I used Quicken Loan for my latest house buy. They were pretty painless and got me a real low rate with no points
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 PMIsince you buy it at closing for a really cheap lump sum payment (mine was like 2 grand).
I looked this up, How does it work? who do I contact about it?
When I got my loan through Wells-Fargo, the lady that was with me who was signing my papers (who works for Wells-Fargo) told me that they sold her loan (she also got it through Wells-Fargo) after just one month. Since August 2012, Wells-Fargo has kept my loan, so I guess I am one of the lucky ones.
what happens when your loan is sold? Your interest rate is fixed ins't it? Aren't you just making the payment to someone else?
You basically apply like normal with a few extra paperwork steps to fill out. The mortgage banker really does all the dirty work for you. I used BOK and simply called and asked for a mortgage banker to call me back. I worked with Ethan Wagner, who was alright I guess. He was knowledgeable and got the job done. The only catch is they are supposedly a bit more strict on the underwriting (due to the insurance they provide) but I didn't any particular issue qualifying for what I requested.
The details are here: http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_housing/ih/homeownership/184 Participating lenders here: http://portal.hud.gov/huddoc/sec184lender.pdf
But again, I just called BOK and it was pretty streamlined. This isn't an endorsement for BOK. They are just who i had experience with. I wouldn't say I was like, 100% blown over by them. THey were slow to return some calls and I had to wait a bit for a firm closing date. But that said, they got it done and I closed in like 20 days after going under contract. So I wouldn't say don't use them. To be fair they also probably do more Sec 184 business than anyone else in Oklahoma, which helps.
Ok, lots of questions here. I have been a mortgage lender a long time (since 1978).
Online shopping for a mortgage may not be a wise option. Many online lenders are states away and can be difficult to deal with if you have any unusual circumstances like being self-employed. In addition, many online lenders close out of state and require funding numbers which often slow down the funding process at closing. Local banks, credit unions and locally owned mortgage bankers are your best bet. They live & work in your community. Online may or may not be the best option for any particular mortgage customer.
Selling mortgage servicing rights does not change any aspect of your loan other than to whom you make your monthly payment.
Compare both rates & fees as not all estimates are what they appear to be. Look at the APR to see the true cost of credit. You can pay points to buy down a rate but all of that is indicated within the APR as are lender origination fees and some other loan related fees considered pre-paid finance charges.
Section 184 mortgages are only available to members of federally recognized Indian tribes with tribal membership cards using 184 approved lenders. Oklahoma closes more 184 loans than any other state. Online lenders are much less likely to offer 184 loans as many states have no federally recognized tribes. They are great options for those who qualify. I have closed several for Native American tribal member home buyers.
As for getting calls for months, the major credit bureaus sell trigger leads and a mortgage inquiry is such a lead. Opt out and you can avoid those pesky calls
Online shopping for a mortgage may not be a wise option. Many online lenders are states away and can be difficult to deal with if you have any unusual circumstances like being self-employed. In addition, many online lenders close out of state and require funding numbers which often slow down the funding process at closing. Local banks, credit unions and locally owned mortgage bankers are your best bet. They live & work in your community. Online may or may not be the best option for any particular mortgage customer.
Selling mortgage servicing rights does not change any aspect of your loan other than to whom you make your monthly payment.
Compare both rates & fees as not all estimates are what they appear to be. Look at the APR to see the true cost of credit. You can pay points to buy down a rate but all of that is indicated within the APR as are lender origination fees and some other loan related fees considered pre-paid finance charges.
Section 184 mortgages are only available to members of federally recognized Indian tribes with tribal membership cards using 184 approved lenders. Oklahoma closes more 184 loans than any other state. Online lenders are much less likely to offer 184 loans as many states have no federally recognized tribes. They are great options for those who qualify. I have closed several for Native American tribal member home buyers.
As for getting calls for months, the major credit bureaus sell trigger leads and a mortgage inquiry is such a lead. Opt out and you can avoid those pesky calls
As someone who just bought a house, get your mortgage through a place that you can go visit your lender face to face and they will give you their cell phone #. I paid the pmi up front and it was worth it to me. My payments are lower and I'll save money in the long run.
I've had one in person bank mortgage and two through quicken (along with 2 refis trough quicken). I would not go with anyone else but quicken personally; simple process, friendly and available reps, electronic documentation submission, good rates, and very fast! My bank experience was a drawn out nightmare though it was eventually successful, but I don't have time to make multiple trips to the bank. I don't like people in general and anything I can do online, I do.
I prefer to do as much online as possible, but I will not apply for a loan online again if I can avoid it.
The last one I did was through Lending Tree a few years ago. Creditors keep telling me my credit score is very good (750-800); however, it seems they still don't want to give me a loan. But...they are more than happy to fill my email with spam. I got the spam cleared up, but I'll never go through that loan process again.
I do have good credit, and I have credit cards and a mortgage through other companies without any problems at all. Lending Tree; however, is "not" welcome in our house.
I keep hearing good things about quicken loans though. If I need to in the future, I may try them if I have to. I'm also with USAA, so I keep my eye on their options as well. So far they've treated me well in other areas.
The last one I did was through Lending Tree a few years ago. Creditors keep telling me my credit score is very good (750-800); however, it seems they still don't want to give me a loan. But...they are more than happy to fill my email with spam. I got the spam cleared up, but I'll never go through that loan process again.
I do have good credit, and I have credit cards and a mortgage through other companies without any problems at all. Lending Tree; however, is "not" welcome in our house.
I keep hearing good things about quicken loans though. If I need to in the future, I may try them if I have to. I'm also with USAA, so I keep my eye on their options as well. So far they've treated me well in other areas.
Last edited:
Similar threads
