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Thread: Mortgage Rates

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    Mortgage Rates

    Who has the best rates in the Des Moines area, for a new home purchase? Looking at 30 year conventianal with 20% down payment. Anyone ever use AimLoan before?



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    Re: Mortgage Rates

    Honestly, I would go to the major banks like Wells or Bank of America. You might be looking for a good rate, but if you have 20% down the big banks will bargain down as well.



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    Re: Mortgage Rates

    Quote Originally Posted by BooneCy View Post
    Honestly, I would go to the major banks like Wells or Bank of America. You might be looking for a good rate, but if you have 20% down the big banks will bargain down as well.
    What is the benefit of a larger bank? Will they push paperwork through quicker? What would be an advantage to have them over a credit union, or something?

    Will they really bargain on the rate? AimLoan is cheaper, will US bank or Wells Fargo really meet that?



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    Re: Mortgage Rates

    Not sure if a lot of smaller banks are this way but I got mine thru Community Choice Credit Union and they sold my mortgage to USBank.
    Now the communication/payments go thru Owensboro, KY.
    No big deal to me really, just more of a FYI.



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    Re: Mortgage Rates

    UICCU in Grinnell is at 3.5%. They travelled to Ames to do my closing. I know they travel to Des Moines as well.
    http://uiccu.mortgagewebcenter.com/Default.asp?bhcp=1



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    Re: Mortgage Rates

    Quote Originally Posted by cychosis View Post
    UICCU in Grinnell is at 3.5%. They travelled to Ames to do my closing. I know they travel to Des Moines as well.
    http://uiccu.mortgagewebcenter.com/Default.asp?bhcp=1
    That's a good rate. Most banks at 3.875% in Des Moines.



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    Re: Mortgage Rates

    They will bargain down on the rate...especially if you are bringing 20% down. However, since you are bringing the 20%, Credit Unions are much more interested in dealing with you. So, if you have access to a credit union, which most do, I would certainly look into that option because they will normally carry good rates.

    The only thing I don't like about the smaller (internet mortgage companies) is the fees during the process and the lack of contact during fulfillment. Essentially, the servicing of the loan will be done by a larger bank, so I don't worry about that with the smaller companies like a Quicken or this AimLoan.

    I don't know who AimLoan is, so I guess if you are thorough in reading through the contract and question why they would have a lower rate than some of the more established banks then proceed at your discretion. But, you have to admit there should be a question.



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    Re: Mortgage Rates

    Quote Originally Posted by BooneCy View Post
    They will bargain down on the rate...especially if you are bringing 20% down. However, since you are bringing the 20%, Credit Unions are much more interested in dealing with you. So, if you have access to a credit union, which most do, I would certainly look into that option because they will normally carry good rates.

    The only thing I don't like about the smaller (internet mortgage companies) is the fees during the process and the lack of contact during fulfillment. Essentially, the servicing of the loan will be done by a larger bank, so I don't worry about that with the smaller companies like a Quicken or this AimLoan.

    I don't know who AimLoan is, so I guess if you are thorough in reading through the contract and question why they would have a lower rate than some of the more established banks then proceed at your discretion. But, you have to admit there should be a question.
    Yeah I would like to stay with someone local for the servicing.



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    Re: Mortgage Rates

    Quote Originally Posted by BloodyBuddy View Post
    Yeah I would like to stay with someone local for the servicing.
    First Federal had the lowest rates of anybody when I called around to refinance last year and the year before. Have you checked with them?



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    Re: Mortgage Rates

    My wife and I are refiancing through West Bank right now. We got a 20-year note @ 3.625%. They have several branches in the Des Moines area.



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    Re: Mortgage Rates

    Quote Originally Posted by JRCampy View Post
    My wife and I are refiancing through West Bank right now. We got a 20-year note @ 3.625%. They have several branches in the Des Moines area.
    Can get a 30 year at that rate at Community Choice Credit Union.



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    Re: Mortgage Rates

    Check out BNC National Bank out of Kansas City. Best rate and lowest fees that I could find anywhere.



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    Re: Mortgage Rates

    Quote Originally Posted by cychosis View Post
    UICCU in Grinnell is at 3.5%. They travelled to Ames to do my closing. I know they travel to Des Moines as well.
    http://uiccu.mortgagewebcenter.com/Default.asp?bhcp=1
    This is the best I have found so far.

    3.5%
    3.529% APR
    No Points
    $1404 Closing Costs


    Last edited by BloodyBuddy; 05-29-2012 at 01:02 PM.

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    Re: Mortgage Rates

    Quote Originally Posted by BloodyBuddy View Post
    This is the best I have found so far.

    3.5%
    3.529% APR
    No Points
    $1404 Closing Costs
    Is this a Credit Union?

    I would say do it. You won't find much better.



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    Re: Mortgage Rates

    Quote Originally Posted by BooneCy View Post
    Is this a Credit Union?

    I would say do it. You won't find much better.

    University of Iowa Community Credit Union....That might be a bad Omen.



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