Home Forums Hunting & Shooting Hunter's Campfire What's a good resource for obtaining a mortagage?

We've been home shopping and are considering making an offer on one.
So whats' a good read on mortgages?
Thanks
Doug

Find a "good" mortgage broker in your area, they will have access to multiple lending sources and can usually get you the best deal. The costs are regulated you you pay the same fee's with all of them.

Good mortgage broker.

Ask some friends/associates who have purchased homes which mortgage broker they would recommend.

Call a couple title companies and ask a boss who they would recommend as a mortgage broker.

Good and honest broker. I was in the industry and left because of the lying and cheating I saw. It can happen anywhere including big banks. I never cheated a customer.

Quicken Loans.. Best mortgage service i've ever had..

You nailed it. Most painless, non intrusive loan ever. highly recommend em.

The word mortgage comes from the root word mortuus + gage which signifies death or murder. A mortgage is a lien against property which allows it to be seized. The root of the word lien is closely related to ligature, which is something used to bind or strangle. Very appropriate. Proceed cautiously. I am not wealthy but I decided a long time ago to not give anyone the right to seize my house, vehicles, tractor, cows, etc.

I understand the idea, but it's naive at best.

One that you can pay off the fastest!

You did not ask, but I recommend no longer than a 15 year note.

Tom aka rinkydink

Got to be Lending Tree. You want to be able to sit around in you underwear eating Cheetos while applying for a loan.

First read "The Big Short" by Michael Lewis.

I've used federal credit unions so far. My next mortgage will probably be with USAA.

Common ground is that they are membership cooperative type organizations, not banks. They are supposedly member service driven instead of profit driven.

That's our plan.

Our credit union does second mortgages only.

Mortgages are bought and sold all the time. When we bought this house in '95, we got the mortgage through a large mortgage broker. Over the next 10 years, the note was sold 4 times. That doesn't change anything. It doesn't change the terms of the contract. All we had to do was change where we sent the payments.

If you have another CU in the area that offers one, join it and use them.

When I was in the business, there was only one loan I couldn't beat and it came from a CU.

Lending tree is a sales lead generation tool that private brokers use to generate sales, caveat emptor with whoever is calling you.

I've had various mortgages over the years, FHA type loans, loans with PMI, etc.,

the best deal I received was a bundled deal with my bank I'd been with for several years. With checking, savings, a credit card and mortgage all bundled together, with them pulling the mortgage payment from my checking account - I'm getting a very good rate plus a bunch of peripheral benefits like no fees, etc for my other stuff


I went to lending tree and filled out the pre-requisite stuff, and I guess they did their job because people wouldn't leave me alone. I was getting 10-12 calls a day from lenders local and in other states. I finally had to start blocking them to leave me alone.

I wish I had taken out a 15 year loan on my first house, but I also know how tough it is when you're starting out. Seems like I bought a whole house farting around moving from place to place buying a house in each town. I didn't get serious about paying one off until I settled down.

Start checking rates at Bankrate.com. Then shop your local banks and Credit Unions USAA has deals for Vet's if you are one. Most of all be aware of any penalties for early payoff or extra payments if you run into extra cash. Lastly, don't be afraid to re-finance if you find a better rate. My Daughter has re-financed multiple times and has saved thousands. If all equal, deal locally if you can.