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mommyof3girls
LIF Adult
Member since 5/12 2773 total posts
Name:
Sue
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Mortgage Rates
Hi all, so we finally found a house and just signed the contract on Monday. We went to Chase and Wellsfargo same rate but Chase wanted 125% points charged. Should we try smaller banks?
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Posted 8/15/18 4:18 PM  |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Mortgage Rates
Yes! Shop around! We wound up using First National Bank of LI. They were annoying, but the best rate. If we didn't use them, we would have gone with Bethpage Federal Credit Union. They had very competitive rates and low fees.
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| Posted 8/15/18 4:26 PM |
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MrsE323
LIF Adolescent
Member since 12/13 530 total posts
Name:
M
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Mortgage Rates
What does 125% points charged mean? I am going through the mortgage process right now and I have not heard that term so just curious if I missed something.
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| Posted 8/15/18 10:29 PM |
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Re: Mortgage Rates
We just locked in with Chase last Friday and we’re getting back 1.25 points which is about $1100. We actually held off for 4 days before we locked in. I’m happy we did because within a matter of days the rate dropped and we no longer had to pay back points, now we’re getting back instead. Def shop around but if anything just check with chase everyday because rates can change daily.
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| Posted 8/15/18 11:29 PM |
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mommyof3girls
LIF Adult
Member since 5/12 2773 total posts
Name:
Sue
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Re: Mortgage Rates
Posted by MrsE323
What does 125% points charged mean? I am going through the mortgage process right now and I have not heard that term so just curious if I missed something.
My understanding when I asked the same question is that you will have to pay a bit more for closing cost to obtain a lower interest rate.
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| Posted 8/16/18 10:01 AM |
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mommyof3girls
LIF Adult
Member since 5/12 2773 total posts
Name:
Sue
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Re: Mortgage Rates
Posted by PrayingForBaby747
We just locked in with Chase last Friday and we’re getting back 1.25 points which is about $1100. We actually held off for 4 days before we locked in. I’m happy we did because within a matter of days the rate dropped and we no longer had to pay back points, now we’re getting back instead. Def shop around but if anything just check with chase everyday because rates can change daily.
Oh wow, I got my rates last week on Monday. Going to check again. My boss told me to stick with Wellsfargo since the rate they are giving me is good but I don't know what's considered good or not..
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| Posted 8/16/18 10:04 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Mortgage Rates
What rate did WellsFargo give you? What kind of loan? Make sure you look at the fees, too.
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| Posted 8/16/18 12:34 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Mortgage Rates
for a standard 30 year fixed rate loan, I would look at bethpage FCU, Island Federal, and some of the other credit unions. They have the best rates
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| Posted 8/16/18 1:15 PM |
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mommyof3girls
LIF Adult
Member since 5/12 2773 total posts
Name:
Sue
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Re: Mortgage Rates
Posted by NYCGirl80
What rate did WellsFargo give you? What kind of loan? Make sure you look at the fees, too.
Jumbo loan, 30yr, Fixed rate at 4.25%
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| Posted 8/16/18 2:10 PM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Mortgage Rates
Posted by mommyof3girls
Posted by NYCGirl80
What rate did WellsFargo give you? What kind of loan? Make sure you look at the fees, too.
Jumbo loan, 30yr, Fixed rate at 4.25%
Sounds like a good rate. WellsFargo is notoriously slow so it should be fine as long as you're not on a tight timeline. I would probably check out Bethpage FCU, too. They had low rates for a jumbo, 30yr fixed when we shopped around and their fees were really reasonable.
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| Posted 8/16/18 4:40 PM |
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Dolphinsbaby
My 3 little guys!
Member since 12/10 2943 total posts
Name:
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Re: Mortgage Rates
We have all our banking through Chase so we wanted to do the mortgage through them. Wells Fargo gave us a better rate. Chase asked why we we didn’t use them and we told them. They said oh ok. Didn’t even try to keep our business.
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| Posted 8/16/18 6:27 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Mortgage Rates
Here’s the best kept secret for mortgages.
Better Mortgage - ETA sorry not in NY yet
They post their rates online. So full transparency. Their rates will be lower than all the major banks. Everything is done online online, you have a portal which is typically a “to-do” list for your paperwork and you upload all that paperwork online through their portal.
Then you can see what tasks the bank is working on so you can monitor THEIR progress to make sure they are staying on the ball.
I just did a loan with them. Got the lowest rate and the process was super easy. I’ve done at least 7-8 mortgages in the past, this one was definitely the easiest.
After I closed they sold my mortgage to Wells Fargo. So I technically have a Wells Fargo Mortgage now. But I can guarantee that the rate wells advertised was a lot higher than what I got with Better.
Watch their videos online or a demo.
Message edited 8/17/2018 9:03:55 AM.
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| Posted 8/17/18 7:00 AM |
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Mortgage Rates
Yeah definitely shop around. Try M&T bank, their underwriting is teerrivlely long and they nitpick everything but at the time we bought in 2015 they got us a 3.25% no points rate! I’ve also heard good things about Wells Fargo! We have our car loan and student loan with them and they gave us very good rates on both. My current bank is BFCU and they are good! Are you part of a credit union? They tend to have better rates
Message edited 8/17/2018 7:25:16 AM.
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| Posted 8/17/18 7:24 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Mortgage Rates
Posted by ave1024
Here’s the best kept secret for mortgages.
Better Mortgage
They post their rates online. So full transparency. Their rates will be lower than all the major banks. Everything is done online online, you have a portal which is typically a “to-do” list for your paperwork and you upload all that paperwork online through their portal.
Then you can see what tasks the bank is working on so you can monitor THEIR progress to make sure they are staying on the ball.
I just did a loan with them. Got the lowest rate and the process was super easy. I’ve done at least 7-8 mortgages in the past, this one was definitely the easiest.
After I closed they sold my mortgage to Wells Fargo. So I technically have a Wells Fargo Mortgage now. But I can guarantee that the rate wells advertised was a lot higher than what I got with Better.
Watch their videos online or a demo.
says their not in NY yet
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| Posted 8/17/18 8:13 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Mortgage Rates
Posted by mommy2be716
Posted by ave1024
Here’s the best kept secret for mortgages.
Better Mortgage
They post their rates online. So full transparency. Their rates will be lower than all the major banks. Everything is done online online, you have a portal which is typically a “to-do” list for your paperwork and you upload all that paperwork online through their portal.
Then you can see what tasks the bank is working on so you can monitor THEIR progress to make sure they are staying on the ball.
I just did a loan with them. Got the lowest rate and the process was super easy. I’ve done at least 7-8 mortgages in the past, this one was definitely the easiest.
After I closed they sold my mortgage to Wells Fargo. So I technically have a Wells Fargo Mortgage now. But I can guarantee that the rate wells advertised was a lot higher than what I got with Better.
Watch their videos online or a demo.
says their not in NY yet
Wow I did not know that. I used them for a property in FL. I figured they were also in NY since many of their employees work in NY and I believe they have an office here. Oh well. I’ll edit my OP.
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| Posted 8/17/18 9:03 AM |
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mommyof3girls
LIF Adult
Member since 5/12 2773 total posts
Name:
Sue
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Re: Mortgage Rates
Posted by TwinMommyToBoys
Yeah definitely shop around. Try M&T bank, their underwriting is teerrivlely long and they nitpick everything but at the time we bought in 2015 they got us a 3.25% no points rate! I’ve also heard good things about Wells Fargo! We have our car loan and student loan with them and they gave us very good rates on both. My current bank is BFCU and they are good! Are you part of a credit union? They tend to have better rates
My husband is a manager for FedEx and they have a credit union. Been asking him to check it out but he's always too busy 
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| Posted 8/17/18 9:12 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Mortgage Rates
Posted by ave1024
Here’s the best kept secret for mortgages.
Better Mortgage - ETA sorry not in NY yet
They post their rates online. So full transparency. Their rates will be lower than all the major banks. Everything is done online online, you have a portal which is typically a “to-do” list for your paperwork and you upload all that paperwork online through their portal.
Then you can see what tasks the bank is working on so you can monitor THEIR progress to make sure they are staying on the ball.
I just did a loan with them. Got the lowest rate and the process was super easy. I’ve done at least 7-8 mortgages in the past, this one was definitely the easiest.
After I closed they sold my mortgage to Wells Fargo. So I technically have a Wells Fargo Mortgage now. But I can guarantee that the rate wells advertised was a lot higher than what I got with Better.
Watch their videos online or a demo.
They're not in NY, so it's a moot point, but all of their rates are higher than my Credit Union rates, which are also posted online. I'm sure they beat banks, but it's definitely worth looking into any one of the local Credit Unions on LI.
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| Posted 8/17/18 11:13 AM |
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Re: Mortgage Rates
DH and I both have Chase and Citibank accounts, and also have BFCU. By far the best rate we got was from Bethpage FCU (3.625% in 2016).
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| Posted 8/18/18 2:20 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Mortgage Rates
Posted by GoldenRod
They're not in NY, so it's a moot point, but all of their rates are higher than my Credit Union rates, which are also posted online. I'm sure they beat banks, but it's definitely worth looking into any one of the local Credit Unions on LI.
What credit union is posting a lower rate? I checked Teachers and NEFCU and both of them posted a higher APR. I am curious what you see because what I found with Better was cheaper than any credit union I found. I was also able to negotiate an additional $2000 in negative points off their best rate on the phone which made the deal even sweeter.
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| Posted 8/21/18 5:27 PM |
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