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supertiger Offline
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Post: #1
Home Mortgage Broker Recommendations?
Any recommendations for a mortgage broker in the Memphis area. I'm not going to do anything until 2015, but I'd like some recommendations for mortgage lenders in the Memphis area.
07-21-2014 03:01 PM
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oldmangrizz Offline
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RE: Home Mortgage Broker Recommendations?
Do it online......Quicken. I've used them. Simple and cheaper than any I've ever used locally.
07-21-2014 03:13 PM
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maximus Offline
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RE: Home Mortgage Broker Recommendations?
My last mortgage I used Patriot Bank. I was pleased with the responsiveness and service.
07-21-2014 06:48 PM
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k2tigers Offline
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RE: Home Mortgage Broker Recommendations?
I got referred to a 'middle man' here from work colleagues. This was last year, but he got me a rate under 3%. I previously had it with my local bank, which of course has larger overhead costs and could not come close to 2.88%.

Stay away from the big houses - there are deals out there.
07-21-2014 07:17 PM
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BinghamptonNed Offline
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RE: Home Mortgage Broker Recommendations?
(07-21-2014 03:13 PM)oldmangrizz Wrote:  Do it online......Quicken. I've used them. Simple and cheaper than any I've ever used locally.

Quicken may do a good job IF they happen to close your loan, they are famous for rejecting perfectly good appraisals for a reason, stick to a local company --just don't overpay for a 'brand name' that is the best advice.
07-21-2014 07:26 PM
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TigerBill Offline
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RE: Home Mortgage Broker Recommendations?
(07-21-2014 03:01 PM)supertiger Wrote:  Any recommendations for a mortgage broker in the Memphis area. I'm not going to do anything until 2015, but I'd like some recommendations for mortgage lenders in the Memphis area.

If you don't know have one yet, let me know. I know some really good ones.
07-21-2014 10:17 PM
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mt-tigerfan Offline
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RE: Home Mortgage Broker Recommendations?
Our daughter is shopping for a 30 year fixed. She has an excellent credit rating and the best she can find is 4.2. Is that about as good as she can do or is there a better rate out there? Its been several years since we had a mortgage so I have no idea???
07-22-2014 08:25 AM
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angusbethune Offline
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RE: Home Mortgage Broker Recommendations?
(07-22-2014 08:25 AM)mt-tigerfan Wrote:  Our daughter is shopping for a 30 year fixed. She has an excellent credit rating and the best she can find is 4.2. Is that about as good as she can do or is there a better rate out there? Its been several years since we had a mortgage so I have no idea???

That's right around the avg 30 year rate, currently, so that is not a bad deal at all. Depending on how much she would like to put towards a down payment, she might be able to get a bit lower than that - but it might be worth having that cash in hand as when you move into a place there are always unexpected expenses. Just depends on her needs.
07-22-2014 09:15 AM
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aellis13 Offline
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RE: Home Mortgage Broker Recommendations?
(07-22-2014 09:15 AM)angusbethune Wrote:  [quote='mt-tigerfan' pid='10924360' dateline='1406035545']
Our daughter is shopping for a 30 year fixed. She has an excellent credit rating and the best she can find is 4.2. Is that about as good as she can do or is there a better rate out there? Its been several years since we had a mortgage so I have no idea???

4.125 -4.25 depending on day is the conventional 30 yr market. The government programs (FHA, VA etc) are a little lower.
07-22-2014 10:30 AM
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mt-tigerfan Offline
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RE: Home Mortgage Broker Recommendations?
I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?
07-22-2014 11:06 AM
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k2tigers Offline
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RE: Home Mortgage Broker Recommendations?
(07-22-2014 11:06 AM)mt-tigerfan Wrote:  I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?

It may result in a lower rate, but it also may not result in lower monthly payments because of the 10 year difference. I went from a 30 yr to 15 yr on my refi.
07-22-2014 12:09 PM
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uofmcamaro Offline
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RE: Home Mortgage Broker Recommendations?
The low, low rates are pretty well gone. Rates have slowly crept back up and should continue to do so for the time being. The mortgage bubble has seen a bit of a recovery. The 4% rate that you guys are talking about is still a good rate, but not near what rates were 3-5 years ago. I've seen rates on homes at my bank I work for in the 2.4% range....unreal! Still though, 4% or 4.5% is a good rate. The rates in the 2% range are just amazing rates. Good still beats some of the 8-10% rates I've seen on older mortgages that, for whatever reason, never refi'ed.
07-22-2014 11:11 PM
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Tygrys Offline
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Post: #13
RE: Home Mortgage Broker Recommendations?
(07-22-2014 10:30 AM)aellis13 Wrote:  
(07-22-2014 09:15 AM)angusbethune Wrote:  [quote='mt-tigerfan' pid='10924360' dateline='1406035545']
Our daughter is shopping for a 30 year fixed. She has an excellent credit rating and the best she can find is 4.2. Is that about as good as she can do or is there a better rate out there? Its been several years since we had a mortgage so I have no idea???

4.125 -4.25 depending on day is the conventional 30 yr market. The government programs (FHA, VA etc) are a little lower.

My wife and I are buying in Northwest Arkansas and got quoted 4.125% and no origination fee from a local bank.
07-23-2014 12:05 AM
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Tygrys Offline
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RE: Home Mortgage Broker Recommendations?
(07-22-2014 11:06 AM)mt-tigerfan Wrote:  I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?

If she is refinancing I do not think an FHA loan would apply to her. I am not a mortgage specialist by any means but an FHA loan allows for a person to only put down a 3.5% down payment and comes with a higher monthly PMI. If an FHA loan is applicable to a refinance then someone please correct me.

An easy way to cut down a couple of years off of a loan (whether it be 30 or 20) is to ask about bimonthly payments instead of a single monthly payment. So, if the monthly payment was $1,500 she would simply pay $750 every two weeks. It dramatically cuts down the total interest paid (only accrues for 15 days at a time instead of 30) and increases the amount of monthly principle paid.
07-23-2014 12:11 AM
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Cletus Offline
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RE: Home Mortgage Broker Recommendations?
(07-21-2014 06:48 PM)maximus Wrote:  My last mortgage I used Patriot Bank. I was pleased with the responsiveness and service.

Yep; Larry Boyd @ Patriot Bank
07-23-2014 12:39 AM
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tigergreen Offline
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RE: Home Mortgage Broker Recommendations?
We've followed Linda McDowell from First TN home mortgage over to Mortgage Investors Group.
We've done the original purchase, and two refi's with her. She's great:

http://migonline.com/officers/?lid=LINDA%20MCDOWELL
07-23-2014 11:10 AM
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tigergreen Offline
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RE: Home Mortgage Broker Recommendations?
(07-22-2014 11:06 AM)mt-tigerfan Wrote:  I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?

She would have to stick with a conventional in her situation, I think; but the rate likely won't drop all that much between a 30 & a 20; maybe a hair.

The difference for her is going to be the rate she had vs. the new lower rate. 4.2 is probably about as good as it gets now. I think we got around that a few years back on our refi & that was the lowest one going then.

There's some kind of formula that you can use to determine whether or not it's worth it to refinance. I think the tipping point is about .75%. Under that it's usually not worth it to do.
(This post was last modified: 07-23-2014 11:17 AM by tigergreen.)
07-23-2014 11:15 AM
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Phillip26r Offline
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RE: Home Mortgage Broker Recommendations?
(07-23-2014 11:15 AM)tigergreen Wrote:  
(07-22-2014 11:06 AM)mt-tigerfan Wrote:  I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?

She would have to stick with a conventional in her situation, I think; but the rate likely won't drop all that much between a 30 & a 20; maybe a hair.

The difference for her is going to be the rate she had vs. the new lower rate. 4.2 is probably about as good as it gets now. I think we got around that a few years back on our refi & that was the lowest one going then.

There's some kind of formula that you can use to determine whether or not it's worth it to refinance. I think the tipping point is about .75%. Under that it's usually not worth it to do.

It depends largely on the amount of the mortgage. The benefit of refinancing at a particular rate is directly proportional to the amount of the loan. If your current loan is 5% and you are refinancing at 4%, your benefit over time will be less on a $100k mortgage than on a $250k mortgage. One must consider the time it will take to recover the cost of refinancing, and the likelihood of keeping the house long enough to do so. Most folks move every 7 or 8 years.
07-23-2014 11:47 AM
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tigergreen Offline
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RE: Home Mortgage Broker Recommendations?
(07-23-2014 11:47 AM)Phillip26r Wrote:  
(07-23-2014 11:15 AM)tigergreen Wrote:  
(07-22-2014 11:06 AM)mt-tigerfan Wrote:  I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?

She would have to stick with a conventional in her situation, I think; but the rate likely won't drop all that much between a 30 & a 20; maybe a hair.

The difference for her is going to be the rate she had vs. the new lower rate. 4.2 is probably about as good as it gets now. I think we got around that a few years back on our refi & that was the lowest one going then.

There's some kind of formula that you can use to determine whether or not it's worth it to refinance. I think the tipping point is about .75%. Under that it's usually not worth it to do.

It depends largely on the amount of the mortgage. The benefit of refinancing at a particular rate is directly proportional to the amount of the loan. If your current loan is 5% and you are refinancing at 4%, your benefit over time will be less on a $100k mortgage than on a $250k mortgage. One must consider the time it will take to recover the cost of refinancing, and the likelihood of keeping the house long enough to do so. Most folks move every 7 or 8 years.

Agreed, but at the same time if she's moving from a 30 to a 20, then she recoups some of that on the front end regardless.
07-23-2014 04:01 PM
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aellis13 Offline
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RE: Home Mortgage Broker Recommendations?
(07-22-2014 11:06 AM)mt-tigerfan Wrote:  I should have mentioned this in my earlier post Our daughter wants to refinance her house. She currently has a 5% 30 year fixed. She has about 20years left on her mortgage and she wants to go for the cheaper 30 year payment. I thought if she financed for 20 years she could maybe get a lower interest rate as well as lowering her current payment.
I appreciate your comments. Is there much of a difference in a conventional vs a FHA loan?

If her credit is decent she would likely want to avoid FHA since the mortgage insurance is much higher than you will see on conventional. The 20 and 30 year rates are almost exactly the same so would be little benefit rate wise. However, if she can drop a full point and stay on the current schedule she may lower it some. Another route to look at, is the no cost refinances that are out there. Instead of 4.125 she would do 4.5 or so but the lender would pay all of the fees. That changes the calculations since it's not costing anything or raising the amount owed at any time.

I have some clients do this every time they can reduce a half point in interest. Normally you are going to want close to a point difference if incurring attorney's fees etc, but these calculations vary based on loan amounts, and anticipated time in the property.

There are several very good local lenders in Memphis, and a few have been mentioned here. I always encourage someone to talk to 2-3 and then work with who they personally feel comfortable with.

With the changes in Mortgage lending, and most of your local lenders being correspondent, everyone can get basically the same rates and guidelines. The difference is, the people here in your community are much more responsive and accountable.
07-24-2014 03:20 PM
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