shop online for my home loan

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dubs chops

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OK Gang,

Does anyone have any experience with the online bank loan shopping? I use bankrate to figure my payment with their amorization tool and they are always showing me loan offers from companies with what seems like excellent interest rates. Currently I have a construction loan so I am only paying the interest, But when the time comes should I let me banker who I trust to be a pretty good dude shop it for me or should I try one of these online offer places? BTW mine and my wifes credit are both good. well into the 700's
 

Defnestor

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If you have enough dirt on your banker to send to prison for a long stay, trust him, otherwise I'll bet whoever extends the loan will sell it the first chance they get. It won't make a difference who the originator is.
 

TerryMiller

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Depending on what there is available, I guess. When we sold our home near Blanchard, the couple buying it had used an online source for pre-approval. However, when it came down to be ready for closing, the online source backed out because the couple were self employed. Fortunately, our real estate agent hooked them up with a mortgage broker that got them approved pretty quick. Our closing was only delayed for one week.
 

vvvvvvv

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Definitely shop around. Keep in mind that low advertised rates are often reserved for those with 800+ scores.

Also, depending on what "well into" means, don't be surprised if the credit unions can't offer a competitive rate. It seems they do best for people with average and a little higher credit scores, but the large lenders take over for those with high credit scores.

For shopping the local banks and credit unions, you might consider a mortgage broker. Yeah, they'll take a commission or fee, but sometimes they can get you a better rate than if you'd walked in and asked. Plus, the leg work is probably worth something to you.
 

JxxxOxxxE

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When we refinanced our house a couple years ago, I tried a online "let us shop for a rate" website...The calls and emails kept coming for a couple months it seemed like....

Our credit scores were both 800+, but ended up getting the lowest rate locally...
 

1krr

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We built our own home (we were the builder) which means we had to get very familiar with mortgage financing. I'll say that from my experience, I found local credit unions to be by far superior to big banks and generally cheaper than even the local banks. Not only did my credit union write me a construction loan as an owner/builder but when it came time to move into a traditional mortgage, they had the best rate and didn't charge me huge closing fees to close both loans. Your mileage may vary but I would say it's worth shopping around starting with whoever you have your construction loan with and shopping local credit unions and banks first.
 

inactive

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If you qualify, check out a section 184 Native American housing loan. I shopped around and ended up doing that, and locally through BOK. The service was... adequate. The rates were better than anything online since it was Sec 184 (and only some lender participate in the program).

Sec 184 loans also have a lower down payment required and also... no monthly PMI :) since you buy it at closing for a really cheap lump sum payment (mine was like 2 grand).
 

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