage. Determine whether or not you want to pay points for an even lower interest rate (1 point is 1% of the loan amount) and obtain a good faith estimate to understand the closing costs involved. Make sure you find a lender that asks the right questions to help you decide on a loan program that makes sense for you.

    2.) Client Service/Reputation

    Because rates are low, many places can offer you competitive rates but very few in the industry can offer a high level of client service and technology. Choose a lender that has a simplified mortgage process and efficient turnaround times so you can enjoy a low payment sooner rather than later. Research lenders and make sure that you choose one that meets your needs, treats you with respect and makes your satisfaction their #1 priority.

  7. Reply
    Common Sense
    February 18, 2011 at 7:09 pm

    Cash call is legalized extortion.
    Low rate and low closing costs do not go together.

  8. Reply
    February 18, 2011 at 7:49 pm

    Short answer, no. Some lenders charge less, but they are still large, well established banks such as ING.

  9. Reply
    My Take on It
    February 18, 2011 at 8:20 pm

    OH heavens, I wouldn’t get a mortgage from Cash Call. LOL They are a payday lender, and I highly doubt they are going to save you much money on fees. ugh!


  10. Reply
    Greenfin X
    February 18, 2011 at 9:01 pm

    NO, it is really difficult to find out these both things together, lots of banks are giving low APR but still their closing rates are higher than others.

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