Best Mortgage Rate Or Best Mortgage Lender
by Suzie from Northern New York
Excellent Customer Service or Good Interest Rate But You Don't Always Get Both... Kate, when my husband and I found our home, that was the easy part! The hard part was selecting a mortgage provider that could provide both a good interest rate and good customer service. My experience has been that you may get one, but not necessarily the other.
We first approached my husband's credit union. They were fantastic, well-organized, and more than happy to sit down with us and discuss terms and conditions.
The process went great. The application went through quickly, they had their lawyer contact ours (who happens to be my dad), and sent us a good faith estimate we could live with...but because my husband had a credit issue 5 years prior, our promised 6.0% interest rate crept up so that our final percentage rate would be 7.25%! Regrettably, we had to abandon this application process due to this hike in the interest rate.
My sister, a small business owner, had refinanced her business through a commercial mortgage brokerage firm and she recommended that we contact the same one she used which obtains quotes from multiple lenders and presents the best offer available.
I was fortunate enough to contact this company on a Sunday afternoon, and after answering the usual battery of questions; social security number, debt, income, and so forth, the company was able to return a quote to me within a matter of hours, to my surprise. The best part was that we were able to get a bit closer to our target interest rate and ended up at 6.5%.
The biggest drawback? The company was in California and we were in New York. We were able to close on our target date, however, it was only after a barrage of e-mails, faxes and telephone calls. It was a little frustrating, at times. My dad had to act as the 'closing agent' and do a HUD statement (a New York State requirement), and he encountered a lot of redundant e-mails - 22 e-mails in one day, in fact.
A few months after we closed, the mortgage broker contacted us about refinancing, and to our surprise, none of the people who had worked with us just 5 months prior were still with that firm! Thanks, Suzie
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