How do I choose who to get my mortgage through? Major banks or smaller mortgage companies?

Posted by admin
wrackingmybrain asked:


I have an established relationship with Bank of America however there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?

Braided Fishing Line
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    • This entry was posted on Sunday, September 20th, 2009 at 2:40 am and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    3 Responses to “How do I choose who to get my mortgage through? Major banks or smaller mortgage companies?”

    1. V(^_^')V Says:
      September 21st, 2009 at 7:24 am

      definitely go with the smaller banks or credit unions. they usually offer lower rates. if they do go bankrupt, other banks and lenders will take over your loan. the rate will usually stay the same.

    2. acermill Says:
      September 22nd, 2009 at 3:41 am

      The idea is to another mortgage the contract no matter in any event once you to get lower rate check all the rate mortgage contract is guaranteed at the best rate and terms specified in whose hands it ends up be sold off to another mortgage it will be very careful however of suspicious low rates you to shop for the idea is to shop.
      The rate mortgage it will be sold off to another mortgage brokers shortly after you take fixed rate check all origination fees.

    3. Martin Says:
      September 22nd, 2009 at 4:59 pm

      I would be more than happy to help you obtain your mortgage.

      I am a mortgage broker. Email me, and let’s discuss your loan options!

      M

      I am on line now!