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Colleen Said:

Should I apply for a mortgage with my bank, my credit union, USAA, or lending tree.com?

We Answered:

seek out a mortgage professional in your area. Rates vary by company just a bit. They also post some days 3 times or more depending on market conditions.
I am a mortgage banker in TN

Kathryn Said:

what do I do first for applying for an FHA loan do I have to get a Realtor first or a mortgage lender first.?

We Answered:

you need to talk to a lender thay perdy mutch will do every thing for you !!
a realtor is need to help you find the house but you can do it on your own. around hear using a realtor to buy a house is mostly free thay get payed by the seller of the house you buy.

Tracey Said:

Lending Tree, can it really be that cheap to get a mortgage ?

We Answered:

DO NOT USE LENDING TREE OR ANY OTHER ONLINE OR TV MORTGAGE COMPANY! There ARE hidden fees, higher rates, etc. I've never known anyone who had a good experience with any of the dot com companies. I know of someone whose loan never got funded, here they sat at the settlement table with no money, and it NEVER came through and we weren't able to reach the person in California. I know of another case where Lending Tree ran the couples credit so many times that they couldn't qualify for the loan. (They didn't have the best credit to start with, but with all the inquiries on their report, it was totally shot) Do yourself a favor and call a local mortgage lender.

Pearl Said:

Easiest mortgage lender to work with?

We Answered:

Wells Fargo was amazing for us.
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Brad Said:

If I use Lending Tree to find a home mortgage, will it ruin my credit?

We Answered:

Yes, multiple lenders will pull your credit if you use Lending Tree, but it shouldn't 'ruin' your credit.

If they all pull your credit within a short period of time, and all of them use the code to indicate it's for a mortgage, the hit won't be so bad, since credit scoring models recognize that people shopping for home loans often have multiple lenders pull your credit and account for that.

Nicole Said:

I need to refinance my mortgage next month. What questions should I ask the lender to get the best deal?

We Answered:

Hello Aunt Fanny,

You are on the right track with the few questions you have asked here..

In a refinance transaction, you do not need to have any money down... All closing costs will be rolled into the loan itself..

As for paying points.. You do not need to pay points.. It makes no sense to pay points in a refinance loan.. If you have a broker trying to charge points, they are simply overcharging you to make a profit..

As for closing costs, there are a few third party companies that have charges that cannot be wiaved to complete a refinance.. These include title charges, appraisal, closing, processing, and underwriting... These are all tasks preformed by anb outside organization and are a necessity to complete a transaction...

Other fee;s that can be charged are origination and broker fee's.. Typically these fee's can range anywhere from $1000, to $5000 depending on your loan size..

My company on the other hand only charges a $500 administration fee. there are no broker fee's or origination fee's...

as for the sentence you wrote "i have a fixed rate that is going flexible next month" just so you know, this means you have an adjustable rate mortgage, or ARM... You have a fixed period (2-7 years) and then it adjusts..

If your rate is about to adjust, you want to act now before your rate sky rockets.. If you plan to live in this home for the rest of your life, i would suggest you get a FIXED rate this time around.. If you plan to move in less then 7 years, then it will be better for you to get an ARM..(They are lower then a fixed rate, but only smart if you plan to sell or refi before the adjustment point)

As for what you qualify for, with a credit score of 740, as long as your other qualifying factors are okay (income, reserves, equity) then you will qualify for a "conforming interest rate" or in other words, A+ paper... You have a very good credit score so you will qualify for a good interest rate.. (probably around 6.125 - 6.5%) (just estimating, it could be lower depending on your factors)

And last but not least, i want to tell you a little bit about "Lending Tree" Just to let you know lending tree is not a mortgae lender... I know their commercials make it seem that way, but what they do is act as a lead generator... You submit information online, or by phone, and lending tree then sells it to 4-5 mortgage companies..

Now one might think it is smart to have 4-5 companies look at their credit and give them an analisys... Unfortunately, THIS CAN BE DETRAMENTAL TO YOUR CREDIT SCORE...

What i mean by that is every single time you have a mortgage company look at your creidit, it creates what is called an "inquiry" Every time you get another credit pull, or inquitry, your creidt score drops..(sometimes as much as 2-3 points) This is the last thing you wnat to happen.. Every point you lose on your credit could mean thousands of dollars more you spend in interest!!

What i always suggest is that you work with a single lender that is "partnered with multiple investors"..

My company for instance is licensed and partnered with 42 spereate lending institutioins.. We pull ONE credit report, and then shop among our investors with the "one single report"

By doing it this way, i can find for you which lender is willing to giv eyou the lowest rate and fee's, and the best possible mortgage solution for you...

This is the whole idea behing being a mortgage advisor.. Its no different then real estate agent who assists you in finding the best home, or a financial planner, who assists you on where and how to invest your money...

From experience in working with Lendng tree in the past, it is more of a hassle then it is a convenience.. The last thing you wnat is 4-5 mortgae companies hounding you, and more importantly having multiple companies pull your credit....Not a good idea for any consumer...

So, i hope ive answered your questions thoroughly, if i havent, or you have any more, i am available at all times to answer anyting else...I ahve helped alot of people from this site both refinance a mortgage, and also purchase a new homw.. I take pride in knowing that i can help people in need of answers both make a educated decision, and offer assistance with the financing side of the loan...

Feel free to call or email me at any time!!

Good luck!

Jason Fry
Licesned Mortgage Advisor
Providential Bancorp
jasonf@providential.com
312-550-5583