Interviewing lenders took a little more courage than I thought. I had my full spreadsheet of questions to ask them but they ask you questions in return and a good majority of the time, I had no clue what they were talking about. Where are people supposed to learn about mortgage terms???? Ok maybe I remember a little from school but its not like that stuff stuck when we were learning it, right? Anyways, Step 1 is done! Wooo hooo!
All of the lenders I spoke with were basically the same on the pre-approval process and closing (costs and time-frame). The difference came when I was quoted an interest rate and mortgage insurance. Everyone has a different process. The least helpful was the bank - every question I asked, he answered with, "Well that depends..." Duh...I get that it depends but I was just asking for an estimate. The next best was the credit union. They give me the basics, because amazingly they are not in this business to make money (hence its a credit union). But the best help (AND the one I have decided to go with) was the mortgage broker. She sent me a list of the closing costs with an estimate of our monthly payment based on the amount of the loan I think I am going to need. She gave me the lowest interest rate BY FAR because she can shop around to different lenders for the best deal based on our situation. AND she made me feel the most comfortable.
I still have a few more questions to ask before I jump into Step 2: The Pre-Approval. I'll keep you posted.
PS...Is it really September???? Where did the summer go?
So adult! you know waaay more than most people so don't let them make you feel inferior. good luck on the next step! and feel free to post pictures of your house/dream houses
ReplyDeleteVery exciting. Don't worry about not knowing everything. We have owned our house for a year now and I am still learning all the terms and all the hidden cost of owning a home. Good luck with the next step. Can't wait to see pictures.
ReplyDeleteEven credit unions can vary. My co-workers swear by Goldenwest, they all just re-financed with them from their various financial institutions. A good mortgage broker can go a long way, but you still need to know what you are signing in the end. There will always be horror stories, but as long as you have done your research, everything should work out. Good luck, we're a long way out from taking the plunge ourselves!
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