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How to decide which bank to apply for a home loan?

We are finally at a point where we feel our credit is strong enough and we have saved enough to apply for a home loan. However, we are not sure which bank to apply. I currently bank with a big bank and he banks with a credit union. We were thinking of starting with one of those but we think we would do just as well or better with a bank that solely does home loans like Caldwell Banker or seeing what happens if we enter our info into a site like Lending Tree or Quicken Loans. How did you all decide which bank to apply?

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Anonymous

Asked by Anonymous at 2:30 PM on Sep. 29, 2013 in Money & Work

Answers (13)
  • NOT Bank of America... Just sayin'
    Anonymous

    Answer by Anonymous at 2:31 PM on Sep. 29, 2013

  • I get a LOT of business from Wells Fargo through my inspection gig. I don't know if that's a good thing or not though.
    Rosehawk

    Answer by Rosehawk at 2:32 PM on Sep. 29, 2013

  • Oh, we will for sure stay away from BOA. As renters, we were exposed to their incompetence when the the house we were renting went into foreclosure. Luckily it worked out for us, but we learned all too well not to get a loan with them.
    Anonymous

    Comment by Anonymous (original poster) at 2:35 PM on Sep. 29, 2013

  • We went to a mortgage lender not a bank. He made everything super easy and got us the best rate he could with our credit. Our loan was sold over time to BofA and that was not a great experience.
    But_Mommie

    Answer by But_Mommie at 2:35 PM on Sep. 29, 2013

  • Yes, I've heard only good about Wells Fargo recently. A friend just closed on her 1st house last month using them.
    Anonymous

    Comment by Anonymous (original poster) at 2:37 PM on Sep. 29, 2013

  • I'll second the "Not Bank of America". Not sure where you live but we bank with BB&T and they have been nothing but wonderful.

    JeremysMom

    Answer by JeremysMom at 2:44 PM on Sep. 29, 2013

  • When we went though REMAX they helped us with our loan stuff. But we got a VA laons.
    louise2

    Answer by louise2 at 2:55 PM on Sep. 29, 2013

  • Credit unions usually have the best rates and are willing to work with you more than some of the big banks.
    missanc

    Answer by missanc at 2:55 PM on Sep. 29, 2013

  • Talk to your real estate agent, most of the time they have someone to suggest for you, you can explore all kinds of options, and as missanc said a credit union would most likely be your best bet, but if your credit is a bit shaky, your agent will know where you should go, it also makes a difference if you are using a VA loan or something like that.
    2kids2dogs2cats

    Answer by 2kids2dogs2cats at 3:29 PM on Sep. 29, 2013

  • I went through a mortgage broker, which helped me out because there were a couple of programs for disabled home buyers and first timers that I wouldn't have known about. Citibank bought my mortgage, and they've been a pain in my butt, so I wouldn't personally recommend them but maybe others have had better luck.
    Ballad

    Answer by Ballad at 4:02 PM on Sep. 29, 2013

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