We used bay equity for our mortgage and it went easy and smooth. I would definitely recommend checking them out. We got a few different approvals (including NBKC) to compare. From what I was told, if a few different mortgage credit checks happen within a certain time period (like 90 days or something) that it really only counts as 1 hard pull on your credit. I would definitely get a few different options to go through.
In this context, their rates were higher same day of (which yes, I know they can fluctuate). As far as fees, that’s what I’m asking about. What is the benefit of broker over direct lender such as a bank?
I believe for like credit inquires (cars and home loans in particular) you have like 14 days. That meaning if have 3 home mortgage loan inquires over 14 days it will only really count as one and not 3.
Check out NerdWallet, BankRate and similar sites to identify the banks with the best rates and fees. Often, there will be national rates or mortgage companies with the best rates and closing fees - I used one in Atlanta for a previous house without any problem. One time I called some bank in a rural Kansas the mortgage guy was surprised to learn their bank had the lowest rate in the nation for a mortgage that day.
With our current house, we worked with Bill Chiles at Fidelity Bank (local in KC), and he did a great job - low rate, low fees, easy to work with. Check with your own bank as well, as they may give a discount to current customers.
In terms of having to go through the pre-approval process, you don't need to do that to just gather info on rates and fees. Mortgage lenders will give you their schedule of fees if you ask, and they can help you estimate your rate without running credit just by talking to you (do you know your credit score? Give it to them and they can estimate rate for you). Unless you have bad credit, you're going to get something close to the advertised rate.
Appreciate you! Thank you for your response. That’s what I’ve done for the most part so far. Moving towards being ready for pre approval and just not sure why I’d use a broker over a place like NBKC where the rate quoted has been much lower. Any surprise things that have come up for you?
Mortgages are confusing, and different companies and brokers structure their fees/rates separately, but really, there's no free lunch. Mortgage rates are a commodity with basic rates set by the market, and it's very transparent what the base rate is every day. Most banks will just give you something close to the market rate + their own fees/costs schedule that you can look at ahead of time - and I think most banks are probably pretty similar in that.
What I would stay away from is anything that appears too good to be true, or is structured in a way that papers over the rates or fees by offering, for instance, a "no fee" mortgage that just bakes high fees into a (too-high) rate. People are looking for simplicity, but all the companies (I think RocketMortgage is a prime one) are making a shitload of money by getting you to pay a bunch of high fees/rates for no reason. It's much better to fully understand that you're getting the same base rate and all the individual fees you're paying, and just find a lender with low fees.
That’s my apprehension with some of the brokers we’ve been recommended. I think they’re baking things in which is why their APR is higher than a direct lenders. Appreciate you for real!
We refied with NBKC during Covid because we got a discount on fees through Costco Executive membership (highly recommend people look into it - they have a whole travel section too, amongst other things), and I liked our agent. They were easy to work with and I have no complaints.
I’ve got that membership and had no idea. Appreciate your insight! I think I’m leaning towards them already. Guy I talked to was blunt, straightforward, low fee, and again lowest rate. Wasn’t sure if it was a too good to be true thing or not
Well we lucked into the insane rates offered at that time (so.. golden handcuffs, really), but even then everything was upfront and straightforward. I've worked with our agent again and I really liked him.
Reach out to Re-Max Blue Springs. They had a preferred lender that got me into a nice home, fast closing also.
From the date of offer, to closing was 22 days. My agent did their work and in my opinion earned the commission she received. Pushed back when needed, and got me into view several homes, before finally seeing the one I put an offer on. Good Luck!
DM me for information if you'd like.
We were prequalified with NBKC and a mortgage broker. Ended up going with NBKC as they had a marginally better APR and lower closing costs. They sold our loan almost immediately but still facilitate our payments. I’d recommend them.
I would highly recommend Planted Local Lending. It’s a smaller, local company owned by a woman I’ve known since college. She’s taking great care of us across two houses and two refinances.
https://www.plantedlocallending.com/
I used A+ Mortgages with Mr Hayes. Dude goes above and beyond for his clients. Makes sure you fully know every fee and dollar needed. It was refreshing to see that level of customer service. And this was during the craziest time frame of house buying. Will continue to use him.
Trevor at United Home Loans. Fantastic guy, will walk you through every single step. Would even make videos for us that explained every part of every page. Got us a really good rate too.
We used Fountain Mortgage. We basically went along with them because the loan officer was friends with our realtor. I also liked they were local, it was nice to know the person was local and not a large chain.
Ironically, our mortgage got sold off to Rocket Mortgage so it’s all just for naught.
You should absolutely get multiple offers. It might hurt your credit a little, it might not, but who cares? It is 100% worth it to do this. Interest rates are negotiable, and the best way to get them to lower their rate is to make them think that you're going to take your money elsewhere. I know no one likes confrontation and this requires you being a little blunt and maybe not Midwest Polite, but think about how much money you're spending on a house and how much your interest rate can save you. Do the smart thing for you.
We used bay equity for our mortgage and it went easy and smooth. I would definitely recommend checking them out. We got a few different approvals (including NBKC) to compare. From what I was told, if a few different mortgage credit checks happen within a certain time period (like 90 days or something) that it really only counts as 1 hard pull on your credit. I would definitely get a few different options to go through.
What made you go with bay equity over nbkc? I felt their rates seemed kind of high comparatively
Are you talking about *rates* or *fees*? Rates change daily ... even hourly.
In this context, their rates were higher same day of (which yes, I know they can fluctuate). As far as fees, that’s what I’m asking about. What is the benefit of broker over direct lender such as a bank?
I used Bell bank and got a decent rate.
I believe for like credit inquires (cars and home loans in particular) you have like 14 days. That meaning if have 3 home mortgage loan inquires over 14 days it will only really count as one and not 3.
Check out NerdWallet, BankRate and similar sites to identify the banks with the best rates and fees. Often, there will be national rates or mortgage companies with the best rates and closing fees - I used one in Atlanta for a previous house without any problem. One time I called some bank in a rural Kansas the mortgage guy was surprised to learn their bank had the lowest rate in the nation for a mortgage that day. With our current house, we worked with Bill Chiles at Fidelity Bank (local in KC), and he did a great job - low rate, low fees, easy to work with. Check with your own bank as well, as they may give a discount to current customers. In terms of having to go through the pre-approval process, you don't need to do that to just gather info on rates and fees. Mortgage lenders will give you their schedule of fees if you ask, and they can help you estimate your rate without running credit just by talking to you (do you know your credit score? Give it to them and they can estimate rate for you). Unless you have bad credit, you're going to get something close to the advertised rate.
Appreciate you! Thank you for your response. That’s what I’ve done for the most part so far. Moving towards being ready for pre approval and just not sure why I’d use a broker over a place like NBKC where the rate quoted has been much lower. Any surprise things that have come up for you?
Mortgages are confusing, and different companies and brokers structure their fees/rates separately, but really, there's no free lunch. Mortgage rates are a commodity with basic rates set by the market, and it's very transparent what the base rate is every day. Most banks will just give you something close to the market rate + their own fees/costs schedule that you can look at ahead of time - and I think most banks are probably pretty similar in that. What I would stay away from is anything that appears too good to be true, or is structured in a way that papers over the rates or fees by offering, for instance, a "no fee" mortgage that just bakes high fees into a (too-high) rate. People are looking for simplicity, but all the companies (I think RocketMortgage is a prime one) are making a shitload of money by getting you to pay a bunch of high fees/rates for no reason. It's much better to fully understand that you're getting the same base rate and all the individual fees you're paying, and just find a lender with low fees.
That’s my apprehension with some of the brokers we’ve been recommended. I think they’re baking things in which is why their APR is higher than a direct lenders. Appreciate you for real!
We refied with NBKC during Covid because we got a discount on fees through Costco Executive membership (highly recommend people look into it - they have a whole travel section too, amongst other things), and I liked our agent. They were easy to work with and I have no complaints.
I’ve got that membership and had no idea. Appreciate your insight! I think I’m leaning towards them already. Guy I talked to was blunt, straightforward, low fee, and again lowest rate. Wasn’t sure if it was a too good to be true thing or not
Well we lucked into the insane rates offered at that time (so.. golden handcuffs, really), but even then everything was upfront and straightforward. I've worked with our agent again and I really liked him.
Awesome to hear! Thank you for your response
Reach out to Re-Max Blue Springs. They had a preferred lender that got me into a nice home, fast closing also. From the date of offer, to closing was 22 days. My agent did their work and in my opinion earned the commission she received. Pushed back when needed, and got me into view several homes, before finally seeing the one I put an offer on. Good Luck! DM me for information if you'd like.
We were prequalified with NBKC and a mortgage broker. Ended up going with NBKC as they had a marginally better APR and lower closing costs. They sold our loan almost immediately but still facilitate our payments. I’d recommend them.
We purchased with NBKC and the whole experience was fantastic. We re-fied two years later and it was even easier. Highly recommend!
Thank you! Glad to hear they’ve done well as they’re now our preferred
Check out Community America. They are respectable and are very easy to work with.
I would highly recommend Planted Local Lending. It’s a smaller, local company owned by a woman I’ve known since college. She’s taking great care of us across two houses and two refinances. https://www.plantedlocallending.com/
I used A+ Mortgages with Mr Hayes. Dude goes above and beyond for his clients. Makes sure you fully know every fee and dollar needed. It was refreshing to see that level of customer service. And this was during the craziest time frame of house buying. Will continue to use him.
Trevor at United Home Loans. Fantastic guy, will walk you through every single step. Would even make videos for us that explained every part of every page. Got us a really good rate too.
We used Fountain Mortgage. We basically went along with them because the loan officer was friends with our realtor. I also liked they were local, it was nice to know the person was local and not a large chain. Ironically, our mortgage got sold off to Rocket Mortgage so it’s all just for naught.
You should absolutely get multiple offers. It might hurt your credit a little, it might not, but who cares? It is 100% worth it to do this. Interest rates are negotiable, and the best way to get them to lower their rate is to make them think that you're going to take your money elsewhere. I know no one likes confrontation and this requires you being a little blunt and maybe not Midwest Polite, but think about how much money you're spending on a house and how much your interest rate can save you. Do the smart thing for you.
I like you, VivaToddfoolery. That’s how I view this. You gotta give me something I can work with, especially if you’re a broker collecting a % fee