If meeting with lenders face to face is important to you, a local bank with a good reputation is a sound choice. Local banks may also have better rates or lower fees than online options do. Both types of lenders offer mortgage pre-approval.
Correspondingly, are big banks better for mortgages?
Because of their size and financial resources, big banks may offer lower mortgage rates than other types of lenders. Paying a lower rate reduces your monthly payment and saves you money on total interest expense over the life of your loan.
Secondly, what’s the soonest you can close on a house?
The Ellie Mae Report shows that FHA (Federal Housing Administration) loans took an average of 51 days to close in August 2021. FHA loans operate on a similar timeline to conventional loans. However, they may need some additional time for some parts in the process.
Who is Quicken’s biggest competitor?
Quicken Loans competitors include Navy Federal Credit Union, LenderLive Network, LendingTree, Mr. Cooper and loanDepot.
LoanDepot is offering what may be the fastest quick-closing mortgage in the race. Their new product, mello smartloan, an end-to-end digital mortgage, offers qualified borrowers a home loan in as few as eight days, a feat that seems almost impossible to long-time players in the real estate industry.
Some agents choose their preferred lenders because they get deals closed quickly and reliably. That’s also good for buyers, but the missing element in this equation is the loan cost. The in-house lender may feel that they have you “buttoned up” as a customer. They may feel they no competition for your business.