Is it better to apply for a mortgage through a big bank or just a strict mortgage place? I want to start shopping around for my first home and any advice for a first time buyer is appreciated. Sorry to derail the thread.
If you're buying used then shop around and start at a credit union. If a new build the builder should have a list of preferred lenders who likely will waive a lot of the upfront fees.
Usually the banks have the worst rates. Nationstar is a preferred lender in Texas(rate wise). If you need assistance let me know.
I bought a house a few months back. Wish I would have gone with BBVA as they had a pretty unique first time buyers program.
You can get a general idea from those websites, but if you're getting serious, you need to nail down a mortgage broker, run through the motions, and get him/her to tell you what rate you'll qualify for based on your credit rate, down payment, debt-to-asset ratios, etc.
I tried a mortgage broker along with 2 credit unions and 2 banks (BoA and Wells Fargo), and out of those 5 one of the credit unions had the best rate - JSCFCU @ 3.25%. BoA actually turned me down, but I think the guy I was talking to on the phone just ran the numbers wrong. The others were around 3.75 or 4. The mortgage broker had very low fees and would have been the best option had I only planned on living there for 5 years or less, but outside of being relocated by my employer I anticipated living in the house for at least 10 years. This was back around March.
They do a "soft" credit run on you which doesn't hurt your credit. Or at least that's what I was told.
check out Julia hardy at WR Starkey in Houston....they are a brokerage firm...I refinanced my house to 15 years at 2.8%...however, this was back in sept 2012. good luck...
