Posted: 12/8/2014 12:17:09 PM EDT
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Hey guys,
Getting close to purchasing my first house and all of the sudden I was like: "Why have I only looked at my bank for a mortgage if I can get a better rate elsewhere?" Question is this: do I just call random other banks and start asking what type of rate they can give me? Is it worth trying to contact a mortgage broker and what fees are associated with them? Any first time home buying input is appreciated. |
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I definitely suggest shopping around for a mortgage. The only real comparison between different options is a "good faith estimate" or at least a preliminary one (they are required to provide the real GFE 3 days prior to closing). This will allow you to compare the bottom line. Fees, points, etc. can all be played around with.
I've purchased two homes and refinanced one with a mortgage broker. He beat several comparisons each time including other brokers and direct from banks. You will likely need to submit all your financial info to some of these brokers so that they can provide you with a preliminary GFE. This is a pain and likely the reason most people do not shop around. |
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Quoted:
Thanks for the input. Any of your purchases/refinances been recently? What type of rate should I expect? The last estimate I was given by my bank was in the neighborhood of 4.25'ish. I hope to close before the end of the year. I was given a rate of 3.125. |
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Quoted:
I hope to close before the end of the year. I was given a rate of 3.125. Quoted:
Quoted:
Thanks for the input. Any of your purchases/refinances been recently? What type of rate should I expect? The last estimate I was given by my bank was in the neighborhood of 4.25'ish. I hope to close before the end of the year. I was given a rate of 3.125. 15 year fixed? |
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Quoted:
15 year fixed? Quoted:
Quoted:
Quoted:
Thanks for the input. Any of your purchases/refinances been recently? What type of rate should I expect? The last estimate I was given by my bank was in the neighborhood of 4.25'ish. I hope to close before the end of the year. I was given a rate of 3.125. 15 year fixed? Yes. |