Hey guys, I’m looking for recommendations on mortgage lenders. I’m currently pre-approved through Rocket Mortgage, and while their customer service is great, I’m not seeing any standout perks with an average rate of 6.5% and a credit score of 703. Recently, I asked my rep about better pricing they mentioned, but they avoided giving a clear answer, which left me unsure.
I keep hearing about other lenders offering to cover closing costs and lower rates like 5.50%, but my rep cautioned that these deals might have hidden costs in the long run. I’m feeling uncertain about who to trust, I just want a lender that can help with closing costs and offer a competitive rate. Any advice would be appreciated, as I didn’t realize closing costs could be as much as 3-5%, almost like a second down payment.
2 Likes
I recommend exploring various types of mortgage providers:
-
Mortgage broker: They shop around the market for you, working with different wholesale lenders. They might secure a lower rate with Rocket Mortgage than what you could get directly.
-
Non-bank lender: Similar to Rocket Mortgage.
-
Banks and credit unions: They’re quite competitive at the moment, especially if you meet their preferred customer profile.
1 Like
When it’s time to finalize your mortgage with Rocket Mortgage, be prepared for potentially increased charges.
A lender, whether it’s a bank or mortgage company, is important, but having a seasoned and experienced loan officer is crucial, regardless of the lender you choose.
Avoid places where you’re routed through a central number and treated like just another customer.
Seek recommendations from trusted sources or check their social media presence to gauge their reputation.
Most lenders can cover closing costs through a lender credit, which can be negotiated in exchange for a lower interest rate. Combining this with a seller credit and possibly a commission rebate from your real estate agent (available in 40 states + DC) could significantly reduce your upfront costs to just your down payment.
Based on my research, I would recommend considering Nationwide Building Society as a top mortgage lender. Nationwide consistently ranks among the best mortgage providers in the UK, earning high customer satisfaction scores and offering a wide range of competitive mortgage products. As one of the largest building societies in the country, Nationwide is known for its strong financial stability and personalized service. They offer a variety of mortgage options, including first-time buyer loans, remortgages, and buy-to-let mortgages, often with low deposit requirements. Nationwide’s online application process is straightforward, and they have a network of local branches for those who prefer in-person support. While rates and fees can vary, Nationwide is frequently cited as offering market-leading deals, making them a reliable choice for those seeking a trustworthy and customer-focused mortgage lender.