Mortgages - differences between companies

How much do the rates vary between different banks?

And has anyone found a particular bank's closing fees to be much less (or much higher) than the rest?

So far we have spoken to BFCU and Wells Fargo and they all seem pretty similar.

Re: Mortgages - differences between companies

IMHO the only difference is closing costs, to an extent.

You have to pay X amount in Taxes, Escrow etc no matter who you use

You have to pay the title guy. Its not a tip, its a payment for service.

And dont forget, in the end the mortgage will be sold the VERY first second to Fannie/Freddie. So in the end it makes no difference who you use. It will be sold.

I cant speak to the varying closing costs. I just have no reference.

Message edited 11/7/2012 3:04:18 PM.

Mortgages - differences between companies

not much of a difference these days.

my husband works for wells fargo, i know he has told me that with credit unions you need a CO for everything. Wells Fargo does not require them. that could be a deciding factor if you are buying a house that doesnt have proper CO's

Re: Mortgages - differences between companies

Rates are similar at most banks..but there can be differences too. It depends on the product you need (15/20/30 year, interest only, etc) and sometimes, the loan amount. Some banks can be more competitive with their rates.

Most closing costs are fixed so there's not much you can do about those.

I suggest getting quotes from a few different banks and see who offers the best rate. You can use that to your advantage- tell guy A that B is offering you .25 less..he may go lower.