Mortgage question

[Shiper]

Thinking about moving to a bigger house, what kind of questions should I be asking a lender? Are they all about the same? Does anyone have a recommendation? The house I'm currently in, we just went with the lender our realtor recommend but I'm sure there is a better way to go about it.

Appreciate the help fellas!

 

[_Snake_]

It’s actually really simple: find the best rate. Chances are your loan will be sold to multiple other lenders before you pay it off. Hell, my most recent one was sold twice before I made my first payment.

They’re (the lenders) honestly all the same.

 

[verbal]

This site looks like it has some pretty good advice:

https://www.thebalance.com/questions-to-ask-your-mortgage-broker-or-lender-1798464

I would shop multiple lenders / brokers. When you are ready to lock in you really need to check with multiple lenders / brokers as their rates fluctuate daily. One day one guy you are talking to has the best rate and then the next day someone else does. Incentives they offer also change. You can play one lender / broker against another to bargain for a better rate as well.

I have done several mortgages and refinances with independent brokers and the last one I did was through a regional bank with a branch lending officer. The bank was able to offer incentives that brokers did not have as well as the better rate on that day.

 

[OETKB]

It’s actually really simple: find the best rate. Chances are your loan will be sold to multiple other lenders before you pay it off. Hell, my most recent one was sold twice before I made my first payment.

They’re (the lenders) honestly all the same.

What he said ^^^

 

[BRNG ITT]

So we recently bought a house, and I was so dumbfounded by something one lender did, I immediately stopped the process and went went someone else:

When we bought my wife’s 2016 Explorer only a few months earlier, we didn’t realize it, but the loan was reported to one of the credit bureaus more than once. So the lender sent me the short list of expenses that they would have to consider during my approval process, and sure enough, the auto loan was on there twice. I instantly thought no biggie, I’ll get it situated with the credit bureau later. But then I noticed that both instances of the same loan were considered in the total debt summary. And it’s not like someone looked over this, because both outstanding loan amounts were the same down to the cent, the loan number was even on there, and there were only a couple of things listed in all. I pointed this out to my loan officer, and she said that it was policy that both instances would have to be considered since that’s how my credit report came back. Even as is, I knew this wouldn’t remotely present a problem with getting my approval, but it’s the principal of the matter that made me stop the process right then and there. Went with by usual institution (which I should have done initially) and couldn’t be happier.

So I guess I don’t have any specifics for you, just be receptive and ready to ask questions about anything that may strike you as odd when you are going through the process after you make your decision.

 

[ON D BIT]

Don't!

Don't move for bigger size. You'll only have more family dropping by that you don't want, more room to put crap you don't want nor use, more to clean pick up and to take care of.

Move because it's a better safer area. Move to be closer to work and or schools. Move because you want certain items in your house you don't currently have. I want this type of shower in my house...

 

[blownfox]

If you have kids or plan to have kids, do your research on what school/s they would be going to. That's on only reason we plan on moving in the next couple of years.

 

[Shiper]

We just need the space honestly. My wife has started 2 businesses out of our home and that chewed up a lot of space

 

[Mentos]

Lenders are somewhat the same, however some may offer extra incentives...possibly closing cost assistance.

Buying new?

What square footage are you wanting to move up to?

 

[Shiper]

I don't really have a preference as far as new vs existing, both have benefits. We are wanting to go from 1700 ish to at least 2200.

 

[ON D BIT]

So you need an office with storage. Floorplan and location are what you should look for.

 

[tistan]

I have really had some bad experiences with lenders. I'm pretty up front with them now. I want a smooth transaction and a good interest rate. I don't really care too much about the closing cost.

In the past, I have had lenders send me on wild goose chases for all kind of things. After being about 90% through the process, I deposited $2k cash in my bank account. The lender wanted me to verify where that money came from, I told them to go **** themselves if that was going to affect the loan. I bought a flip house that was just nasty, and the seller was in the process of removing the carpet. I was planning on moving a lot of walls and fixing the flow of the house, so flooring would come at a much later date. I was putting close to half the houses value for down payment. The lender tried to get me to put carpet in because "they were afraid I might default on my $100k down payment over $1200 in carpet". I told them if they can't see the stupidity in that, I would find another lender. My real estate agent, who sends a lot of people their way, laid into them for that bs and they approved the loan.