My Fiance and I are house hunting for a home to buy together.
We have both owned our homes for 20+ years. So we haven't done this for a long time.
We both have money saved, Long job history, and my score is in the high 7's, his is in the 8's
We wanna put our equity into a new house. Might be seeking a cast back or bridge loan.
The LO I spoke w today said their rate for a fixed 30 year is 6.25%. I'm curious if you guys think credit unions (I would join one) offer better rates. I realize it probably wouldn't be much lower, but I appreciate any feedback. Tia
Credit Union VS Mortgage Company?
byu/Senior_Teaching_2139 inRealEstate
Posted by Senior_Teaching_2139
5 Comments
We always got best rates from a Credit Union. On other occasions we’ve worked with a mortgage broker we knew and trusted who found really good rates.
Sounds high. Shop around. Local lenders and brokers.
I can typically beat a credit union at a standard 30 year fixed. There’s a local CU that has a much better ARM program. It all depends on what you look like on paper.
Credit union will almost never be lower than a broker unless it’s an arm product or a jumbo loan. Big difference from a broker and an online lender or local lender tho. Do some shopping, I just got someone a 5.25% fixed 30 year earlier today but everyone’s situation is different
I’m a broker, I have one special lender out of 100 that I work with to do credit union loans. Right now there is some of the most incredible pricing on 7 year arms. They are super nice, a full point of actual rate below conventional offerings anywhere else. Low 5’s no points.