where to get a mortgage?

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  • jmiller320

    Active Member
    Aug 7, 2008
    1,695
    Havre de Grace
    Go for the best deal you can get. Your mortgage will probably be sold before the ink dries.
     

    Rockzilla

    Active Member
    Feb 6, 2010
    3,896
    55.751244 / 37.618423
    Ryan was great,standup guy... Really helped me..On another note can't say much for Roundpoint from recent experiences..Won't go into details here...but Ryan is once again great

    Used Loan depot on a purchase in SC. Was smooth and very cooperative, considering the distances between there and here.
    Rates were great..
    Shop around for rates, reviews, "first hand experience"


    Mortgages are bought and sold all the time... So you may have several "servicing" your loan over the time


    -Rock
     
    Last edited:

    DanOh

    Junior Member
    Apr 13, 2022
    10
    Marriotsville
    I've been in real estate for 30 years and though I don't know Ryan he is getting a lot of good ink here so should be worth a conversation. I am also a member of Tower and SECU credit unions and they seem to have good programs. I have used SECU twice and was happy with the loan side of the deal but there closing department is terrible. If you decide to go with a credit union, ask specifically how they handle your loan lock if they can't get thew loan closed in the specified time period. Sixty days is usually the max time on a loan lock. I have another guy I have known and used for 20 plus years, and he is the best of all the loan officers I have worked with. If you want his info send me an email and I can provide it to you. Also I don't get paid or any benefit to me if you use him. The mortgage market has slowed so there should not be problem with anyone getting your deal closed in time. Best of luck
     

    ras_oscar

    Active Member
    Apr 23, 2014
    1,438
    I last got a mortgage 12 years ago. When I was recently helping my son purchase his first home I looked in the Sunday newspaper for local bank mortgage rates, the information was no longer published there. We had his realtor make a connection with a mortgage broker she had worked with in the past. Ended up being a very painless process. In these times of relatively low rates I think a lot of financial institutions have gotten out of the mortgage business.
     

    Ammo Jon

    Active Member
    Industry Partner
    Mar 3, 2008
    13,118
    Give it a few more months and buy after the market has crashed.
     

    SkiPatrolDude

    Active Member
    Oct 24, 2017
    2,331
    Timonium-Lutherville
    Give it a few more months and buy after the market has {corrected}.
    FIFY

    Until unemployment starts creeping back up, we have virtually nothing to worry about. Despite hiring slow downs, unemployment continues to creep lower. I suspect the stock market and preliminary company layoffs are just panic reactions.

    A 10-15% dip in housing prices over the next year represents a correction, not a crash, in my opinion. The market for homes and virtually everything else has been over-inflated for some time now.

    A few idiots may lose their ass that paid way over asking for their homes, but as long as they have the income and employment to support it, it will not be a repeat of 2008.

    My opinion is worth what you paid for it.
     

    KJackson

    Active Member
    MDS Supporter
    Apr 3, 2017
    7,178
    Carroll County
    I just used Tower Credit Union. Not too bad but some things that I didn't like. The first was that before you even get done filling out the online application, they have already run a hard check against your credit. Also, because I had first applied for a "pre-approved" amount, since I didn't find a house before it expired, I had to reapply causing another hard check. Such a pain.
     

    lazarus

    Active Member
    Jun 23, 2015
    8,752
    FIFY

    Until unemployment starts creeping back up, we have virtually nothing to worry about. Despite hiring slow downs, unemployment continues to creep lower. I suspect the stock market and preliminary company layoffs are just panic reactions.

    A 10-15% dip in housing prices over the next year represents a correction, not a crash, in my opinion. The market for homes and virtually everything else has been over-inflated for some time now.

    A few idiots may lose their ass that paid way over asking for their homes, but as long as they have the income and employment to support it, it will not be a repeat of 2008.

    My opinion is worth what you paid for it.
    This. And though I'd sort of say hold and wait unless you have to have a house, mortgage rates are only going to go up.

    A 10% reduction in house price is more than offset by a mortgage rate increase from 5% to 6% in terms of total cost of ownership over a 30 year loan. It wouldn't surprise me if mortgage rates push 8% (or more) before inflation is under control...
     

    lazarus

    Active Member
    Jun 23, 2015
    8,752
    Interesting that you ask. Seems the people that just signed a contract to purchase our home used “Rocket” mortgage. No brick and mortar stores and they got a conventional 30 year at 5 1/4%.
    That is who I used for my refi a couple of years ago. Painless, fairly low fees and the rate was better than absolutely everyone around by about 1/8% (and about 1/4% more than most). I won't mention the rate because it is silly looking at current rates.

    Anyway, post refi, their communication and their electronic system are very good in case you ever do need to talk to them, get statements online, tax documents, etc.
     

    Allen65

    Active Member
    MDS Supporter
    Jun 29, 2013
    4,629
    Anne Arundel County
    I just used Tower Credit Union. Not too bad but some things that I didn't like. The first was that before you even get done filling out the online application, they have already run a hard check against your credit. Also, because I had first applied for a "pre-approved" amount, since I didn't find a house before it expired, I had to reapply causing another hard check. Such a pain.
    I've used both Tower and PenFed, and found PenFed's process to be more flexible, with fewer administrative headaches. But not enough of a difference that I'd pass up a lower interest rate or origination fee/points.
     

    fabsroman

    Active Member
    Mar 14, 2009
    30,571
    Winfield/Taylorsville in Carroll
    This. And though I'd sort of say hold and wait unless you have to have a house, mortgage rates are only going to go up.

    A 10% reduction in house price is more than offset by a mortgage rate increase from 5% to 6% in terms of total cost of ownership over a 30 year loan. It wouldn't surprise me if mortgage rates push 8% (or more) before inflation is under control...
    There is always the possibility of refinancing. After the sale goes through, it is impossible to get the seller to refund money once house prices drop significantly. Personally, I would prefer to buy at the bottom of the market at whatever the mortgage rate happens to be, and then look to refi over the time frame I am in the house. Just how I feel about the matter.
     

    MRH

    Never sell your sword
    MDS Supporter
    Oct 5, 2020
    606
    Chesapeake Bay
    I can't remember who we got the last mortgage through, it was 2.75% and it was the best available at the time. Got my auto loan through PenFed last June at .99% and all went smoothly and quickly, but Ryan would get any future mortgage business from us since an MDS glowing review is nothing to sneeze at, but no matter who you get it from it will indeed be bundled and sold asap.
     

    Clump

    Member
    Sep 19, 2008
    240
    Felton, DE
    Interesting that you ask. Seems the people that just signed a contract to purchase our home used “Rocket” mortgage. No brick and mortar stores and they got a conventional 30 year at 5 1/4%.
    I'll try to keep this brief.

    I had an FHA loan through Rocket/Quicken. They contacted me stating that they could get me into a conventional loan and eliminate the PMI I was paying and lower my interest rate. It looked VERY attractive when laid out.

    I paid them $500 for an appraisal. My house didn't appraise for enough to make the loan work. I did an analysis of the comps that were used and found some gross errors by the appraiser, which I politely pointed out. Rocket/Quicken's response was "Yeah, too bad". I pushed back HARD and never got anywhere. They were completely unwilling to question the appraiser's opinion and I was out $500.

    I refinanced with another company as soon as I could and wrote the CEO to let him know why.

    I do enjoy talking to them when they cold call though.
     

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