How come people aren't talking about national mortgage lenders?

[Dottleshead ★]

This is why I should be in good shape:

According to the Realtor.com Seattle Housing Market Recovery Index the US market is sitting at a 103.7 of 100, while the Seattle/Bellevue/Tacoma market is sitting at 116.8 of 100.

We are seeing spring like sales activity late into summer.

With still amazingly low interest rates, and a low level inventory the last couple of years the Snohomish County real estate market should remain in the surge to frenzy status for the foreseeable future.

[MickinMD ★]

Local lenders.  In my area, I don't think there are local lenders who have any more heart than the national lenders.

When I bought my first house in 1991, I went through a local mortgage broker because we had to get it approved fast in order to seal the deal before a higher offer came in. The 30-year fixed-rate mortgage, normal for the time, was 9.5%

When I refinanced in 1993, I went to a local, in-state-chain bank for a 15-year mortgage at an excellent 6.625%.  They sold the mortgage to Suntrust Bank of NC.

In 2003, Wells Fargo sent me a letter offer what was then a superb 4-year mortgage for 5.4%. I was selected because I had never missed a payment.

I didn't get any letters from local lenders offering to get my mortgage processed fast, to give me a non-standard number of years toward the end of my mortgage to speed up the end of the mortgage and save me a few thousand in interest.

So, if I was going to get a mortgage again, it would be at the lowest rate I could get.

[Dirtyhip]

2 hours ago, MickinMD said:

So, if I was going to get a mortgage again, it would be at the lowest rate I could get.

This.  I am not loyal.  Give me the best rate.  

I do shop local as much as I can, but we are talking about a LOT of money here.

[Dottleshead ★]

1 minute ago, Dirtyhip said:

This.  I am not loyal.  Give me the best rate.  

I do shop local as much as I can, but we are talking about a LOT of money here.

That's about it. It means some things the big guys are just going to win out -- mortgages are one of them.

[Dottleshead ★]

Well, they're either all dumb and speculating -- and I could be one of those people -- or this is an opportunity of a life time.  I'm selling next 3 weeks.

IT’S SUMMER HOT AND THE INTENSITY IS GLARING

The housing market in Snohomish County is hot this summer, with historically low interest rates bringing out buyers. We are virtually sold out, and the number of homes going under contract is strong. These conditions create higher intensity for each new listing, making it feel like “Multiple-Offer Everything” in the local market.

Overall, unsold inventory is at an extreme shortage, and sales activity intensity is at an extreme frenzy. The Luxury market in Snohomish County is also very active during this time.
J Lennox Scott

[Dottleshead ★]

https://www.forbes.com/advisor/mortgages/todays-mortgage-interest-rates-08-27-2020/

 

30-Year Fixed-Rate Mortgages

The average rate for the benchmark 30-year fixed mortgage fell 8 basis points to 2.91%. A basis point is one one-hundredth of a percentage point.

[Dottleshead ★]

Ok, so here's the deal.  I've got over 6 national lenders lined up for my GO TIME in October.  That's the day the money from the sale of this house gets dropped in the bank.  I've already done the leg work w/ all the documentation and everything with each lender.  I'm literally going to get 6 bids from 6 different highly rated lending companies in a single day and I will literally compare the 1003 forms and select the best deal.  Here's my list.  Let me know if you have any experience with any of the or with others:

 

1.  Quicken Loans/Rocket Mortgage

2.  NBKC

3.  Better.com

4.  Homefinity/Fairway Independent

5.  New American

6.  ... and a local mortgage broker who has his hands in the pot of United Wholesale Mortgage and others.

 

Forget the local lenders.  i don't have time to drive up there and do this crap in person.  Welcome to the 2020s.

[Scrapr ★]

Does your builder offer a preferred lender? Might be helpful to check. The builder will do that sometimes to grease the skids & make it easy for buyers. 

I'm a pessimist. I would worry about a online lender being able to fund on the day that you are closing. 

[Dottleshead ★]

1 hour ago, Scrapr said:

Does your builder offer a preferred lender? Might be helpful to check. The builder will do that sometimes to grease the skids & make it easy for buyers. 

I'm a pessimist. I would worry about a online lender being able to fund on the day that you are closing. 

I had an amazing experience with Quicken/Rocket.  They delivered and everything about the process was really great.  The national companies got me in touch with some local branches here in Seattle area but some of them only have regional branches like in Oakland or Detroit. The mortgage broker is obviously local.  But that's a good idea about the builder.  I'll bet they work with the locals.