Help negotiating with mortgage lenders

[jonce17]

About to finish a home build and will soon be turning the hard money loan into a conventional mortgage. I'm talking to a couple lenders and am having trouble comparing apples to apples to determine the best deal.

What kind of estimate should I ask for?

[justlearning]

Well a lot of factors,  your credit score, down payment, current debts  but first you get an estimate from one lender say 30 year conventional mortgage, x amount down payment with x interest rate, and  x amount lender fees then you compare the first quote with the other lenders see which one is giving you best deal.

Also finding good loan officer is also important so they make sure everything goes smooth. If you have Costco membership you can get quote from the lenders they work with Costco they usually have lower lender fees and competitive interest rates.

We recently worked with this lender loan officer, she was pretty good. Everything was done online pretty much.
https://www.zillow.com/lender-profile/CountOnCash/

This web site pretty good in general mortgage information:
https://themortgagereports.com

 

 

 

[jhwkr542]

That's the hardest part of comparing offers.  Pay attention to closing costs because they make a big difference.  When all else fails, run the total cost of the loan out to maturity to get a bottom dollar price, making sure to include closing costs.  Additionally, all closing cost estimates will include insurance and taxes, which are out of control of the bank.  They're also pretty variable, so either take these values out or control for them by making them equal.  When we financed our new construction home mortgage, I applied to around 10 different lenders.  Do your legwork to get the best deal.

[Hank]

We refinanced a few properties with First Choice Loans through Costco.  Pretty pleased with the experience.  We also worked with Schwab back before they affiliated with Quicken Loans.