I’ve been pre-approved through Chase for a 15-year conventional loan at 5.85% and a 30-year at 6.25%. Rocket Mortgage is still processing my documentation, but my parents had a good experience with them and they offer a realtor and some programs that could save money short-term. I’m not sure about their rates yet, but they seem comparable to Chase’s. I’m waiting for calls back from a couple of realtors to discuss my options. Any insights on which lender might be better in the long run?
I went with a local credit union and got great rates with minimal closing costs. They were quick to close too!
I’ve found credit unions might not close as fast, but they usually offer the best rates.
I’ve done two purchases in the last ten years. Chase had better rates both times, but Rocket’s fees were confusing and high. I wouldn’t recommend them.
It’s smart to get pre-approved while also working with a realtor. They can help you find the best deal based on your pre-approval.
Don’t just stick with Chase because you already bank with them. Explore options with brokers or local lenders for better rates.
I suggest finding a local mortgage broker who cares about closing on time. Big lenders often have long response times.
Neither option seems ideal. Both have a reputation for causing delays. Look for a local lender instead.
Rocket Mortgage has a reputation for ‘bait and switch.’ If you can, go with Chase or find a reliable local lender.
Consider getting quotes from multiple lenders, including credit unions. It can help you negotiate better rates.
I went through a local mortgage broker and had a much more personalized experience. It was worth it for me.