Eventually they all get it right (with some help from local escrow officers and Realtors), but the pain may not be worth the deal you find.
Be aware that rates quoted on-line or seen on TV many times have 2 points taken off in order to give you a better interest rate. On a $150k loan that $3,000 in cash can really hurt when you pay it at closing.
You'll also find that unless the closing is table-funded, out of state lenders have their own schedule for funding, which can also cause last minute frustration.
Rates from Texas-based lenders are very competitive with the boiler room lenders (who really only want 740+ borrowers and no other credit issues). Look carefully at the TIL to see the APR of all lenders you consider. Those points will show up in the APR. Also the new GFE may be difficult for you to interpret (it's difficult for loan officers to understand, too), but compare only the fees that the lender controls, not the often underpriced insurance and taxes.
And, brokers must show their back-end (YSP) as a fee to you, while banks don't show you how much they make when they sell your loan. So, it looks like banks are cheaper than brokers. This is deceptive, especially since they usually make more on the back end than brokers do. .
Local people know the real estate taxes and local homeowner insurance rates.
Another confusion is over title insurance. The geniuses who invented the new GFE put the owner title policy as a charge to the buyer, but the seller most often pays this.
Have a blessed day!
Another fine bank is http://www.everbank.com
Its a great bank to get to know along with just home loans you can buy and invest in foreign currencies,
Another fine bank is http://www.hsbc.com
I hope you had a chance to call http://www.penfed.org or the traditional local banks such as Citi, Chase, BofA.
Hope all are going to have a wonderful long weekend.
You are free to use anyone you wish. Comparing the rates and fees of both your Realtor and Lender are important. Many Realtors and lenders are willing to work at a deep discount. Just remember the old addages "You Get What You Pay For" and "Buyer Beware". Consider the following:
The location of a home has much to do with quality of life, education, costs of travel (depending on where you work, etc). The quality and condition of a home are just a critical for many reasons (budgetary concerns utlities, upkeep, etc.) Retaining a professional Realtor that demonstrates a committment to your success by providing advise versus information and knows how to help you match needs with reality is critical.
A mortgage is no less important. It is usually the largest investment and budget item that a family ever takes on. This monthly payment and overall debt structure will potentially have an impact on your ability to save for retirement, college education, vacations and very well may have a significant impact over time on a marriage itself. Retaining a professional mortgage advisor that matches needs with realtiy is critical.
Bottomline, the event we call buying a home is best accomplished with professional advice for most. Everyone in this business can quote a rate or show you a list of homes and tell you what you want to hear. I advise that whoever you choose is committed to learning your needs, providing advice, on time closings with clarity/transparency and working seemlessly with your TEAM of advisors- nothing is done in a vacuum. Please don't hesitate to call if you have additional questions. I wish you success.
You are welcome to use any lender you want, as long as they are licensed in the state where you are buying. I always recommend that home buyers compare rates/fees for at least 2 lenders and then decide who they want to use. I also recommend that you find someone that you feel comfortable with that is competent and can get the job done.
In your case, I would also ask a new potential lender how quickly they can close a transaction. You should ask your Realtor for assistance in finding a new lender, getting the extension, and getting your house sold.
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
I have seen it where the loan officer based in California with a problem at closing... it delayed the closing DUE TO time difference & etc's by 8 hours. They had a moving truck packed on loaded had to pay the movers for all the delays and etc.
Nice have a loan officer where the closing is ALTHOUGH DFW is a huge area , Dallas mortgage brokers do drive to Plano for closings or wherever.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors