Shopping around for a 30 year fixed

[yimmy]

I'm looking to consolidate my HELOC and 3/1 ARM into a 30 year fixed because I now have 20 percent equity in my house.

A lot of online mortgage brokers are advertising rates that seem to be better than what the major lenders are offering.

I called up the one that advertised the cheapest rate on bankrate.com and they told me that they could hook me up with a jumbo 30 year fixed at 5.375 with me paying one point. When I asked him if he could provide me with a Good Faith Estimate he said that it would take a little bit of time. I also asked him who the lender was and he said that they're the lender and they represent investors. Does this sound fishy to any of you guys?

Does anyone know if there's a catch or if there are any risks associated with going with a no-name lender versus one of the big ones?

[Hyok]

I'm looking to consolidate my HELOC and 3/1 ARM into a 30 year fixed because I now have 20 percent equity in my house.

A lot of online mortgage brokers are advertising rates that seem to be better than what the major lenders are offering.

I called up the one that advertised the cheapest rate on bankrate.com and they told me that they could hook me up with a jumbo 30 year fixed at 5.375 with me paying one point. When I asked him if he could provide me with a Good Faith Estimate he said that it would take a little bit of time. I also asked him who the lender was and he said that they're the lender and they represent investors. Does this sound fishy to any of you guys?

Does anyone know if there's a catch or if there are any risks associated with going with a no-name lender versus one of the big ones?

That is a damn good rate for a jumbo. Any PMI? I'm thinking "no," since you should be able to put 20% down...

It sure sounds good. I'd read the fine print over and over before commiting.

[Footer Phooter]

Be careful with the online lenders. Not saying they're crooked, but you need to do your homework before using them. (Although you seem to be doing that)

[yimmy]

Be careful with the online lenders. Not saying they're crooked, but you need to do your homework before using them. (Although you seem to be doing that)

I was wondering if anyone had any negative experiences with these online lenders. Personally, I think I'd rather go with a well established name than someone I've never heard of but perhaps I'm just being too paranoid.

[Sachin]

No you're not. Dealing with a good lender is a key part of the homebuying process. You should be able to research any lender you want. Perhaps you need to check with state banking authorities.

Sachin

[yimmy]

No you're not. Dealing with a good lender is a key part of the homebuying process. You should be able to research any lender you want. Perhaps you need to check with state banking authorities.

Sachin


There's a company called Earth Mortgage in Plano, Texas that I'm trying to look up. So far I've only used google. Does anyone know if there's are any online resources available?

[Sachin]

Check with your state banking regulator.