Financing in Austin>Question Details

Home owner, Real Estate Pro in Austin, TX

Is there really a difference with lenders so some one with good credit?

Asked by Home owner, Austin, TX Tue Jun 7, 2011

Optional After checkingwith a few lenders on refinace cash out. I am trying to decide between 2 lenders: Helen Payton Texas One Mortgage and Michael Everist . Does anyone have experience with either of these? All estimates are extreme similar. Why do people advise checking out various lenders? I am not seeing a lot of difference

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I recommend Michael Everist. I have no experience with Helen. Well over a decade experience with Michael. Probably the most significant thing I can tell you about Michael is that I know he does the right thing even when no one is looking.

Michael truly cares about his clients. He works on a referral basis. That means people who know him recommend him regularly.

You'll also find he tends to under-promise. He'll quote you the high end of where rates have been varying. But when it comes time to lock, if he can do better he will.

The estimates are similar because it is a bit like asking a stock broker where a price will be next week. Rates vary throughout the day. Your 9 am quote might not be good at noon. Good lenders give honest conservative estimates.

Again, Helen may be great too. I have no experience with her. I do have experience with Michael and he is the mortgage broker I trust most in that very difficult and frustrating business.
0 votes Thank Flag Link Wed Jun 8, 2011
Look Closely and be sure they are the same. Now once you are sure, see which one offers slightly better rates, tell the other lender you like them better but the other lender has just a better rate than them, can they do better, remember a quarter of a percentage can save you thousands in the long run!
0 votes Thank Flag Link Wed Jun 8, 2011
I always recommend Max Leaman with PrimeLending. His service is exceptional. My son just purchased a home and I wouldn't have recommended anyone else. You may not see a difference in charges because many of those are predetermined. The difference you are looking for is service and expertise. Those are the differences you look for in all service providers. (512) 617-5636 - 4501 Spicewood Springs Rd, Ste 1025, Austin, TX.
0 votes Thank Flag Link Wed Jun 8, 2011
Whether or not one has good credit, the key to getting the best rate/terms is to establish a relationship with at least 1 lender. The reason you got similar estimates is that you probably approached 2 lenders with whom you have no other banking/lending relationships, so they gave you their "walk-in" rates/terms.

Here's where great mortgage brokers and local/regional portfolio lenders earn their keep. After having established a rapport with a potential buyer, they could match a buyer with various rates/terms that the buyer might not have been able to negotiate on his/her/their own.
0 votes Thank Flag Link Wed Jun 8, 2011
I think it all boils down to Service. Go with a solid referral from someone you trust. And from my experience, all pricing is not the same.
0 votes Thank Flag Link Wed Jun 8, 2011
You are looking for someone that you feel comfortable with, someone that has experience and gets the job done at the interest rate and cost quoted. The Dodd Frank Act pretty much eliminated competitive shopping for the consumer. I do not know Helen, but do know Michael Everist. He is the President of the Central Texas Association of Mortgage Brokers and is truly an asset to the mortgage industry. You are in good hands with Michael.

Lea Shaw
Pulse Funding of Texas
Web Reference:
0 votes Thank Flag Link Tue Jun 7, 2011
If your lender specific fees are $650 in total or less, and your interest rate is competitive, then you're doing well.

Lender specific fees do not include an appraisal, title insurance, escrow closing agent fee, or recording fees.

Lender fees have labels like points, processing fee, underwriting fee, application fee, and are all located in the upper left hand corner of a GFE, in section 800.

Hope this helps.

0 votes Thank Flag Link Tue Jun 7, 2011
Like any big financial decision you make in life it's always best to make sure you are comfortable with your decision and you are making the best decision for yourself. You shop around because you want to find the best deal for yourself as no two loans are exactly the same so different lenders might price their risk accordingly. Hence the reason to shop around to make sure you not only get the best deal, but also the best deal for you. The lowest possible interest rate doesn't always translate into the best overall deal, but sometimes it does.

With all the recent changes implemented via the Dodd Frank & Federal Reserve Board rulings as part of the Wall Street Reform Act that went into place on 4/6/11 for the mortgage industry, you'll see alot more continuity in the way loans are priced across the board.

I'm glad your having a good experience. I don't know either Loan Officer personally, but sounds like your in capable hands.

Good luck.
0 votes Thank Flag Link Tue Jun 7, 2011
Fees, creativity and chemistry. Fees are getting closer and closer. Creativity is important - recently had 3 lenders I recommend come up empty while a 4th found a product that met the client's needs. Chemistry is good - important factor, all things equal, to like the person you are sharing so much information with. Good relationships mean more when surprises happen, and they always do with the lending side of home buying.

Good luck!
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0 votes Thank Flag Link Tue Jun 7, 2011
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