Home loans

Submitted by hummingbird on Mon, 01/14/2008 - 16:44

I am wondering if anyone here has used a home loan that is not local to you. Like you see advertised on tv. We have our loan with a local bank and was wondering about a better rate with someone else.Locally you know them they know you more personal. Has anyone had any experience with this?

gmakerley (not verified)

hummingbird, i have been on both ends of this equation, so to speak. i am a mortgage loan originator, located in connecticut. last year, i worked with a couple who lived in massachusetts. they bought a home in baltimore, md, and i helped them with their mortgage. they got wonderful service, if i may say so myself; and they got a very fair interest rate. could they have done better on the rate if they had locked in later on? sure, that's possible. but they got very personal service, despite the distance. we were constantly in communication by phone and email and, when necessary, the postal service.

also, i am currently working with a woman in florida who is purchasing there. she and i are also in constant contact by email and phone; and i am assured that when her purchase is complete that i will be getting a very nice letter of gratitude and recommendation.

lastly, i have tasted this for myself. when i bought my most recent home 4 years ago, i used a mortgage company i found online. i called their 800 number and had no difficulties in arranging the financing. of course, i had an advantage over most people because of my background. but overall, my experience was favorable.

for those who prefer a face along with the voice, then local is best. if you are willing to sacrifice the face to do business with someone who is not nearby but has been recommended, i think you will be fine.

you can always find me on the mortgage forum as "gmakerley."

Mon, 01/14/2008 - 17:24 Permalink

Well the face isn't that important a s a better rate .We have a revolving rate.Its awful. But if your paymeny is late ,less than 30 days, would a company such as your be quicker to forclose or whatever on you ,than a local company who knows you?Just your opinion.

Mon, 01/14/2008 - 17:33 Permalink
Anonymous (not verified)

you should find rates to be comparable no matter the lender is. a late payment doesn't push you into foreclosure. there has to be a continuing pattern of late payments. furthermore, a payment within 30 days but more than 15 days after the due date will only cost you a late charge. avoid them at all cost - it is money you need not spend - but hell has a special place for those who would begin foreclosure proceedings that quickly.

my specific answer? there is no difference in handling, in my opinion.

Mon, 01/14/2008 - 19:20 Permalink
gmakerley (not verified)

that was me, of course.

Mon, 01/14/2008 - 19:21 Permalink

Thank you all so much for your input. It gives me a whole new perspective on loans.When we took out this home loan ,we had my father in-law as a co-signer. He passed away 2 years ago this December. Would that be a factor in getting a mortgage somewhere else with a cheaper rate.

Mon, 01/14/2008 - 21:14 Permalink
Anonymous (not verified)

Hummingbird if you read this. It will have an impact on your ability if his income was what allowed you to qualify.


Sun, 06/22/2008 - 01:41 Permalink

I had mine through a local bank and then went through a company that found us a mortgage, we got a great rate, we were paying 12% now we pay 6.99% through this company. It has worked out for us, we also go a fixed rate, we would not do the flexible rate, we like what we got.

Wed, 06/25/2008 - 02:02 Permalink
Marcela (not verified)

Inquiries only cost you between 2-5 ponits and that is made up when the new account reports on your credit.Considering that 30% of your score is based on your total debt to credit ratio having another card is a good idea because it will lower that ratio as long as you pay in full every month.I have 3 cards including a Discover that I use every month for things I used to pay cash for. I always pay in full before the due date and last year they paid me almost $1,000.00 in cash back rewards for using their money for free.It also has raised my credit score over 150-ponits in the last 24-months.

Sat, 08/31/2013 - 21:17 Permalink