Question Details

Shanna, Home Buyer in Alabama

Online lender or in person? Does one save more money? Do you recommend any certain online lenders?

Asked by Shanna, Alabama Mon Mar 24, 2008

We are getting GFE from everyone we can. It's amazing the differences in fees! What is negotiable? We are looking at a $200,000 loan in Alabama using a VA loan if that matters. We also have excellent credit. Thanks!

Help the community by answering this question:

Answers

5
check with this website first

http://www.mortgagegraveyard.com

to make sure they are still in business

mortgage companies dropping like flies.
0 votes Thank Flag Link Mon Mar 24, 2008
Beware of online mtgs. Guidelines have changed tremendously and it is best to speak to a person with a reputable company. Don't be fooled by low advertised rates. Everyone is using the same money and therefore it is better to speak to someone that gives you the accurate info up front and not at closing when you have no chance to back out.
0 votes Thank Flag Link Mon Mar 24, 2008
In my experience...fees are negotiable as well as rates...let each lender know that you are comparing and tell them what you have found with other lenders...see if they can beat it. I recently worked with a buyer that did just that and I was amazed at what he was able to get in rates. Points were knocked off too. Good luck.
0 votes Thank Flag Link Mon Mar 24, 2008
The answer is in comparison. Always compare apples with apples. Check "Good Faith Estimates" to see what costs of the loan each lender may charge. Rates can vary too. Always do comparison shopping whether on line or in your local community. Marilyn Hardison, Star Properties/GMAC Real Estate. McAllen, Texas.
0 votes Thank Flag Link Mon Mar 24, 2008
Having been a broker for some time and now being a direct online lender, I'm somewhat partial to finding a good direct online lender.

I have a couple of scenarios for you to compare:

5% Down - Conforming (lender paid MI)
Loan Amount: $190,000.00 State: AL
Purchase Price: $200,000.00 Property Type: SINGLE
Interest Rate: 6.750% Property Use: HOME
APR: 6.823% Loan Purpose: Purchase
Product: 30 Year Fixed Documentation: FULL
Guaranteed Lender Fees $1,412.50

3% Down FHA
Loan Amount: $196,910.00 State: AL
Purchase Price: $200,000.00 Property Type: SINGLE
Interest Rate: 6.375% Property Use: HOME
APR: 6.846% Loan Purpose: Purchase
Product: 30 Year Fixed Documentation: FULL
Guaranteed Lender Fees $1,918.00
0 votes Thank Flag Link Mon Mar 24, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer