Don's Home Finance Mortgages

Best Mortgage Companies:
How to Find the Cheapest Mortgage When Rates Are Rising | Consumer Reports
Basic rule is shop around 3-5 quotes is good:

• Shop around - Get at least 3 quotes.
  According to Bankrate rates (APR) in Nov 2018 for a 30 year fixed rate varied from 4.522% (Optimum)to 4.627%
  Fees ranged from $0 to $2,280.

  Interest Rate vs APR
  Rate is the % you are paying on the principal balance.
  APR (Annual Percentage Rate) is interest rate plus other costs such as broker fees, discount points and some closing costs, expressed as a percentage.
  The APR is the same as the interest rate with no fees.
  It will be 0.050% higher with $2,000 in fees.

• Credit Score: Most non-government mortgage programs are priced by credit score, in 20-point tiers.
  Example for a $215,000 30-year mortgage

  FICO Score	Rate	Payment
  760 - 850	4.59%	$1,106
  700 - 759	4.81%	$1,134
  680 - 699	4.99%	$1,158
  660 - 679	5.2%	$1,186
  640 - 659	5.63%	$1,244
  620 - 639	6.18%	$1,320

  ---

  Types of mortgages:
  

  $200,000 loan
  Type               rate Payment 
  15 year fixed rate 4.40%  $1,591/month for 15 years
  30 year fixed rate 4.95%  $1,068/month for 15 years
  5/1 ARM  30 year   4.59%  $1,024/month for 5 years
  

  5/1 ARM - Rate is fixed for 5 years then is adjustable in 1 year increments.
  
• loan-to-value (LTV):
  The LTV is a ratio that compares your property value and loan amount. The lower this ratio, the less you’ll pay, because lower LTVs are less risky for mortgage lenders.
  20% down is standard
• Loan term:
  Shorter term loans have lower interest rates and lower overall costs,
• Fixed vs Adjustable:
  Adjustable is lower
• Loan type:
  conventional, FHA, USDA, and VA.
  
• Points
  You can pay points up front and get a lower rate.

The smaller lenders like Optimum First Mortgage list lower rates (e.g. 4.5% in Nov. 2018)(Because of volume discounts, they claim) and faster closing times.
A typical Commercial Bank and Credit union had rates of around 4.8%.

For the next few years, technological disruption, increased regulation, changing consumer behaviors, and asset growth will be topics of constant discussion for credit union leaders.

Source Filene Research Institute

Banks are getting away from mortgages and places like Quicken Loans are becoming more popular.

McGlone Mortgage Group
First Internet Bank
E-Click Lending
Optimum First Mortgage Inc.
JG Wentworth Home Lending
Aurora Financial
LoanLock
Northpointe Bank
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