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credit unions are best
or a local bank
get a letter for a low amount, if agents know you have 400k available ,they want you to pay 400k
Why are credit unions best?
Every pre-approval I've gotten from Wells Fargo, Countrywide (few years ago), and B of A has been free. They ask for some documentation and done the same day. What does a credit union do differently/better?
SFace
2010 May 27, 7:29am
Why are credit unions best?
Every pre-approval I’ve gotten from Wells Fargo, Countrywide (few years ago), and B of A has been free. They ask for some documentation and done the same day. What does a credit union do differently/better?
The idea is credit union, especially an affiliation type credit union (firefighter, police, government) may operate as not-for-profit, which potentially means mortage rate may be lower for their member.
In the real world, credit unions pay much higher interest on their deposits received vs. the big banks so the big banks like Wells Fargo usually still have the best rates due to scaling and margins anyway.
to answer the org question, if you are a prime lender, you should call the lender that is the most reputable in your area. In San Francisco, that is Wells Fargo. All you need to do is leave a name and phone # on the website and some lending agent will contact you if you do not have a lending agent already. skip the mortgage broker.
and btw, just got a phone call from WFB, the lending agent wanted to communicate to me that 30 year fixed rate no point no fee is 4.5%, strike while the iron is hot.
SFace
2010 May 27, 7:52am
chirenter
All you need to do is leave a name and phone # on the website of some big bank like bank of America and some lending agent will contact you if you do not have a lending agent already. skip the mortgage broker. Mortgage broker can't add much value right now.
We are considering going to look at some houses and making lowball offers. For this purpose, we need to obtain pre-approval for a mortgage loan. I know we can go to bankrate.com and get quotes for various loan amounts/options. But how do we actually get pre-approvals? Do we need pre-approval from more than one lender because some lenders may not offer all loan types? For example, we got a pre-approval from one lender but they only do 5/1ARMs. Our own CU is charging a hefty application/credit check fee just for the pre-approval so we would rather look elsewhere. Any suggestions/recommendations?
#housing