If I’m applying for home loan; How many quotes should I get?
Thursday, January 21st, 2010 at
11:48 pm
shadow342 asked:
If I’m applying for home loan; How many quotes should I get?
I’m applying for a conventional home loan under $200k and wells fargo game me an interest rate of around 6.35 on a 30yr. fixed. I’m putting 20% down. Could Bank of America give me a better rate ?
If I’m applying for home loan; How many quotes should I get?
I’m applying for a conventional home loan under $200k and wells fargo game me an interest rate of around 6.35 on a 30yr. fixed. I’m putting 20% down. Could Bank of America give me a better rate ?
I’m considering getting a quote from
BofA and Citibank
Any advice?
Tagged with: Conventional Home Loan • Interest Rate • Loan Quotes
Filed under: Credit
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Get a quote from as many places as possible, even independent brokers.
Don’t restrict yourself to just BoA, Citi or Wells-Fargo.
It is great to get as many quotes as you can, however my advice is for you to stick with known lenders, such as the ones you mentioned, DO NOT apply for a loan with a broker or a company off the internet. Most times, with the internet loans, borrowers are slapped with huge fees when they received their closing docs in the mail, brokers charge their own fees on top of the regular mortgage costs.
So your best bet is to deal with known banks/ lenders. A good rule of thumb is the following: your loan officer should have a face and an office, and you should be able to get a hold of them when you need to. If your loan officer is just a voice over the phone and you never meet them, I would be very cautious.
Good luck to you, the rate you were quoted is great.