Mortgage Providers

I may be in the market soon for one of those giant tax deductions (mortgage, not children!).  It's been 14 years since I got a mortgage.  I seem to hear bad things about banks, so I got my last mortgage at a local credit union and I've had a very good experience with them.  However, their rates now are a tad higher.  Anyone have recent experience shopping for a mortgage and have any recommendations or advice?

I've had three mortgages with three different banks and never had a bad experience with any of them

1. Through Chase.  Other than that the mortgage guy I worked with looked like he abducted kids it was fine.  This was my primary bank so it was fairly seemless.

2. Through Paducah Bank.  They sold my mortgage to Franklin American Mortgage Company.  I just mailed checks to them every month.

3. Through Republic Bank, local bank.  They hold my mortgage and gave me 100% financing.  Again I just mail checks to them as well.  I'm sure I could pay online somehow.

I looked into some of the online only companies but I just couldn't feel comfortable enough to do it.  Many other people do with success though. 

the buying and selling of mortgages by banks seems to be a more common occurrence now a days.  If you are willing to let the mortgage to be bought/sold the rates tended to be a little less than those that were not sell able. 

For some reason, my mortgage has been with Wells Fargo and they have not sold me to some unknown company ?? I have refinanced with them once and they still have not sold me yet.

My mortgage is through a loan shark. Really nice guy.

Mine has changed hands several times now, at least three.  I went through the preferred lender of the realtor, and the rates were better than anyone else at the time anyways.  Its now with OCWEN.  

You moving to the east side?

For refinance I have just always went to lending tree and "take offers". Which I need to do

matt267 PE said:

My mortgage is through a loan shark. Really nice guy.

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How'd you get the bruise on your face though? :dunno:

knight1fox3 said:

How'd you get the bruise on your face though? :dunno:

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Just a misunderstanding.

Last couple refinances ended up being with Santander.  Went through a broker 

So those of you who've had your mortgage sold, have never run into issues with changing servicers?  I do know one EB member who had major issues with this, where the checks sent in for a few months were cashed but not credited to the mortgage.

When I bought my house, we went with the lender provided by the builder (gave a ton of credits/bonuses/etc), but the loan was sold to Wells Fargo before the first payment was even made.  About a year later I refinanced with a local Bank & Trust because I have a friend who is a mortgage broker there and they gave me competitive rates with no closing costs.

mudpuppy said:

So those of you who've had your mortgage sold, have never run into issues with changing servicers?  I do know one EB member who had major issues with this, where the checks sent in for a few months were cashed but not credited to the mortgage.

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I set up autodraft with the very first one, and it has transferred over to all the others without a hitch.  

Anchor Bank as they service the loan locally.  Went with them at the recommendation of a friend.  

Funny that this topic should come up, as our mortgage was just sold last month.  So far, there haven't been any issues with the new company, and I have talked to the new mortgage company three times on the phone.  The main issue I had was with the old mortgage company.  Went online to make my payment, mortgage account wasn't shown anymore.  Called the old company...oh yeah, we don't own that mortgage anymore...WTF?  I'll let you know in another couple of months about the new company.

last refi was with a local bank becasue they had low rates.  It's been sold at least once.  No problems.

mudpuppy said:

I may be in the market soon for one of those giant tax deductions (mortgage, not children!).  It's been 14 years since I got a mortgage.  I seem to hear bad things about banks, so I got my last mortgage at a local credit union and I've had a very good experience with them.  However, their rates now are a tad higher.  Anyone have recent experience shopping for a mortgage and have any recommendations or advice?

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I have been very pleased with Aim Loan.  https://www.aimloan.com/ 

matt267 PE said:

Just a misunderstanding.

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fell down the stair

have you sold the other house yet?