Looking for a home loan company high quality without surprises?

Deal Score0

Buying my first home and want the quality of the loan. What is a mortgage company in good loan that is larger chain of GMAC, Countrywide? I do not want any surprises when my loan has a fixed rate loan is better? Having a good credit rating
Is there something wrong or is this standard, if you ask in good faith to evaluate the loan officer, and he wants you to go to the first documents, before you do it gives? I asked the mortgage companies and others were willing to give me the papers before I left (I already gave him information on the phone and he raised my credit score), but this guy up ‘that we turn all our documents in full on a loan application.

  1. Reply
    Big Deal Maker
    February 21, 2011 at 3:40 am

    Wells Fargo bank. Would be my first choice. The second would be your credit union.

  2. Reply
    February 21, 2011 at 4:37 am

    So you think that you’re ready to buy your own home? Hopefully you’ve done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than everloan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.

  3. Reply
    Dr. Deth
    February 21, 2011 at 4:46 am

    Countrywide is THE biggest mortgage company in the USA – and look at the mess they’re in – size doesn’t matter – the kind of mortgage deal is what matters – most of the places that actually do the mortgages with you wind up selling the mortgages to FNME anyway

  4. Reply
    February 21, 2011 at 5:10 am

    Go with your gut instinct. If it smells bad, it probably is.

    Tell your lender that you will walk if the good faith estimate and the actual closing numbers do not match.

    I have had people like this increase the amount drastically between an estimate and closing.

  5. Reply
    Trent Knight
    February 21, 2011 at 6:01 am

    This does sound fishy, a good faith estimate is what you amount you are approved for in terms of buying a home, however there is nothing written in stone Caveat emptor “buyer beware” there are usually TONS of junk fees associated with your good faith estimate.

    There are ways you can get physical cash back ($ 1k-$ 5k) at closing with using just a broker.
    Most Realtors will not tell you this because it comes out of their commissions which you pay for!

    If your interested in knowing how email me and I will send you the information.

  6. Reply
    February 21, 2011 at 6:16 am

    A good faith estimate is required to be provided within 3 days of application (as defined by the FDIC.gov as “Application means the submission of a borrower’s financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the borrower’s name, the borrower’s monthly income, the borrower’s social security number to obtain a credit report, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any other information deemed necessary by the loan originator. An application may either be in writing or electronically submitted, including a written record of an oral application.”).

    lenders are reluctant to issue GFEs prior to actual application because the info is subject to change when the real info is submitted. Also, federal standards are so strict on the “start of the clock” that in order to keep everything in line and not risk failing to comply, the lender may have very specific rules

    The other possibility is that you are going to a broker and not a loan officer. A broker shops your loan to different lenders so he/she may not be able to estimate the fees until he/she knows which lender they will submit your loan to

    Leave a reply

    Register New Account
    Reset Password