Where to find best mortgage rates

R

ramalama8

Level 2 Member
Hey team

I'm trying to figure out the best place to search for mortgage rates. I bought my home with cash and would now like to take out a home equity loan/LOC. I've looked at bankrate and zillow and such, but figured our larger community might be able to give more direction.

Thanks!
 
Matt

Matt

Administrator
Staff member
ramalama8 said:
Hey team

I'm trying to figure out the best place to search for mortgage rates. I bought my home with cash and would now like to take out a home equity loan/LOC. I've looked at bankrate and zillow and such, but figured our larger community might be able to give more direction.

Thanks!
Click to expand...
I think it depends on your state somewhat. Fatwallet Finance used to have a good thread or two on rates.
 
R

redbirdsj

Level 2 Member
I like mtgprofessor.com - yes these are affiliate links, but must pass certain disclosure requirements to be listed on his site.
 
rajin

rajin

Level 2 Member
Some of the most restrictive operations consequently have the highest quality of portfolios and lowest rates. But, they might not have the support you need if you have problems. What I did, and what I've recommended to several of my RL friends, is that to use a full-service mortgage broker for a purchase with 0 closing costs (slightly higher rate), then 90-days later, refinance with a super-cheap company. I refinanced with Provident Funding twice within the first year as rates were dropping, and they were at least a quarter point cheaper than more full-service lenders. Choosing a zero closing cost loan seems a bit counter-intuitive to a loan you might keep for a long time (or at least it did to me at first), but it removes the sunk cost you have invested in your current loan and lets you chase rates down over the years.
 
U

United

Level 2 Member
Another vote for credit unions as they seem to have the lowest rates. I got my car loan from https://www.dcu.org/

I can't figure out why people open loans with the big banks. They advertise low rates but I never seem to get it. Always wondered if it was because I am a credit card churner.
 
R

rcc

Level 2 Member
I've just called the usual banks to ask them for rates. You can hunt around for rates, easy enough to jump on a call with 10-15 institutions, and then eventually come back to one of the larger banks, that have a reliable support staff for any upcoming issues over the next 30 years, and ask them to beat your best rate. So far they've been willing to do that for me.
 
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