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The Water Cooler
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shop online for my home loan
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<blockquote data-quote="oksportsman" data-source="post: 2720161" data-attributes="member: 27661"><p>Ok, lots of questions here. I have been a mortgage lender a long time (since 1978).</p><p></p><p> 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.</p><p></p><p> Selling mortgage servicing rights does not change any aspect of your loan other than to whom you make your monthly payment.</p><p></p><p> 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.</p><p></p><p> 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. </p><p></p><p> 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</p></blockquote><p></p>
[QUOTE="oksportsman, post: 2720161, member: 27661"] 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 [/QUOTE]
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