Mortgage

Call every bank and mortgage broker you can. You can get a sense very quickly as to whether they have a product that works for you, practically without even giving your name. You will also figure out who you think you can trust. There's no conflict - they're offering a product and small differences in pricing can cost you an awful lot of money. You have to shop around.

We are also currently shopping around. We have generally found that the brokers offer the same rate as the best rates we have found when we called the banks individually. The difference being in closing costs.

However, who do you know to go with, since rates change, and we can't do a 60 day lock yet, since we're pretty sure the pocess will take longer than that (i.e. how do we know who to apply with since we don't know if they'll have the best rate when we're ready to lock?

Also, do any brokers/banks allow you to apply for a mortgage and get a commitment without any cost to the purchaser?

check the website for TDBANK
I found they had the best online rates, and then was able to get other banks to match or beat them

Try both banks and brokers. Its really important you choose someone you like and think you can trust. Afterall, its a 30-90 day relationship or longer. Rates are important of course but if the loan officer you're working with offers you the best rate but never picks up his or her phone or makes empty promises on turn times then it may not be worth it. Just a few minutes on the phone with the loan officer should help you narrow down your choices. See who responds quickly, who works weekends, who works evenings, etc.
Jdf- a 60 day lock and close should be no problem from the bank end. But of course there are other parties involved which can cause delays. Coop board, new construction projects, sellers not ready, etc.
sunny.hong@bankofamerica.com

Thanks Sunny. Its an established co-op and an estate sale, so shouldn't be hold ups on that end. So far, I've been able to get equivalent rates between brokers, Chase and Wells fargo. Suprisingly,Chase, which is where I do my banking has also offered me costs off of closing (and additional reduction for direct debit), but the officer has been the least responsive of those I have dealt with. Dilemma.

Anyone have experience dealing with Chase for mortgages?

My advice is to stay far away from WellFargo...trust me....stay away...

Risktaker: Why? Easy to say "stay away," but at least give details.

Jdf, timing is going to be the key as to locking in a good rate and even getting the most amount of closing cost credits. Its not surprising that Chase the least responsive but when you're purchasing a coop and there are certain time deadlines I'd stay away from anyone not too responsive. You don't want to be put in a position where you need your commitment letter and the board meets once a month and you can't get in touch with the mortgage banker. Is the coop approved with the banks you're working with? If you email the name and address of the coop, I can tell you if its approved with Bank of America. Thanks.

Has anybody work with Red Wagon Mortgage? Quoted 4.75% on 30 yr. fixed conforming.

That is pretty much what Sovereign Bank quoted as well.

Never heard of them. You can probably do better. But it really depends on your scenario. Loan amount, purchase price/value, property type, etc. sunny.hong@bankofamerica.com

Whatever you do, start with Sunny Hong: extremely pleasant, responsive and knowledgeable. I always got responses from him within minutes! Many will vouch for him on SE.

shong: do you only do mortgages in NYC? I'm looking to refi in Miami Beach

Are banks providing pre-approvals anymore or do i really need one to make an offer on a new development condo? We have excellent credit and are looking at 30 year fixed. We kind of know the places we are open to making offers but want the "flexibility" from a pre-approval. I would have thought loan officers would return calls and/or answer their phones more than I've witnessed. Is everyone on vacation or out to lunch?

"Pre-approval" is bullshit. You don't actually get approved for a mortgage until after you've gone into contract.

We LOVED our mortgage broker--super-responsive & gave us an education in the whole process,esp. because we were new to purchasing. I highly recommend him:

Ken Robinson at 917.848.2338.

We also shopped around at banks & found that you can get concessions in closing costs if you compare what one bank will do vs. another. The banks were trying to be competitive with ea. other for our business & we used it to our advantage. Good luck!

Hey Striver, what % down and under $729k or not?

hi apt23 - mostly in the tri-state area with NYC being my main market. I can do mortgages in miami but I would recommend someone who is physically there in miami.
mycmatt is right for the most part, pre-approvals dont mean a whole lot. However, it depends on the loan officer that gives the pre-approval. I never issue a pre-approval if the borrower can not end up closing. Although I am not an underwriter, I underwriter all my files before it even goes into underwriting so my pre-approvals are solid. So there is a great chance it will end up being a closed loan.

shong tell them about NY being a package state.