My close date for the Meritage is February 7th. If you have any advice on lenders or closing please let me know, this is my first real estate purchase in America.
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My Close Date
December 22nd, 2006 · 7 Comments
Tags: Meritage
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7 responses so far ↓
1 Jeff // Dec 22, 2006 at 2:32 pm
Our mortgage lender was fantastic and helped us close super quick with absolutely no issues. I highly recommend him.
His name is Daniel Brown. His work # is (206) 323-8890 x116 and his email is : danielBr@northwesthomemortgage.com
2 Mike D. // Dec 22, 2006 at 2:41 pm
I recommend Tom Rees at Bainbridge Mortgage. He’s a good friend and I’ve used him on multiple mortgages. Has a great sense of not only where the lowest rates are but what type of loan is best for your situation. For instance, when I closed a few weeks ago I was able to get a 10/1 Interest Only ARM for about the same rate as a 5/1 Interest Only ARM. At 10 years until you adjust, it’s basically like a fixed mortgage but with much lower payments… especially since you’re in a condo that you probably won’t keep for more than 10 years.
3 Matt // Dec 22, 2006 at 3:16 pm
Thanks! My plan is to be there only one to two years. I’m really looking for something bigger with a better design aesthetic.
4 Dan Ji // Dec 22, 2006 at 4:18 pm
Hi Matt,
In that case, it probably makes a lot of sense to go with a no-close or low closing cost option. I’ve found that it can take about 2 years to see any of the benefits of a lower rate (in exchange for 2-3k in closing fees). There are ways to get the lenders to pay for some of those closing “fees” - which in a lot of cases are mostly profit.
I have two personal friends, who are also in the process of doing my loans (as we speak, in fact). You might want to give them a call for a Good Faith estimate… which should give you an apples to apples comparison between various lenders.
Wayne Su @ 206.275.0139; wayne.su@wellsfargo.com
Wells Fargo Private Mortgage Banking
Mike Kang @ 425.774.5738; mike_kang@countrywide.com
CountryWide
And as far as who can get you the ‘best’ deal, it all depends on the programs a broker’s company offers, as well as various other variables I’m sure I’m not well versed in. For example, Wayne got me a great deal on my 2200 condo loan, but Mike was able to get me a really great deal on my house refinance.
Good luck!
5 maxton usher III // Dec 22, 2006 at 4:19 pm
the on-site lenders are typically very competitive. If you’re really going to sell, go with a 3 year ARM, unless the 5 year is within an 1/8 of a point. If so, go with the 5 year.
6 Dan Ji // Dec 22, 2006 at 4:25 pm
Strangely enough, a 7/1 ARM actually ended up getting me the best rate.
7 Mike D. // Dec 22, 2006 at 7:10 pm
Yep, pay as little as you can up front for any property you aren’t going to be in for long. Total closing costs on my 10/1 were next to nothing. I paid for it by taking a rate of 6.25% but who cares since that rate won’t be with me for very long. There was an article that just came out in the Times a day or two ago that calculated that paying points only makes sense in something like 1.5% of mortgages.
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