
Ask HN: Any of these startup mortgage companies better than traditional lenders? - SnowingXIV
I&#x27;m purchasing my first home and like everything I usually look to the bay area and see if they have solved any of the classic traditional problems. I have family members that swear by &quot;their guy&quot; that works at a mortgage company. The nationwide home builder I&#x27;m buying from that says to use them as the lender and covers the appraisal costs etc. But I look to HN to see what&#x27;s the right choice.<p>I&#x27;m drowning in reviews on Nerdwallet and trying to figure out what is the best option. Better Mortgage seemed decent but had poor reviews and horror stories and not sure if it&#x27;s offered in my state. It seems a new one of these pop up each week - but I&#x27;ve enjoyed a lot of the financing options like Betterment so it can be done.<p>Obviously the most important factor is getting the lowest rates and closing costs. I do appreciate a nice UI for making my payments each month though and seeing pretty graphs. But this is for a $300,000 purchase so I don&#x27;t really feel like increasing my interest rate by 1% because I&#x27;m a UI snob.<p>This is also new construction so I can&#x27;t have delays working with the mortgage company as when they start building if things aren&#x27;t all handled properly I&#x27;m being charged <i></i>daily<i></i>.
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sharemywin
Go fill out a 1003 and fill it out.

[https://www.fanniemae.com/content/guide_form/1003rev.pdf](https://www.fanniemae.com/content/guide_form/1003rev.pdf)

Ask for Loan Estimate from a couple different lenders. They have to provide
you one by law. Also, just look at the APR. It basically converts closing
costs, mortgage insurance to rate.

Problem is the longer you lock the more lenders charge.

And rates go up and down every day.

Also, are you doing a construction loan or the builder owns the house until
you close?

They're handled differently is why I'm asking.

Sorry Legal Disclosure. I probably don't need to disclose since it's just
advice but better to be safe than sorry.

Robert Snyder II - NMLS 1594016 BancOhio FINANCIAL - NMLS 181032

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SnowingXIV
Oh, great questions and I didn't even know about this being a thing, thanks!

It's in a big new development and is a townhouse. A few have been built and
are progressing through phases. I get to pick a few layout options so I think
they are treating it as a new construction? Maybe? Edit: Actually it might be
purchase. I have the home purchase agreement that I'm reading over if it's in
there.

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sharemywin
I'm talking about like where you own the land, get bridge loan and convert it
to a traditional loan. (Typical Construction loan) versus a builder where they
build the house then sell it to you at the end.

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SnowingXIV
I believe it's definitely the later.

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sharemywin
I'm licensed in Ohio and Florida, but regardless of where you live, if you
want, I can walk you through some things to watch out for. My website is

[http://www.2getpreapproved.com](http://www.2getpreapproved.com)

or you can email me using the email in my profile.

Also, here are some good flyers from Fannie and Freddie regarding conventional
programs versus FHA:

[https://www.fanniemae.com/singlefamily/homeready#](https://www.fanniemae.com/singlefamily/homeready#)

[http://www.freddiemac.com/singlefamily/docs/home_possible_ad...](http://www.freddiemac.com/singlefamily/docs/home_possible_advantage_flyer.pdf)

