We are buying our first home, so I am entering the confusing world of mortgage products. I am pretty well settled on a 30 year fixed 20% down conforming or a 15 balloon with a 30 year amortization schedule and no fees for early payment. I am still pretty skeptical on the 15 year balloon but 15 years is a long time.
I am curious how decent the rate shopping websites like bank rate and zillow mortgage are. Have you guys had good luck working with these “no-name” banks you have found online. I am suspicious that they have hidden fees and like to play a bit of bait and switch. When refinancing it seems like less of a concern, but I want some confidence they can deliver when a closing is on the line.
I am an avid Credit Union member, but their rates are almost a .5% higher with similar origination fees than many other online sites for the same credit (790 and above scores)and down payment profile.
So now
An aside:
My wife and I moved from CA to MN about 6 months ago, as many of you may know. We moved for work and for family.
We had an offer accepted in an amazing neighborhood a few miles from downtown Minneapolis on a big home situated on a half acre overly treed lot. The offer was accepted at $85/sqft. So, needless to say, we are pretty excited. The house hasn’t been redecorated since the early 70’s. So it will be a big project.
Not sure if you’d be eligible for membership, but I’ve done my last couple mortgages through Navy Federal Credit Union. Their rates were the lowest I could find anywhere.
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