Is there anywere online to easily compare banks? We would like to purchase my husbands grandmothers house and im not sure which bank to go through. Thanks for your help!Is there anywhere to find out which bank has the best interest for a mortgage loan?
I don't know where you would go to find out which bank is offering the best mortgage... and, to be honest, I'd recommend shopping around for a credit union instead, and shopping for a mortgage through them.
By far, credit unions offer better interest rates and, for the most part, are much easier/more pleasant to work with. They exist for the customer, not the stockholder. Although many credit unions are highly specialized, you can always find the occassional local union that is willing to represent you, even if you don't ';officially'; meet their membership bill. For example, the Pentagon Federal Credit Union, which supports our military and their families, will allow a civilian to open an account if you donate something like $20 to the ';Military Families Association'; {or whatever it's called) and place $5 in one of their money market accounts. The $20 is donated to families who have lost a loved one in the service and the $5 opens the door for you to sign up for any of the benefits that the PFCU offers. So, you benefit with financial services at great rates while, at the same time, doing something benevolent for your fellow man. Also, since they represent members of the US military, who can be stationed anywhere in the world, they are internationally accessible.
There are usually credit unions for teachers, for tradesmen... just about anything you can think of. If you have the time, ask around. Talk to friends, other family members, the local store clerks... ask them if they know of credit unions in your area and what the ';membership'; requirements are.
If you can't find any other unions locally, I definitely recommend PFCU. They've been marvelous for me and my family.
Just food for thought.
Good luck!Is there anywhere to find out which bank has the best interest for a mortgage loan?
The best interest rate is not necessarily the cheapest. Remember a mortgage is a long term product. Actually you should go for the bank with the lowest cancellation fee, and or one with no penalty fee for anticipated repayment. You gain more flexibility, as your sources of income change in the future. Also you get more freedom to refinance yourself in the future if interest rates change. Banks may try to lock you in at the price of a cheap initial rate. beware of that, and go enjoy your grandmas house!
I don't know? Look on Google.
Do a Yahoo search or try www.lowermybills.com
';My bank.';
';Welcome to.... ....DERRICK's Deer, Duck -DARN
-Comedy Lounge, Restaurant,
Tavern; Dancefloor.';
www.bankrate.com
I heard you can get a better deal through a mortgage broker, not directly from a bank. Brokers have access to rates and will shop for a better rate for you. Also, the rate that a bank offers to each client will differ from client to client depending on their credit history and a type of mortgage. My husband got the best rate from HSBC bank, but again it depends on each client.
I have to agree with A Designer....screw Banks and go with Credit Unions!
At any rate--(no pun intended)--I found this helpful link from the NYS Banking Dept Website:
http://www.hsh.com/
HSH Financial Publishing Company has been in business for 26 years and it is the largest FPC in the USA (supposedly).
go to bankrate.com, they give you state by state comparisons,and tailor your needs to a local lender with no obligation, its great
your local bank usually has the best rates if your credit is good
If you go on one of the on-line mortgage finders, they will submit your preliminary financial info to several lending institutions and they will ';fight over you'; if your credit is good.
The rate (in most cases) depends on credit history and varies from situation to situation. You generaly won't know the rate until they investigate your credit ';worthiness';. Good luck!
You will have to do some research. You may have to go to each banks website and look at rates. But just an FYI... those rates don't apply to everyone. The bank or broker will have to look at your credit history, LTV (loan to value.. how much you are borrowing compared to how much the home is worth) and your debt ratio.
You may want to go through a broker. They will shop your loan with 5-6 of the best lenders.
ask the bank teller or go to there web site
try lending tree.com
The trick is to do the comparison by yourself. Here is what you need to do that:
http://www.dpbolvw.net/2a110h08x47MPNSVW鈥?/a>
Rgds
I think, the website below is exactly what you are looking for. I tried it out and all I had to do was enter my state and city, and then I was prompted with a few questions about the size of loan I needed and the type I needed and then I got a list of several mortgage companies with their interest rates and other info.
find the names of the banks in your area and check out their websites most banks are now online for customer convience and if you navigate them you can find interests rates on just about anything..or just call you local banks and ask what the interest rates are they will be more than willing to tell you
www.bankrate.com
shop around pick up the phone and call the banks and ask what the intrest rate is
There is no one bank or mortgage company able to honestly garuteed best rate, without knowing some information(ie. Credit history %26amp; score, assets, income). Also depends on the experience of person working with you, knowlege of how to structure the right loan for the client. Finding an person with integrety you can trust is the key, the best rate and the rest will be taken care of then and a good broker should not charge more than 1.5 in points. The Broker has to disclose all fees, this is a plus in my opinion, where banks do not have to by law. Therefore banks can hide profits made off of you legally. The things to keep an eye on are numerious, forms are standardized by the government.
1. Good Faith Estimate -
Line 801/802 - points/origination/discounts-this is money going to the broker or bank you pay out of pocket or from loan proceeds.
-Line 804 Credit Report (S/B less than $20, with no suplements or rescores)
-Line 808 more money to the Broker/Bank- I put here what my broker charges me if it is not cover by their split.
-Liines after 812 Question this is where junk fees can be added.
-Line below ';Total Estimated Settlement Charges'; is ';YSP TO BROKER'; This what the lender is paying the broker in rebate or yeild spread premium. if you are paying a point this should be less than .375% of the loan if their not paying any cost/fees for you.
Bottom line is a loan person becomes anxious/stressed or worst about you asking questions find someone else. If they don't have an answer at that time that can be ok as long as they know where to get the answer AND get the answer to you promptly
I also recommend this Book;
Ordinary People, Extraordinary Wealth: The 8 Secrets of How 5,000 Ordinary Americans Became Successful Investors--and How You Can Too by Ric Edelman
bank rate.com
greenlight.com
You have to shop around Banks are definitely not the best deal. This is something you normally will be paying for for a long time so get the best deal you can . One thing I have found over time is that the Banks love to take your money .
eLoan
go to the bank every sartday moring!
I like ingdirect.com
You should pick up your yellow pages, look up bank, loan company, credit union and any other institution that loans money, not payday loan sharks. Call each one up and ask. When you find three or four that have better rates than the others, you should see what you can do to negotiate a lower rate. They all can go down several percentage points and still make a killing giving you a loan.
Watch your money very carefully when these people start talking to you about points. When you negotiate a lower rate they start telling you how you can buy into a lower interest rate by buying it down with points.
I know you asked how to do it on line but it has been my experience that those rates are much higher than what I have had to pay by talking face to face with a loan officer.
Good luck
Regards
Jon
I don't know where you are but if you are in the UK then this site is a good place to start:
http://www.moneysavingexpert.com
Lots of free, impartial advice and links to different comparison tools.
The owner of the site has regular slots on BBC TV and radio.
you can find out which bank has the best ';possible rate'; but that is not the same thing as finding ';your'; best rate. For example, my bank weighs the amount of down payment, or instant equity if you purchase a home under appraisal above even your credit score. Some banks weigh mostly your credit score. Others weigh you relationship with the bank, and how well they know you. So its hard to take someone with an unknown credit history, and just have ';a best mortgage equation'; because they all figure what rate to give on different criteria.
best i found was lending tree.com
but there 1000's of others if you google it, but lending tree is the easiest.
i don't know how it works in your country but when i went for a loan of my house i whent to a indepentened advisor,becuase i had the same problem wich bank to take,he took a look at what i can affort and what kind of loan then he surge for the right bank for me.
there are some tips
the total of a loans must be not higher than one thirt of your income so you still have the money to feed and pay bills or healt care
make sure that you know how much your interrestrate can rise
read the smale print over when you not can pay so that they don't sell everything if you only miss one paymentrate
and before signing the contract go to a lawyer to see of everything is ok with it
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