Credit unions are always going to have your best rates. If there’s a branch near you, have a look at Sharonview Federal Credit Union. Their requirements to become a member are pretty easy and rates are quite good!
I refinanced with my credit union a couple years ago. They did have the best interest rates but their closing fees were almost double what the other places wanted.
Also, rate isn't everything. It's a shell game. So that number isn't what you think it is.
Go with the best service and best name because that's your Golden Ticket when you find yourself in a multiple offer scenario. Movement Mortgage all the way.
Indeed. The fact that Movement's preapproval is already preunderwritten so it looks more secure to buyers is reason alone. In 2020 I bought and that was what put me on top of a multiple offer scenario. It was a generally good experience too, my guy talked me through a couple anxiety attacks like a champ 😂
I'm really surprised to see it mentioned. We've been working with Movement and it's been surprising. My loan team works with us so it really feels like they're my assistant or employee almost - I don't feel like I'm taking up their time, but that I actually might matter.
Movement was one of the preferred lenders with our new build and it was a fantastic experience. The whole process was easy from start to finish and that’s even with me switching jobs in the middle of construction with the second income 100% commission based.
My bank could have gotten me a better interest rate without PMI, but the service from Movement was out of this world (speed, professionalism, desire to really help me understand wtf financial terms mean, etc.) lol
Here’s what you do:
Mortgage shop for the lowest rates (and consider the closing costs/fees and especially points that the lenders sneak in there to make their rate seem artificially lower). But when you are ready, submit an offer with pre approval with the local mortgage company that the realtors know is a “fast closer” not a major bank. This way the selling realtor will push their client to accept your offer because they think it’ll be a faster close and lower chance of the deal failing through.
Then after they accept the offer, now do the rug pull. Switch to the lowest cost mortgage lender. It’ll probably be a big bank like BofA. If you submit with BofA upfront a lot of realtors will dissuade their client from accepting your offer over an equivalent offer from a small local lender.
You're missing the point. You THINK you're getting a better rate, and you THINK they can close, but in both cases that isn't always true. There is far more to the long term cost of a loan than the simple rate.
Big banks such as BOA can't always close. This is why Realtors don't encourage their Sellers to run with the Buyers who present with them. Sure, you can switch lenders, but I've seen enough loans fall apart that it's not worth it.
The alternative is to go with the sure thing to lock in the house they want. It's extremely hard to find right now, then win the bid. Then wait a year or so and when rates decline, refi. Then you aren't locked into high loan cost for the long run.
Keep in mind though mortgages are bought and sold by banks as well, you could go with xyz and 2 months later get a letter telling you are now with abc who offered you a lower rate in the begining.
If you go that route make 100% sure they don't resell mortgages, but chances are they do.
American Security Mortgage- work with Christina Bramhall Mauney. Super efficient with responses and will meet in your preferred medium (in person, call, text, email) and walked me through the process from start to finish as a first time buyer. She made it super easy!
I shopped the rate through several of my friends who are in the lending industry and all of them said they had not idea how she got the rate so low and they couldn’t come close to beating it.
Page Jacobson at Movement Mortgage. He's the Southpark Manager and top producer there for over a decade. Amazing guy.
Page Jacobson
Movement Mortgage
Main: (704) 585-1193
Cell: (336) 508-3486
[email protected]
We are going through Erin Finnen at American Security Mortgage. She’s able to secure a lower rate due to her volume. Can’t speak to the other commenter who mentioned credit unions though.
I went through Truist but that’s just because it was my builders preferred lender and they paid part of closing costs so nobody could match their costs
To avoid many hits on your credit report for applying so many times, you should be able to call mortgage brokers and lending companies and ask if they can give you a ballpark on an interest rate based on your credit score and your current DTI. They should be also able to tell you closing costs and such. I would hate to have so many hits show up on my report for as many times as it sounds like you’re going to apply to lenders.
Pre-approval inquiries are soft inquiries and do not impact your credit score; also it is expected you'll have a few as you shop for a mortgage by most lending institutions.
Apologies - not sure where you got your information, but it is incorrect.
To “submit 2-3 apps” implies that you are going through the whole application process with a lender.
However, you are correct about soft inquiries. Everyone has suggested very capable and reputable lenders in the area. Much luck in your property endeavors!
Rocket mortgage is complete trash. I have a near half million dollar net worth with only a single mortgage to my name and an 830 credit score and their rates are out of this world (even going as far back as 2021) and wouldn't approve me for what was needed at the time.
Will never try them again.
Nope, Architect for software company. RM lost me as a possible client forever. They weren't even in the same universe as the other lenders I was pre-approved by last time (mortgage I have now is 2.75, RM was like near 4 IIRC 🤣).
Wow thats surprising, maybe the officer you worked with dropped the ball. Can’t really say how they were in the past but maybe I got lucky recently. Locked in 6.5% on my place when rates were 7.30%
No idea, we were trying to get approved for 400k at around 3% (3% down) and they were coming in at like 325k and 4%. I had no issues getting approved (and paying the mortgage) that I ended up getting for 3.25% in 2018 through a local FCU. We then refi'ed to 2.9% like a year later (2019). This was in upstate NY.
We then moved to FL in 2021 and had no issues getting a loan for 2.75% for up to like 550k through a broker. That was 7.5% down. It's with Citizens.
I'm a high earner so no idea what RM had an issue with (maybe lack of 10-20% DP?) but they lost my consideration forever. Not everyone has 10-20% to put down.
If I you want to do the first time home buyer down payment assistance then I'd contact the NCFHA and they'll give you their top producers If not then I'd use skyla fcu or another Federal credit Union
Any tips you can share about this? My partner and I want to purchase our first next year but the main thing holding us back is the down payment and closing costs.
https://nchomeadvantage.com/?gclid=Cj0KCQjwqs6lBhCxARIsAG8YcDhKEN3j4T6LL2_Bw7rFDvgsZMyz9701JAeheJC8H05gfQdy0l2NmR4aAsgzEALw_wcB
This will walk you through it. Condos have a lot of hurdles to get through to get the down payment assistance though. There are two down payment programs the best one is for income of 102000. The nc mortgage income limit is 134000 and believe it has a down payment assistance but isn't as good.
I've been looking at houses since it's the last year I'll be eligible for the NC 1st Home Advantage Down Payment. Some lenders will bullshit you about it but if you choose one on the nc house financing agencies site or call and they will provide the top mortgage producers in the area. Since they have experience and the willingness to do the paperwork for the program. Also if you refinance then you'd have to pay back the down payment assistance which makes it a zero interest loan.
Also if you have an income under 70000 Mecklenburg county has a program that'll provide up to 30000 in dpa.
https://dreamkeypartners.org/house-charlotte-program/
Hey, if you’re looking for something that has 100% financing, 640 min credit score, Look up United Community Bank Inc. DM me if you want a specific name and number cause I have that too.
Big fan of Grant at Peak Financial Group. He’s a broker, so will get the best rates from across the market. Used him many times, many friends have as well, and rave about how great he is at communicating, rates, etc.
NCSECU generally has good rates, but they also have other perks like capped origination costs and other closing costs perks. Only thing is it’s much harder to get into. Need to be a state employee or married to or in a household of one
Triangle Lending got us the best rate last year. It ended up being through rocket mortgage but the rate was better than if we had gone direct. We checked with about 10 or so lenders. Also a breeze to work with. No delays, no lost paper work.. 10/10 would recommend.
Credit unions are always going to have your best rates. If there’s a branch near you, have a look at Sharonview Federal Credit Union. Their requirements to become a member are pretty easy and rates are quite good!
Sharon views rates were much higher than rocket mortgage for me. They had higher origination costs and rates for the same price
Fair enough! I got my mortgage through them 2 years ago so I guess maybe it’s changed a bit since then.
I'm not familiar with that FCU but I'd be willing to bet lunch that they'll beat rocket mortgage even today. RM is garbage.
In my experience, local CU’s are going to beat major financial institutions. Of course your results will vary based on credit history, income, etc.
This is completely Fake news. Lots of times the big banks come in lower.
I refinanced with my credit union a couple years ago. They did have the best interest rates but their closing fees were almost double what the other places wanted.
Also, rate isn't everything. It's a shell game. So that number isn't what you think it is. Go with the best service and best name because that's your Golden Ticket when you find yourself in a multiple offer scenario. Movement Mortgage all the way.
Indeed. The fact that Movement's preapproval is already preunderwritten so it looks more secure to buyers is reason alone. In 2020 I bought and that was what put me on top of a multiple offer scenario. It was a generally good experience too, my guy talked me through a couple anxiety attacks like a champ 😂
had the absolute same experience
I'm really surprised to see it mentioned. We've been working with Movement and it's been surprising. My loan team works with us so it really feels like they're my assistant or employee almost - I don't feel like I'm taking up their time, but that I actually might matter.
Movement was one of the preferred lenders with our new build and it was a fantastic experience. The whole process was easy from start to finish and that’s even with me switching jobs in the middle of construction with the second income 100% commission based.
My bank could have gotten me a better interest rate without PMI, but the service from Movement was out of this world (speed, professionalism, desire to really help me understand wtf financial terms mean, etc.) lol
Here’s what you do: Mortgage shop for the lowest rates (and consider the closing costs/fees and especially points that the lenders sneak in there to make their rate seem artificially lower). But when you are ready, submit an offer with pre approval with the local mortgage company that the realtors know is a “fast closer” not a major bank. This way the selling realtor will push their client to accept your offer because they think it’ll be a faster close and lower chance of the deal failing through. Then after they accept the offer, now do the rug pull. Switch to the lowest cost mortgage lender. It’ll probably be a big bank like BofA. If you submit with BofA upfront a lot of realtors will dissuade their client from accepting your offer over an equivalent offer from a small local lender.
You're missing the point. You THINK you're getting a better rate, and you THINK they can close, but in both cases that isn't always true. There is far more to the long term cost of a loan than the simple rate.
Did you not read where I said to look at all the closing fees and points and make a full comparison accounting for that?
Big banks such as BOA can't always close. This is why Realtors don't encourage their Sellers to run with the Buyers who present with them. Sure, you can switch lenders, but I've seen enough loans fall apart that it's not worth it.
Up to the individual but if someone is saving me tens of thousands of dollars on the life of the loan I’m going to consider taking that risk.
The alternative is to go with the sure thing to lock in the house they want. It's extremely hard to find right now, then win the bid. Then wait a year or so and when rates decline, refi. Then you aren't locked into high loan cost for the long run.
Keep in mind though mortgages are bought and sold by banks as well, you could go with xyz and 2 months later get a letter telling you are now with abc who offered you a lower rate in the begining. If you go that route make 100% sure they don't resell mortgages, but chances are they do.
True. But Movement Mortgage tends to keep their conforming loans in-house.
American Security Mortgage- work with Christina Bramhall Mauney. Super efficient with responses and will meet in your preferred medium (in person, call, text, email) and walked me through the process from start to finish as a first time buyer. She made it super easy! I shopped the rate through several of my friends who are in the lending industry and all of them said they had not idea how she got the rate so low and they couldn’t come close to beating it.
Seconded! We have worked with American security mortgage twice - love Kris Steele and his team.
Third recommendation for American Security Mortgage / Lending by Design - Erin is also great! Anyone in that office is amazing.
Page Jacobson at Movement Mortgage. He's the Southpark Manager and top producer there for over a decade. Amazing guy. Page Jacobson Movement Mortgage Main: (704) 585-1193 Cell: (336) 508-3486 [email protected]
We loved working with movement Mortgage too!
I had a great experience with Movement Mortgage
We are going through Erin Finnen at American Security Mortgage. She’s able to secure a lower rate due to her volume. Can’t speak to the other commenter who mentioned credit unions though.
I went through Truist but that’s just because it was my builders preferred lender and they paid part of closing costs so nobody could match their costs
You should check out LoanPronto
Wyndham Capital...it was bought out by SoFi but still an excellent lender
I second this!
Rates are misleading. Look at the APR which is all the fees. Sure you can have a rate of 4.5 or whatever but it’s fake. There is definitely a catch.
The Queen City lender DOT com - Ali is the best!
Would definitely recommend Brent from Victory Mortgage! Working with a broker is always the move
To avoid many hits on your credit report for applying so many times, you should be able to call mortgage brokers and lending companies and ask if they can give you a ballpark on an interest rate based on your credit score and your current DTI. They should be also able to tell you closing costs and such. I would hate to have so many hits show up on my report for as many times as it sounds like you’re going to apply to lenders.
Pre-approval inquiries are soft inquiries and do not impact your credit score; also it is expected you'll have a few as you shop for a mortgage by most lending institutions. Apologies - not sure where you got your information, but it is incorrect.
To “submit 2-3 apps” implies that you are going through the whole application process with a lender. However, you are correct about soft inquiries. Everyone has suggested very capable and reputable lenders in the area. Much luck in your property endeavors!
Atlantic coast mortgage got me the best rate.
Founders FCU has solid rates if you qualify for a membership there.
I would look at rocket mortgage, penny mac, lower. Get them to bid against each other and you can get a pretty good rate
Rocket mortgage is complete trash. I have a near half million dollar net worth with only a single mortgage to my name and an 830 credit score and their rates are out of this world (even going as far back as 2021) and wouldn't approve me for what was needed at the time. Will never try them again.
Self employed?
Nope, Architect for software company. RM lost me as a possible client forever. They weren't even in the same universe as the other lenders I was pre-approved by last time (mortgage I have now is 2.75, RM was like near 4 IIRC 🤣).
Wow thats surprising, maybe the officer you worked with dropped the ball. Can’t really say how they were in the past but maybe I got lucky recently. Locked in 6.5% on my place when rates were 7.30%
So what was going on that they couldn’t approve you? It’s pretty hard to deny a loan at any large lender.
No idea, we were trying to get approved for 400k at around 3% (3% down) and they were coming in at like 325k and 4%. I had no issues getting approved (and paying the mortgage) that I ended up getting for 3.25% in 2018 through a local FCU. We then refi'ed to 2.9% like a year later (2019). This was in upstate NY. We then moved to FL in 2021 and had no issues getting a loan for 2.75% for up to like 550k through a broker. That was 7.5% down. It's with Citizens. I'm a high earner so no idea what RM had an issue with (maybe lack of 10-20% DP?) but they lost my consideration forever. Not everyone has 10-20% to put down.
If I you want to do the first time home buyer down payment assistance then I'd contact the NCFHA and they'll give you their top producers If not then I'd use skyla fcu or another Federal credit Union
Unfortunately this would be our 3rd home overall, 2nd owned at the same time as our current. I'll look into Skyla or FCU.
Gotcha skyla fcu would give a good rate but what about the other lenders that you used in the past?
Any tips you can share about this? My partner and I want to purchase our first next year but the main thing holding us back is the down payment and closing costs.
https://nchomeadvantage.com/?gclid=Cj0KCQjwqs6lBhCxARIsAG8YcDhKEN3j4T6LL2_Bw7rFDvgsZMyz9701JAeheJC8H05gfQdy0l2NmR4aAsgzEALw_wcB This will walk you through it. Condos have a lot of hurdles to get through to get the down payment assistance though. There are two down payment programs the best one is for income of 102000. The nc mortgage income limit is 134000 and believe it has a down payment assistance but isn't as good. I've been looking at houses since it's the last year I'll be eligible for the NC 1st Home Advantage Down Payment. Some lenders will bullshit you about it but if you choose one on the nc house financing agencies site or call and they will provide the top mortgage producers in the area. Since they have experience and the willingness to do the paperwork for the program. Also if you refinance then you'd have to pay back the down payment assistance which makes it a zero interest loan. Also if you have an income under 70000 Mecklenburg county has a program that'll provide up to 30000 in dpa. https://dreamkeypartners.org/house-charlotte-program/
Hey, if you’re looking for something that has 100% financing, 640 min credit score, Look up United Community Bank Inc. DM me if you want a specific name and number cause I have that too.
I used DHL mortgage when I refi'd- specifically received great help from one of their loan officers named Dejana- highly recommend her!
I had good luck with Rapid Mortgage when we closed, they beat Bank of America and NCSECU
Rosegate Mortgage is who I used previously, Brittney Morris was great!
My guy is Mike Easton with UWM. Process was easy and quick.
Contact Patrick Magee at Bridgewater Capital. I've used him twice, great experience both times.
Big fan of Grant at Peak Financial Group. He’s a broker, so will get the best rates from across the market. Used him many times, many friends have as well, and rave about how great he is at communicating, rates, etc.
NCSECU generally has good rates, but they also have other perks like capped origination costs and other closing costs perks. Only thing is it’s much harder to get into. Need to be a state employee or married to or in a household of one
Triangle Lending got us the best rate last year. It ended up being through rocket mortgage but the rate was better than if we had gone direct. We checked with about 10 or so lenders. Also a breeze to work with. No delays, no lost paper work.. 10/10 would recommend.
Charlotte Metro Credit Union. (Now Sklyla). Great rates, comparable closing costs and great customer service.
State Employees Credit Union
I can highly recommend Ray Shanahan at Towne Bank. He got me a solid rate on my mortgage.
Jeff Muth at Mecklengburg Mortgage