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Which bank for a mortgage?

Discussion in 'Off-Topic Discussion' started by DCGirl, Jul 8, 2012.

  1. Jul 8, 2012 at 1:31 PM
    #1
    DCGirl

    DCGirl [OP] Well-Known Member

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    I am considering getting a condo and was debating on which bank to use. I am waiting on Navy Federal but don't think they will give me higher than a 41% back end ratio. I need a 45% back end to get a place in a decent area. I am pretty paranoid about using one of the big banks but wanted to know if anybody out there had experience with them like Bank of America, Wells Fargo, Chase. Most of the condo's I am considering seem to be short sales.
     
  2. Jul 8, 2012 at 1:38 PM
    #2
    Chipskip

    Chipskip N7MCS

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    Have you talked to USAA?
     
  3. Jul 8, 2012 at 1:39 PM
    #3
    wildjerseyfirefighter

    wildjerseyfirefighter I sell fishing and fishing accessories

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  4. Jul 8, 2012 at 1:57 PM
    #4
    DCGirl

    DCGirl [OP] Well-Known Member

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    Considering it. Any idea how long it would take for a pre-approval from them?
     
  5. Jul 8, 2012 at 2:02 PM
    #5
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    Bank of Montreal
     
  6. Jul 8, 2012 at 2:54 PM
    #6
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    When I bought my house, just used the bank the realtor recommended.

    Check with your friends/co-workers and see who they have used.
     
  7. Jul 8, 2012 at 3:03 PM
    #7
    jsmarine

    jsmarine Well-Known Member

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    I am in the process of buying a house right now, and I am using USAA. The preapproval was easy, you can do it online and have any answer within minutes.
     
  8. Jul 8, 2012 at 3:30 PM
    #8
    Bobbb

    Bobbb "Rumors of Bob, but never Bob. It is Bob, right?"

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    I concur. My pre-approval with USAA literally took less than 10 minutes. One thing to take note of with them, if you do finance through USAA, don't expect the loan to stay with them. By the time mine was final, it was owned by US Bank. My buddy did a refi at the same time through USAA and his ended up at GMAC/Ally. Seems they were doing nothing more than acting as a clearinghouse rather than an actual loaning agency.
     
  9. Jul 8, 2012 at 4:45 PM
    #9
    BuckNakedBooda

    BuckNakedBooda There's no place like 127.0.0.1

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    Have you considered using www.lendingtree.com ? I have refinanced with them 3 times. The first 2 times went thru Bank of Kansas City then the last time (March 2012) went thru Lending Tree. Before closing they did punt me to Wells Fargo. The process with them is extremely painless.....
     
  10. Jul 8, 2012 at 4:47 PM
    #10
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    How long is the ammortization on a typical US mortgage ?
     
  11. Jul 8, 2012 at 4:49 PM
    #11
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    Most banks sell their mortgages. Mine ended up with US Bank as well.
     
  12. Jul 8, 2012 at 4:49 PM
    #12
    Chipskip

    Chipskip N7MCS

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    I bought my house with USAA, per-approval was easy and fast. The seller's realtor saw I was with USAA and told the seller not to let me get away. My realtor said it was the smoothest process he had ever seen.
     
  13. Jul 8, 2012 at 4:51 PM
    #13
    Fink

    Fink Motorboatin' SOB

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    The mortgage company I work for has a branch in San Diego but we can lend in all states.

    I'll PM you the e-mail address for the Branch Manager there. Tell her I sent you and be sure to reply with your name so I can let her know you'll be contacting her.

    Fink[​IMG]
     
  14. Jul 8, 2012 at 4:53 PM
    #14
    DigB

    DigB Go Jets GO!!!!!!

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    I think they are measured in generations not years...
     
  15. Jul 8, 2012 at 5:03 PM
    #15
    DCGirl

    DCGirl [OP] Well-Known Member

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    No I had not but. Always thought of them as lending to people with bad credit, bankruptcy, etc.
     
  16. Jul 8, 2012 at 5:08 PM
    #16
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    Thanks

    What's an average rate for the 30 years ?
     
  17. Jul 8, 2012 at 5:09 PM
    #17
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    Pretty decent at the moment.... just looked and got 3.99%
     
  18. Jul 8, 2012 at 5:12 PM
    #18
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    Thanks to you both

    I find the US system of mortgages facinating as it is so different from here .

    In Canada the maximum ammortization is 25 years and your payment of that is broken up into terms of generally 1-5 years , 7 and 10 years being rare
     
  19. Jul 8, 2012 at 5:26 PM
    #19
    Fink

    Fink Motorboatin' SOB

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    That's really how it should be done.

    The others are right about going with the 15 year Notes - much smarter in the long run.

    Fink[​IMG]
     
  20. Jul 8, 2012 at 5:26 PM
    #20
    Saskquatch11

    Saskquatch11 TRUCK YEAH

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    I locked in at 3.69% for 5 years in 2009 when I bought my condo. in 2014 when the term is up for renewal I can either lock in for another 1-5 years at whatever rate they offer or go with variable rate.
     
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