finding a home loan

[raidermarc]

Is it better to go to a bank for a home  loan or  a mortgage company.
I am looking for a conventional home loan.
And would you know of 100% financing where the lender will cover both the mortgage and downpayment for first time homebuyers.

[tedjr]

There are lenders all over the place. It is really competitve now. Look in the newspaper and  internet and find tables that show different lenders and the rates and programs. Most banks have mortgage company sister companies as well as bank loans.  A few popular ones  that I have used in the past are:
Ameriquest Mortgage
Indymac Bank
Chase Mortgage

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

[raidermarc]

hi Tedjr. what has been your experience applying for a home loan online.
is it faster, more convenience and the more you borrow, they take alook at your income correct? thanks Tjr

[tedjr]

I got most of my loans from one lender and the first application was on line. It went OK. I do not know if better or faster. A little easier i guess. Once in the past I was trying to refinance a dozen properties at once and what a mess to fill out all the applications and other documents by hand.
The income thing was easy for me. I am self employed which makes it even harder to verify income. I paid 1/2 % more interest and did the no doc income loan. I think I supplied bank statements to prove I was collecting $6000 per month for the $260,000 home loan I got for our new home. (See success story "We had to build this house"). You may want to do the same if you are self employed.

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

[raidermarc]

Ted, for investment purposes if I am using the loan to get income property..property I plan to be renting . where should I go, to a mortgage company or a bank ? or does it make a difference.

[Guy G.]

One thing to keep in mind is that Mortgage Brokers work the wholesale side of the investors (Wells Fargo, Countrywide, etc.) while walking into the closest bank will put you on the retail side of that same lender.  Sometimes the rates will vary significantly and sometimes they won't.  The one issue I have with going to on-line lenders is that you can't walk into their "office" and find out what stage of the process your loan is in.  If you end up with on-line lenders in California or New York, you may end up, as several of my clients did, with problems that keep your loan from closing on time and on budget.  Also, there are 100% investment loans out through traditional lenders, just not a lot of them.  

[tedjr]

They all have their do's and don’ts. They are all competing for your dollar. Brokers get a fee and usually the lender pays it by raising their rate an 1/8 or so of a point. I like working with a broker as he gets paid to get you a loan where an employee in some lending office is there 9 to 5. Do not let a broker talk you into anything illegal but they know tricks of the trade and what works. When I built my house I went thru about 5 lenders and brokers and hell. I spend a month with one lender just to find out that they do do loan in neighborhoods that do not have curbs and gutters, I went to their office and called and called and filled out papers and answered questions until I was blue. They had a frigging book printed about my deal and  said all along its looking really good.  I  do not remember their name.
The loan I finally got was with Indymac Bank over the internet which is actually a bank/mortgage company.  I had dealt with them on 8 or none rental properties and they could not wait to get my loan closed and funded. They were begging me to hurry and finish and actually closed before the septic system was even finished. This particular employee of Indymac had to be on commission as I have never had an employee get a loan closed so fast and easy. It was almost like a cookie cutter deal I guess because of previous loans. I did do the no doc deal since I was self employed. Proof of income was just bank statements and at the time I had rental income of $10,000 per month being deposited into my personal checking account. This was not my net personal income  Hope all this helps some. Contact me if you have more questions

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile