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Joined: Jun 2015
Posts: 15,528 Likes: 88
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,528 Likes: 88 |
In the process of purchasing my first place(condo in Auburn), going to see if Aldeer has any mortgage broker recommendations.
Thinking maybe a 20 or 25yr mortgage because of the better interest rate than a 30yr and not the massive monthly payment increase compared to a 15yr.
Figured I would turn to Aldeer as I know there are a couple guys on here in the real estate/mortgage business.
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Joined: Dec 2004
Posts: 25,477 Likes: 6
I am Cornholio
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I am Cornholio
Joined: Dec 2004
Posts: 25,477 Likes: 6 |
Quicken Loans.....it's about the easiest thing you could possibly use. Especially with all the time you spend on the road. EVERY aspect of it is done online except for the closing. Trust me, it's awesome.
If you’re a common sense person, you probably don’t feel you have a home in this world right now. If you’re a Christian, you know you were never meant to.
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Joined: Nov 2010
Posts: 10,735
Booner
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Booner
Joined: Nov 2010
Posts: 10,735 |
We are building a house now and are using SouthPoint bank. Plenty of good ones to choose from.
The Spirit of God has made me; the breath of the Almighty gives me life.
Job 33:4
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Joined: Dec 2007
Posts: 317
4 point
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4 point
Joined: Dec 2007
Posts: 317 |
Local lenders will have better rates and less fees. You can do it all online, also.
I compared Quicken with a local lender and the local lender had a .25% lower rate with no origination fee.
Quicken would match rate but origination fee went up $7000.00.
I could PM contact info to a great loan officer to help you out.
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Joined: Jul 2011
Posts: 39,598
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,598 |
If you've got a big cash downpayment saved up, use a local HOME OWNED bank. When they tell you what the interest rate will be, don't accept it and tell them that you want it 1% lower. If you have good credit and cash in hand, you are in charge. If you're like most everybody else who buys something that they haven't saved or prepared for, you're at their mercy. Just find the one who's going to screw you the least. If you don't have a cash down payment, I'd wait until I did, but most people don't listen to that advice because they can't wait a year to do anything.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Joined: Jan 2001
Posts: 29,786 Likes: 167
Freak of Nature
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Freak of Nature
Joined: Jan 2001
Posts: 29,786 Likes: 167 |
Call Shelly Nickles in Montgomery. She's a great person to work with. https://interlincmortgage.com/montgomery/shelly-nickles/
Lord, please help us get our nation straightened out.
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Joined: Dec 2008
Posts: 4,005 Likes: 1
10 point
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10 point
Joined: Dec 2008
Posts: 4,005 Likes: 1 |
If you've got a big cash downpayment saved up, use a local HOME OWNED bank. When they tell you what the interest rate will be, don't accept it and tell them that you want it 1% lower. If you have good credit and cash in hand, you are in charge. If you're like most everybody else who buys something that they haven't saved or prepared for, you're at their mercy. Just find the one who's going to screw you the least. If you don't have a cash down payment, I'd wait until I did, but most people don't listen to that advice because they can't wait a year to do anything. Perxactly....and don't finance for more than 20 years, preferably 15
Super Predator
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Joined: Feb 2012
Posts: 382
4 point
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4 point
Joined: Feb 2012
Posts: 382 |
Anchor Mortgage in Montgomery
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Joined: Jun 2015
Posts: 15,528 Likes: 88
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,528 Likes: 88 |
If you've got a big cash downpayment saved up, use a local HOME OWNED bank. When they tell you what the interest rate will be, don't accept it and tell them that you want it 1% lower. If you have good credit and cash in hand, you are in charge. If you're like most everybody else who buys something that they haven't saved or prepared for, you're at their mercy. Just find the one who's going to screw you the least. If you don't have a cash down payment, I'd wait until I did, but most people don't listen to that advice because they can't wait a year to do anything. Perxactly....and don't finance for more than 20 years, preferably 15 I will have 20% or so. With mortgages rates going up this year, it seems like right now it's the time to buy soon or I'll just be paying more in interest down the road because of the rate increase. Is this understanding correct?
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Joined: Jul 2011
Posts: 39,598
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,598 |
If interest rates skyrocket in 2 years and you wait and save, if you borrowed $100,000 at 10% for 20 years, you'd still pay less total interest than you would if you borrowed $150,000 at 5% for 20 years.
People use "impending" interest rate spikes as excuses for buying. Most folks don't do the math. That's another reason the bank will knock 1% off if you're in the drivers seat. It's not that much money, but every penny matters to me.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Joined: Jan 2009
Posts: 5,043 Likes: 26
12 point
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12 point
Joined: Jan 2009
Posts: 5,043 Likes: 26 |
If you've got a big cash downpayment saved up, use a local HOME OWNED bank. When they tell you what the interest rate will be, don't accept it and tell them that you want it 1% lower. If you have good credit and cash in hand, you are in charge. If you're like most everybody else who buys something that they haven't saved or prepared for, you're at their mercy. Just find the one who's going to screw you the least. If you don't have a cash down payment, I'd wait until I did, but most people don't listen to that advice because they can't wait a year to do anything. Perxactly....and don't finance for more than 20 years, preferably 15 All of the above. I've never bought a property that I couldn't pay for in 15 years and I've never bought but one that I couldn't pay 20% down on and that was my first house. Whatever they give you for a rate tellem thanks but you've been offered a point better already, they will adjust every time. Almost all mortgages are sold within 30 days. I have had a clause in my last 3 that they could not be sold to US Bank or Chase.
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Joined: Dec 2012
Posts: 1,160
6 point
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6 point
Joined: Dec 2012
Posts: 1,160 |
If you want to stick local I know that AU Federal Credit Union has rates on 15 year of 3.25% and 20 year for 3.5% (non negotiable, sorry) and as long as you keep your mortgage for 5 years they pay all closing costs associated with the loan and don't have an origination fee. We also don't sell our mortgages, we keep them on our books until they are closed.
Just giving you some information, I have no interest or benefit if you use them, just wanted to give you the information, especially closing costs, can save you some cash up front.
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Joined: Jun 2015
Posts: 15,528 Likes: 88
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,528 Likes: 88 |
If you want to stick local I know that AU Federal Credit Union has rates on 15 year of 3.25% and 20 year for 3.5% (non negotiable, sorry) and as long as you keep your mortgage for 5 years they pay all closing costs associated with the loan and don't have an origination fee. We also don't sell our mortgages, we keep them on our books until they are closed.
Just giving you some information, I have no interest or benefit if you use them, just wanted to give you the information, especially closing costs, can save you some cash up front. Message sent.
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Joined: Dec 2014
Posts: 5,034
12 point
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12 point
Joined: Dec 2014
Posts: 5,034 |
local, local, local.... Using an online lender is a lot like going to the gun counter at walmart. You might get somebody who knows what they're doing, or you might get somebody who just went through orientation and doesn't have a clue
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Joined: Jun 2015
Posts: 15,528 Likes: 88
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,528 Likes: 88 |
If you want to stick local I know that AU Federal Credit Union has rates on 15 year of 3.25% and 20 year for 3.5% (non negotiable, sorry) and as long as you keep your mortgage for 5 years they pay all closing costs associated with the loan and don't have an origination fee. We also don't sell our mortgages, we keep them on our books until they are closed.
Just giving you some information, I have no interest or benefit if you use them, just wanted to give you the information, especially closing costs, can save you some cash up front. Just gave them a ring. 15yr=3.75% & 20yr 4%
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Joined: Jan 2009
Posts: 25
spike
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spike
Joined: Jan 2009
Posts: 25 |
Call Barry Kirkland 334-524-8351, I'm sure some other people on here know Barry and could vouch for him! He is a great guy and the only thing he is better at than mortgage loans is murdering turkeys!!!
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Joined: Dec 2012
Posts: 1,160
6 point
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6 point
Joined: Dec 2012
Posts: 1,160 |
If you want to stick local I know that AU Federal Credit Union has rates on 15 year of 3.25% and 20 year for 3.5% (non negotiable, sorry) and as long as you keep your mortgage for 5 years they pay all closing costs associated with the loan and don't have an origination fee. We also don't sell our mortgages, we keep them on our books until they are closed.
Just giving you some information, I have no interest or benefit if you use them, just wanted to give you the information, especially closing costs, can save you some cash up front. Just gave them a ring. 15yr=3.75% & 20yr 4% My apologies, I was looking at an outdated memo. Wasn't trying to mislead anybody. What you quoted was correct: 15 year 3.75% and 20 year 4%. Sorry again!
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Joined: Jun 2015
Posts: 15,528 Likes: 88
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,528 Likes: 88 |
Noeyeddeer, going to go ahead with the 20yr at 4%.
I like the rate being cheaper without the monthly being too high allowing me to invest that money into other routes.
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Joined: Jan 2001
Posts: 15,036 Likes: 93
Old Mossy Horns
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Old Mossy Horns
Joined: Jan 2001
Posts: 15,036 Likes: 93 |
local, local, local.... Using an online lender is a lot like going to the gun counter at walmart. You might get somebody who knows what they're doing, or you might get somebody who just went through orientation and doesn't have a clue If you use a local lender; they will sell the mortgage anyway
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Joined: Jan 2001
Posts: 15,036 Likes: 93
Old Mossy Horns
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Old Mossy Horns
Joined: Jan 2001
Posts: 15,036 Likes: 93 |
Quicken Loans.....it's about the easiest thing you could possibly use. Especially with all the time you spend on the road. EVERY aspect of it is done online except for the closing. Trust me, it's awesome. Agreed; refinance with Quicken last year,competitive and one of the easiest transactions ever. Much more thorough than the local broker I used on initial purchase 3 years ago; and they flipped the mortgage in a few months.
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