How do I find the best deal on a mortgage?

Asked by Halley S., New York, NY Mon Apr 23, 2007

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Baldwin coll…, Both Buyer And Seller, New York, NY
Sat Aug 16, 2014
Hello, Kindly send an executive summary of funding you need to email: collins_baldwin@yahoo . com for further processing
Baldwin Collins
FHA certified lenders
0 votes
Lloyd Pittman, Agent, Novato, CA
Fri Aug 15, 2014
The best way to get the best deal is to find the best lender(s) in your area. Talk to friends that have purchased or refinanced. Ask your Realtor who they recommend. Ultimately the job of comparing/shopping is up to you. Once you have a proposal call another source like Provident Funding or Quicken. I know many use online services but unless you have a recommendation there is a lot of bait and switch. As I said your best way is the old fashioned way ask a friend.
0 votes
The Stephen…, Agent, Portland, OR
Tue May 27, 2014
I recommend checking with your local credit union or working with a direct lender (sort of like a broker, but a broker company that funds its own loans). I typically tell my clients to stay away from the big banks, it isn't just their rates that can be bad, but often the customer service is terrible.
0 votes
James Hwang, Agent, Mission Viejo, CA
Tue May 27, 2014
To get the best deal on your new mortgage, I highly recommend that you shop around to like 3 different places. Typically, the banks like Chase, Wells Fargo, B of A are what's considered A-paper lenders and they only lend to people with 700 credit or better. In my personal experiences, the banks usually has one of the lowest rates for borrowers with great credit and also the closing costs are usually much less than going through a middleman (Broker). Brokers can usually get you higher loan amounts than the large A-paper lenders like Chase. The interest rate typically a little higher when you go through a broker. Not substantial difference but definitely higher and the closing costs seems to be more than going straight to a local bank.
Get a quote from at least 3 different places and ask for a GFE. Good Faith Estimates is something that every lender is going to ask for to compare the cost of their competitors. Every bank or broker should provide you with a copy of the GFE so that you can see what your closing costs will be like at the time of closing.
What you don't want to do is go and try to get quotes from 10-20 different places since every one of those places will run your credit at one point and having your credit ran that many times in short period of time will drive your score down so it's not recommended that you just let loose and let every single brokers run your credit while trying to shop around.

I hope this was helpful to you and good luck with your search.
0 votes
irv Steinman, , Beverly Hills, CA
Tue May 27, 2014
I need to know what price range you are looking at and that will tell me how much down payment and allow me to look at several lenders to get you the best possible rate and terms
0 votes
Sylvia Barry,…, Agent, Marin, CA
Sat May 12, 2007
Comparison Shop is always the key. But, the best deal also means a reputable mortgage broker who will deliver what he/she promises and who will give you the 'best' not only in terms of your immediate needs (getting the house), but also the deal that fits your long term goals. Get referrals from your friends or families. If you have a trusted Realtor, he/she should have a team of reputable mortgage brokers they work with, ask them if they have somebody to recommend. If you need help, just give me a call.....
0 votes
Lorena Garba…, , Novato, CA
Mon Apr 23, 2007
Working with me means, working with my team of lenders. I will connect you with the right person for the job at hand.
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