LendingTree.com??

[cycloneworld]

Thanks for all of the comments. I think I'm just going to stick with Wells Fargo. I have bill pay, checking, savings, credit cards, check card, a line of credit, and my current mortgage with them. I'll push to see if they can cut me a deal since I bank with them. I'd like to see a 0.25% cut for being a good customer. I don't think that is unreasonable.

Do you have their PMA account (highest level you can get) for all of our stuff? When I bought my house, my "qualifying balance" was high enough to put me into the PMA account with no maintenance fees. There are a lot of really good perks on the PMA accounts.

 

[Cyclonepride]

I haven't recieved any Lending Tree related contact since March. No telemarketers, no Spam email, no junk snail mail. Just sayin'.

Really? I must be lucky, I requested info about three years ago, and it is just this year that I finally quit getting phone calls from mortgage companies. I still get tons of junk mail.

 

[brianhos]

Because every single person that I've talked to that has much more experience with this than I, including both my wife and my parents, co-workers, bank employees (including the one my wife works at-why would they tell my wife to go to a different bank to get a loan simply on the grounds that the bank is going to sell it) have all advised to make sure they won't sell it as they've warned that bad things can happen if your mortgage ends up in another bank's hands - such as different policies that can affect your mortgage. Plus just because a rate is locked doesn't mean it's absolutely "locked" - my dad (who is much more knowledgeable about finances than I) and I had a conversation about mortgages, and if the bank has a compelling reason to "adjust" your rate (such as interest rates go through the roof) the bank isn't just going to lose money on your mortgage...

Umm, no, they cannot just change the rates or schedules for loan. It is a contract that both parties agree to, and just because another company buys one companies contract, it does not mean they can change it. If they could all hell would break loose. They may be able to change due dates if the terms are not specified, but they cannot change the terms of the loan you signed.

But a loan getting sold may be a big pain, our loan got sold a few times, and it was a pain because the mailing address changed. And we found that out only after my one and only late fee I have ever been charged (I fought it and won).

 

[jbhtexas]

Do you have their PMA account (highest level you can get) for all of our stuff? When I bought my house, my "qualifying balance" was high enough to put me into the PMA account with no maintenance fees. There are a lot of really good perks on the PMA accounts.

I've got PMA on my home improvement loan. It doesn't seem that "perky". What kind of perks are you talking about?

 

[Ames]

Going local and/or with a small bank doesn't guarantee you they won't sell the loan. I went local and they sold the loan. But they did tell me up front they planned to sell the loan and who they'd sell it to. I checked with the bank buying the loan and they offered me a worse rate to go direct to them. It worked out well though the bank I'm with has a good online system and makes paying when I want really easy.

 

[keepngoal]

Really? I must be lucky, I requested info about three years ago, and it is just this year that I finally quit getting phone calls from mortgage companies. I still get tons of junk mail.

every company has an opt-out policy. You must be sure to not check mark or check mark depending on how the question is asked. Or, if no question is presented, it laid out in the paper work you sign stating you must make the request yourself, then just bring it up by asking about it.

-keep.

 

[HandSanitizer]

If you are looking to get 5000 phone calls and 5000 pieces of junk mail a month for the rest of your life, go for it. It seems that once you plug into Lending Tree, you are officially on everyone's telemarketing and junk mail list for eternity.

Exactly...Don't do it.

Just go to a broker in Des Moines. We used Sands Mortgage in Ankeny.
I got a 30 year fixed for 5.25% That is pretty good and it was local. The banks at the time were about 6-6.25% to give you an idea. They also gave me a 60 day lock on this rate. Pretty good stuff.

 

[herbiedoobie]

We went Lending Tree, in addition to looking local, and got a great local rate (5.00 @ 30 years, no points). The big difference was the closing costs. Lending Tree wanted around $3000 in closing costs, the local guys took, I think less than $1000.

 

[HandSanitizer]

We went Lending Tree, in addition to looking local, and got a great local rate (5.00 @ 30 years, no points). The big difference was the closing costs. Lending Tree wanted around $3000 in closing costs, the local guys took, I think less than $1000.

Local got us no points and 1000 in closing cost, but he made a mistake by telling us there was no closing cost so he waved the 1000 also.
Local also got me a guys direct cell phone link instead of dealing with the unknown. Local Broker. That is my choice.

 

[hank kingsley]

For those in the mortgage business in WDM.

We're approaching our 60 day point for completion of our home being built in WDM. Both my wife and I have 800+ credit scores. My question is does it make any difference on the size of our loan ( under jumbo )? Would the rate be better on a $300,000 vs $400,000 mortgage? What are the going rates out there?

Thanks.

 

[brianhos]

$400k mortgage in WDM... must be a nice house. What is that payment like? I can only dream of a house like that.

 

[hank kingsley]

We're building on what used to be a nine hole golf course right next to West Glenn in WDM.

Anyone know if the size of the mortgage affects what kind of deal / mortgage rate you can get? ( again, can you get a better rate at $300,000 vs $400,000? )

Thanks.

 

[brianhos]

We're building on what used to be a nine hole golf course right next to West Glenn in WDM.

Anyone know if the size of the mortgage affects what kind of deal / mortgage rate you can get? ( again, can you get a better rate at $300,000 vs $400,000? )

Thanks.

Usually no, unless you bump into the jumbo area, which increases your rate. As long as you are under a jumbo and over 100k it is usually the same rate. I saw higher rates looking at under 100k loans like I did for me refi.

 

[clones26]

yeah, stay under $417k, thats when it turns into a jumbo loan, but no you might see a difference in rate on a $100k swing because there is more risk involved, but your credit seems good enough to not matter.

 

[Cutlass]

Really? I must be lucky, I requested info about three years ago, and it is just this year that I finally quit getting phone calls from mortgage companies. I still get tons of junk mail.

Yeah, after I decided which company to use, I told any others that contacted me that I'd already got my mortgage and they stopped bothering me.

 

[troyl]

Do what you can to keep your loan amount at or below $417,000. You are talking about .75 in rate difference for loan amounts above 417,000. In fact if you needed to borrow $450,000 for example you would want to do a 1st mortgage at 417,000 and a $33,000 2nd to avoid being in a jumbo loan. Even though the rates on Helocs/2nds are usually attatched to the prime rate which is 7.50% you need to take into consideration your blended rate.
In regards to loans being sold do not let that stop you from doing business with a particular company. At closing you will be signing what is called "The Note" which outlines the terms of your loan. Any bank that purchases your loan has to honor the note. If you sign docs for a 30 year fixed a company absolutely cannot at any time adjust your rate. I hope this helps and congratulations on your purchase!

 

[Wesley]

I found WFC to be a major mortgage player over the years. Warren Buffet owns a piece. The last time I went through Residential Mortgages in Omaha which goes lower than banks normally. They sold my mortgage to US Bank. US Bank turned out fine.

With your excellent scores, I would shop around. Every one will want you.