T Nation

Finding a Mortgage Agent

Alright, here is the scoop. I live in Sacramento, and I have an agent but he is taking quite a while to get back to me, so…

  1. Where can I find an agent I can trust?
  2. How long does the application process usually take?

No one?

has anyone in your area purchased a home?
ask them about their experience.

Where do you keep your savings and checking accounts? Start there.

I’d go to lendingtree.com and fill it out there. After you fill out the application, make a photocopy of it to make it easier to fill out the next one, you want to apply through at least 3 different financial institutions to get the best rate that you can.

Check the rates in your area so that you know what to expect, there are a number of websites that have this information.

Unless you have a very defined plan as to how long you want to live in the home, you almost certainly want to make sure you go with a 30-year fixed rate. If you have any other questions, just post them here.

My wife is a mortgage broker so here is what I have to say.
I would definitely avoid lending tree. Banks compete yes, but each one pulls your credit…doesn’t look good to have a bunch of inquiries.
Due to the recent crisis reputable companies have gotten FHA certification, it costs money to be certified, if they are shady, they mght not pay.
Also due to the crisis, banks and credit unions are probably your best bet for finding the best rate.
To find an agent outside of your bank/credit union, I would check friends and co-workers for referals. If you can get any info. about their loan and fees without being rude this will help more…just because someone likes theie broker doesn’t mean the broker took care of them.

I will start at my bank which happens to be a Credit Union.

I was referred to a friend, but he has been pre-occupied and I need my loan pronto.

My roommates are leaving in 1.75 months and I was hoping to buy rather then stay a renter. How long does it take to close a loan?

True. I have ex friends that are shady mortgage brokers which makes me wary.

Yeah, going to do some BBB research on them.

[quote]shaddeau34 wrote:
I would definitely avoid lending tree. Banks compete yes, but each one pulls your credit…doesn’t look good to have a bunch of inquiries.
[/quote]

As long as all of the inquiries occur during a 14-day period, including the ones your local bank will pull, it only counts as one inquiry if you are applying for a mortgage.

[quote]yasser wrote:

My roommates are leaving in 1.75 months and I was hoping to buy rather then stay a renter. How long does it take to close a loan?

[/quote]

Depends on the bank. It only takes a couple of days to get pre-approved, you should be doing this now. Once you get preapproved, they should be able to get you through in less than a week. The title check is probably what will take the most time, but your bank and the title company will take care of that for you. If you are putting down <20%, you will need private mortgage insurance which can make it take longer, but your bank will probably set this up for you as well. You will also need to make sure you have your hazard insurance in place, property taxes transferred to your name, and time to get any and all inspections done.

There’s really no reason why you can’t get this done in a couple weeks, but a standard closing period is usually 30, 45, or 60 days.

As a consumer I have had MANY dealings with mortgate companies and without exception GMAC has been the best.

I have closed on properties within 5 business days. It just depends on who you have working for you. You should have plenty of time.

I have a good friend who is a Broker in California (I actually worked for him for a few years). He has an outstanding reputation – with lenders and amongst other Brokers. He’s a very straight shooter and certainly won’t BS you. PM me if interested and I’ll give you his contact info. He’ll be able to tell you pretty quickly what you’re looking at.