If you could sit behind your Uncle who had been working in the mortgae industry for the past ten years and watch him shop online for mortgage rates - do you think that would help you decide who to trust with your purchase mortgage or refinance mortgage?  Think it could save you some time and headache?

 

 Well I am not your Uncle, but I was prompted by some ribbing from a family member at a gathering to see what the "lay of the land" was for current mortgage rates.  I had helped him in the past with a mortgage, but it was clear he thought that I, as a small, independent mortgage company, could not compete with the deal offered him by Quicken.  This had me steaming on an otherwise perfectly good Sunday, so I figured I would let my paranoia check do some good for the greater cause.  I am not sure but what I hope is that these links will be able to be used on whatever day you happen to be shopping for a home mortgage loan, and will help save you some time no matter what day you read this.  But these notes were all taken from these various websites on the very same day, so this is a "real time" comparison.  All done the very next day after that otherwise glorious Sunday. :-)

 

Many people are untrusting of mortgage companies online, typically for good reason.  Unfortunately mortgage companies have a variety of ways they can sell the same thing, and it can be made very confusing to the consumer just who has the best mortgage rates.  Sometimes the best mortgage rate does not equal the best home mortgage for you.  These are notes that I took in surveying the most popular mortgage companies you might consider when taking out a purchase or refinance mortgage for yourself.  I have also included some contact information for real professionals at some of the biggest companies around.   Unfortunately, even the best companies have employees they are in the process of firing, and you may not know until they botch your deal that they are incompetent.....if there is a phone number here for a "real person" - use it rather than going through a phone tree....you will be glad you did....I'll also throw in a link for a list of anything you could need a mortgage calculator for.  Best of Luck!!

 

 Craig Garcia

 Wholesale Mortgage Rates

 Looks like Wells Fargo is approx the same...APR very close....will pull up assumptions now...

 interest rates not too apparent on Countrywide's site....

30 Year Fixed (30 year loan)                 Questions: Call 1-888-533-5333
	No Upfront Cash Outlay	Interest Rate	Points or Credit*	Payment	APR	Prepay Penalty	Closing Costs	Loan Details	Compare these loans
Apply Now	Savings	5.125%	2.888%	$1,089	5.429%	No	View	View
Apply Now	Savings	5.375%	1.688%	$1,120	5.572%	No	View	View
Apply Now	Savings	5.625%	0.925%	$1,151	5.755%	No	View	View
Apply Now	Savings	6.125%	No Points $264 Credit	$1,215	6.172%	No	View

 Eloan not quite as good as some we have already looked at..but really right in line with Quicken, etc..5.625% with slightly less than one point...

 Ditech...low rate...higher fees...lets see if we can dig a little deeper....

First Mortgage Assumptions

• Annual Percentage Rate (APR) calculations assume single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than 90%; a minimum Credit score of 731; and an original principal loan balance (for a conforming loan) from $251,000 to $417,000, unless otherwise specified.
• APR assumes 15 days prepaid interest.
• Annual Percentage Rate (APR) calculations assume no subordinate financing and that the borrower will provide full income documentation.
• Monthly Payment per $1,000 and Monthly Payment calculations include principal and interest ONLY. PMI (Private Mortgage Insurance), hazard insurance, property taxes, state taxes, mortgage taxes, homeowner's association dues, and any other recurring costs are not included.
• In a refinance transaction, ditech.com does not pay any reconveyance fees that are charged by the borrower's existing lender for the reconveyance of the deed of trust. This includes but is not limited to reconveyance, demand and recording fees.
• Rates are subject to change without notice.
• Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
• Restrictions may apply.
• Subject to underwriter approval; not all applicants will be approved.
• Fees and charges apply.
• Taxes and insurance are extra.
• On refinance transactions, the Annual Percentage Rate (APR) calculations assume a rate and term refinance.
• Available first mortgage rates and fees may vary depending on your property's location.

 Doesn't tell us much....looks like there are other standard and customary fees....if it was a no closing cost loan they woulod be touting this loudly...so 5.125% with 2 points is about the same as 5.625% with no points....better than some we have seen....

30 Year Fixed Rate	Show All Options
Rate	Points	Premium	APR	Payment	Closing Fees	Total Cost	Apply
6.125%	0.125%	$0.00	6.200%	$1,215.22	$4,865.00
6.250%	0.000%	$250.00	6.314%	$1,231.43	$4,365.00
6.375%	0.000%	$500.00	6.439%	$1,247.74	$4,115.00

 Citibank....nothing special here it doesn't seem....

This is Quicken Loans site information - Popular Florida Mortgages

Mortgage	Rate	APR	Payment
5-Year ARM I/O	5.125%	5.573%	$641
Interest-Only 30-Year Fixed	6.000%	6.216%	$750
30-Year Fixed	5.625%	5.849%	$863

 Your Loan Amount:

Payment is based on an average Florida loan amount of $175,000. You can customize your loan amount above.

 This is the information I find on Quicken Loans website for current interest rates as of 2:45 EST on January 28th.  I go further to chat with a representative and inquire as to what fees I would have to pay to get the above mentioned rates.  I did a screen shot of that chat session which reveals a non-comittal answer of "should be less than one point".....so 5.625% 30 yr fixed with Quicken...with something less than 1 point perhaps... will need to post screen shot in separate place....cannot figure out how to imbed it in this notebook.

 

 

 Well - this is my website...as opposed to the big players in the industry, we are among many small and medium sized operators who work with the Wholesale divisons of major banks, mortgage companies, and lending institutions.  It really is possible to get a good deal from a small firm, who does not have all of the overhead that the big boys do...of course you can get a raw deal too...depends on who you deal with....to try and make comfortable people who are used to dealing with the big players, we do offer guarantees on our service and closing costs....we may not be alone in this regard, but certinaly we are in the minority.  We try to treat people right.   I'll will periodically update this to see where the market is and I will repost...Check us out anytime at Florida Mortgage or shoot me an email at Email Craig...do my best to get back to you in a timely manner.  Best of luck..

 

 I would have to say after doing the research here...Bank of America appears to have the most competitive deal posted from among the big companies I reviewed today... but hopefully I shed some light on the fact that a small company can give you a really good deal - often better than the big boys who are spending billions to advertise and need to pay for it somehow....

 

My company is also able to do no closing cost loans,  and the only time I would think we would be at a disadvantage would be on a smaller loan.  Otherwise we are right there as well.  We have the added benefit of not being tied in to just Bank of america's programs...if you really want to work with Bank of America I would not contact your local branch...there are a lot of inexperienced people working in these branches and I have seen customers waste several weeks waiting for an approval on a loan that simply had no shot at getting approved.  Lisa Matthews is a competent person there, who knows what she is doing.  561-906-3538 is how you can contact her.  Otherwise my name is Craig Garcia, my company is Bridge Capital Lending, LLC and my staff and I are comitted to giving you a fantastic mortgage deal with great service.  We can be reached at 877-8GO-GREEN.  or 877-847-4733.   All the best.