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Mortgage

Posted By Message

BaysideForever
LIF Adult

Member since 1/11

9613 total posts

Name:

Mortgage

What bank/company do you recommend using for a mortgage?

Posted 1/2/19 10:07 AM
 
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FirstMate
My lil cowboy

Member since 10/10

6605 total posts

Name:

Re: Mortgage

I do closings fairly regularly and I always find the credit unions to be the best to work with for everyone. The mortgages are done very efficiently. I tend to like Bethpage the best but Teacher's is great too. I would also say to stay away from Chase.

Posted 1/2/19 12:10 PM
 

b2b777
LIF Adult

Member since 9/09

4354 total posts

Name:

Re: Mortgage

I highly recommend Bethpage!

Posted 1/2/19 12:17 PM
 

BaysideForever
LIF Adult

Member since 1/11

9613 total posts

Name:

Re: Mortgage

Posted by FirstMate

I do closings fairly regularly and I always find the credit unions to be the best to work with for everyone. The mortgages are done very efficiently. I tend to like Bethpage the best but Teacher's is great too. I would also say to stay away from Chase.



why stay away from chase? they were #1 on my list lol

Posted 1/2/19 1:09 PM
 

FirstMate
My lil cowboy

Member since 10/10

6605 total posts

Name:

Re: Mortgage

Posted by BaysideForever

Posted by FirstMate

I do closings fairly regularly and I always find the credit unions to be the best to work with for everyone. The mortgages are done very efficiently. I tend to like Bethpage the best but Teacher's is great too. I would also say to stay away from Chase.



why stay away from chase? they were #1 on my list lol



Because, in a word, they suck.

I have had several closings with them and every single one of them, without fail, were nightmares because of the bank. Part of the problem is that while your mortgage person may be in your local branch, the underwriter is in Kansas, the loan officer is in Nebraska and whoever else you may have to deal with is in some other state. Its very inefficient and it is difficult to get the "right" person on the phone. It's like a giant circle jerk. Not only that, in several of the deals I have had, the mortgage person makes assurances to the borrower that can not be fulfilled. By the time that is realized, the borrower is up against the deadline in the contract. If you do go with Chase, get EVERYTHING in writing before you move forward with them.

I have also seen Chase pull a commitment at the last minute and my client have to scramble to get other funding. Fortunately, in that situation, my client was a millionaire so he was able to get the funding quickly but most people are not in that situation. I have seen them fail to file mortgage satisfactions causing major delays in closings. I could go on and on.

TD Bank and Bank of America are not much better. TD Bank has terrible customer service.

In addition to the credit unions, I have had good experiences with the smaller mortgage banks as well. Freedom Mortgage comes to mind as one of them who I liked working with.

Posted 1/2/19 2:31 PM
 

MK2010x2
LIF Infant

Member since 8/17

69 total posts

Name:

Re: Mortgage

Go with whoever will give you the best rate.

You can go to www.bankrate.com to get some ideas about what rates are in your area for the loan size you are looking for and you can also check individual bank/credit union websites for rates on a daily basis.

The paperwork involved will be a hassle no matter where you go and you may be paying a mortgage for 30 years. So, my vote is go for the person who will charge you the least over 30 years even if it's annoying for a few months getting the loan.

I agree though, that credit unions usually have better rates than large banks, but not always.

Posted 1/2/19 2:38 PM
 

Mrs213
LIF Adult

Member since 2/09

17245 total posts

Name:

Mortgage

We initially used Bank of America. I didn’t care for them because they kept losing paperwork but that may be par for the course.

Posted 1/2/19 3:25 PM
 

chilltocam
LIF Adult

Member since 11/11

8024 total posts

Name:

Re: Mortgage

Posted by FirstMate

Posted by BaysideForever

Posted by FirstMate

I do closings fairly regularly and I always find the credit unions to be the best to work with for everyone. The mortgages are done very efficiently. I tend to like Bethpage the best but Teacher's is great too. I would also say to stay away from Chase.



why stay away from chase? they were #1 on my list lol



Because, in a word, they suck.

I have had several closings with them and every single one of them, without fail, were nightmares because of the bank. Part of the problem is that while your mortgage person may be in your local branch, the underwriter is in Kansas, the loan officer is in Nebraska and whoever else you may have to deal with is in some other state. Its very inefficient and it is difficult to get the "right" person on the phone. It's like a giant circle jerk. Not only that, in several of the deals I have had, the mortgage person makes assurances to the borrower that can not be fulfilled. By the time that is realized, the borrower is up against the deadline in the contract. If you do go with Chase, get EVERYTHING in writing before you move forward with them.

I have also seen Chase pull a commitment at the last minute and my client have to scramble to get other funding. Fortunately, in that situation, my client was a millionaire so he was able to get the funding quickly but most people are not in that situation. I have seen them fail to file mortgage satisfactions causing major delays in closings. I could go on and on.

TD Bank and Bank of America are not much better. TD Bank has terrible customer service.

In addition to the credit unions, I have had good experiences with the smaller mortgage banks as well. Freedom Mortgage comes to mind as one of them who I liked working with.



I've had 2 mortgages with Chase and both times, the experiences were really good. No complaints at all. I closed on a mortgage with them in May and the guy I worked with could not have been more helpful. He did everything possible to get me the best rate (told me to lock in when rates started to go up) and waived any fees I would have had to pay for extending the rate lock. I honestly cannot say enough good things about the process with Chase. I know everyone has a different experience, but mine was above and beyond what was expected.

Posted 1/2/19 3:34 PM
 

loveus
LIF Adolescent

Member since 9/13

684 total posts

Name:

Mortgage

We used Bethpage and were very happy. I submitted paperwork in the beginning and updated one or two things before closing. They didn’t ask for updated pay stubs weekly.

Posted 1/2/19 3:36 PM
 

MichLiz213
Life is Good!

Member since 7/07

7937 total posts

Name:

Mortgage

We have Bethpage and we’re very happy. They were easy to work with and responsive through the entire process.

Posted 1/2/19 6:07 PM
 

TwinMommyToBoys
LIF Adult

Member since 12/16

2002 total posts

Name:

Mortgage

I had MT bank they were great just took forever to close, and had very strict underwriting which I understand I now have Bethpage and they are just as good!

Posted 1/2/19 7:20 PM
 

2girlsforme
LIF Adult

Member since 8/06

3058 total posts

Name:
XXXXXXXXX

Re: Mortgage

Posted by FirstMate

I do closings fairly regularly and I always find the credit unions to be the best to work with for everyone. The mortgages are done very efficiently. I tend to like Bethpage the best but Teacher's is great too. I would also say to stay away from Chase.



This.
My friend, a real estate attorney, who runs her firms real estate department, says the exact same thing.

Posted 1/2/19 7:54 PM
 

LuckyStar
LIF Adult

Member since 7/14

6141 total posts

Name:

Mortgage

Rob Morandi at Freedom Mortgage (formerly Continental). He's the best.

Posted 1/2/19 8:03 PM
 

Leb
LIF Adult

Member since 12/09

4166 total posts

Name:

Mortgage

I have Wells Fargo and they’re fine. The portal is easy to use and to make payments.

Posted 1/2/19 8:54 PM
 

mommy2be716
LIF Adult

Member since 1/16

2648 total posts

Name:

Mortgage

stay away from HSBC too! we can't wait for the opportunity to refinance and switch over to bethpage, island, or teacher's FCU. Only reason we went with HSBC was because we got a really great "first home club" loan

Posted 1/2/19 9:45 PM
 

Momma2015
Mommax2

Member since 12/12

6289 total posts

Name:

Re: Mortgage

Posted by Leb

I have Wells Fargo and they’re fine. The portal is easy to use and to make payments.



Same. I haven't had any issues.

Posted 1/3/19 8:07 AM
 

ChristinaM128
LIF Adult

Member since 8/12

4043 total posts

Name:
Christina

Re: Mortgage

Posted by mommy2be716

stay away from HSBC too! we can't wait for the opportunity to refinance and switch over to bethpage, island, or teacher's FCU. Only reason we went with HSBC was because we got a really great "first home club" loan



Ugh, us too. HSBC was an awful experience. I said too I would refinance just to lose them, but I don’t want to go through all the paperwork to refinance and our financial situation has changed so I don’t even know what we would now qualify for.

Posted 1/3/19 8:43 AM
 

beachbabe
LIF Adolescent

Member since 9/15

590 total posts

Name:

Re: Mortgage

Use whoever gives you the best rate

Posted 1/3/19 9:56 AM
 

mommyof3girls
LIF Adult

Member since 5/12

2772 total posts

Name:
Sue

Re: Mortgage

We used Wells Fargo. Super easy and we closed in 3 weeks. I was shocked it was so quick and easy after everything I had read. Their portal is very easy to use and no issues with payments.

Posted 1/3/19 10:34 AM
 

ave1024
I Took The Wrong Road

Member since 12/07

5970 total posts

Name:
That Led To The Wrong Tendencies

Re: Mortgage

Whoever gives the best rate with least fees. A bank can sell your mortgage to another bank at any time. Choosing a bank to use that bank may not be the wisest choice.

Posted 1/3/19 11:14 AM
 

TTCwithHope
LIF Infant

Member since 4/10

247 total posts

Name:
M

Re: Mortgage

...

Message edited 6/4/2019 8:33:15 PM.

Posted 1/3/19 1:24 PM
 

tara73
carseat nerd

Member since 11/09

3669 total posts

Name:
Buttercup

Mortgage

I used DCU for my mortgage, was painless and great rates, plus they service for the life of the loan . My aunt used NEFCU after Chase screwed her out of her rate lock by being so slow. NEFCU ended up saving her deal

Message edited 1/3/2019 2:13:19 PM.

Posted 1/3/19 2:12 PM
 

mommy2be716
LIF Adult

Member since 1/16

2648 total posts

Name:

Re: Mortgage

Posted by ChristinaM128

Posted by mommy2be716

stay away from HSBC too! we can't wait for the opportunity to refinance and switch over to bethpage, island, or teacher's FCU. Only reason we went with HSBC was because we got a really great "first home club" loan



Ugh, us too. HSBC was an awful experience. I said too I would refinance just to lose them, but I don’t want to go through all the paperwork to refinance and our financial situation has changed so I don’t even know what we would now qualify for.



if rates drop like I predict they will (i'm convinced there will be another recession by year's end), that's when I plan to refinance!

Posted 1/3/19 4:00 PM
 

Christine Braun - Signature Premier Properties
LIFamilies Business

Member since 2/11

3992 total posts

Name:

Re: Mortgage

I agree with using smaller mortgage banks, rather than large commercial banks. The larger banks tend to not put much behind their mortgage departments, in terms of staff and training and customer service. They are just not big profit centers. And as someone else said, they are often not local, which can present challenges.

With a specialty mortgage bank, all they do is mortgages, so they usually have knowledgeable staff and the loan officer knows the underwriter (they work under the same roof), so it makes for a more seamless transaction. It's usually quicker, there's usually less red tape, and any issues are usually more easily resolved. Also, mortgage banks tend to be more flexible about things, such as C/O issues.

A lot of the local banks I work with will match rates, so I wouldn't be too hung up on rates. And there shouldn't be too much of a difference between rates ... I mean, they can vary based on borrower qualifications, type of loan. But if the same borrower is shopping around, the rates should be pretty consistent. If there is one that's offering a much lower rate, I would suspect that they are recouping somewhere else, so it's important to also compare APRs, not just "the rate," so you are looking at the total cost of the loan to you.

Someone mentioned credit unions. They can be great, for the right buyer. You have to be a cream of the crop buyer, in terms of financial qualifications. Also, credit unions can be sticklers when it comes to C/Os, and many, many homes on LI have C/O issues. The reality is, sometimes it makes sense, as a buyer, to overlook them. But it can become an issue with a credit union. So I tend to prefer the mortgage banks for an easier deal.

All of this being said, I've been a full-time realtor for over 8 years, and I've done transactions with almost every bank out there. So much depends on the people you are dealing with more than the institution itself. I have mortgage loan officers I recommend, but I recommend them more for their personal level of service and communication, versus recommending the lender itself. There are good and bad people working everywhere.

Let me know if you want any specific recommendations (I know my response is late in the thread, so you may already be working with someone), and I'd be happy to provide!

Posted 1/3/19 5:56 PM
 

BabyMakesTwo
LIF Zygote

Member since 2/14

35 total posts

Name:
Dee

Re: Mortgage

I agree with everyone mentioning Bethpage; Credit Unions seem the best in our experience.

Posted 1/3/19 11:06 PM
 
 

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