any suggestions on banks to use for mortgage?

Im shopping for a mortgage, what banks did you find had the best rates? Called wells fargo and Teachers credit union already...

Watchovia
Wells Fargo
Bank of America
Citibank
North Fork Bank (but I think they might have been bought out)
Bank of NY
Astoria Federal Savings
Emigrant (do they do mortgages?)
Roslyn Savings Bank
Commerce
Washington Mutual
Chase

those are all of the banks I can think of at the moment.

ETA:
Teachers Federal Credit Union
Bethpage Federal Credit Union

Lendingtree.com

There are also things called mortgage brokers and they might be able to get a good rate.

I have no idea how good or bad any of these lenders are. You should compare each of them and do what is best for you.

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Posted by alnem

I have excellent experiences with Washington Mutual. My buyers always get the best rates from them and they close QUICK! I did a deal once where wamu was ordering the appraisal the day contracts were fully executed and then had the buyers commitment within 2 days. The average closing takes 45-90 days, I closed this house in 3 weeks!

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They had the HIGHEST rate of the banks I called!!!

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Posted by alnem

I have excellent experiences with Washington Mutual. My buyers always get the best rates from them and they close QUICK!

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Since when do they close quick? A buyer for one of my co-ops had them and they were complete morons over there. They totally screwed up the appraisal process. They threatened to take away the poor guy's rate lock (even though they screwed up). His lawyer had to threaten legal action against them.

And recently.... even though my broker says he does put people into WAMU loans... he admits they are horribly slow.


Based on my experiences... I wouldn't touch WAMU with a 10 foot pole.



I'll also add:

Thanks to WAMU.... I didnt close on the co-op until 5 months after contract. I already bought my place... was moved in. Thanks to WAMU I had to cover two mortgages for a period of two plus months.

But thats ok... because I threatened to take my buyer's deposit and walk from the deal since he was past the typical 30 day (on or about date). He ended up compensating me nicely to avoid losing the deal... thanks to WAMU.

It should have been WAMU who compensated me.

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Posted by DjPiLL

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Posted by alnem

I have excellent experiences with Washington Mutual. My buyers always get the best rates from them and they close QUICK!

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Since when do they close quick? A buyer for one of my co-ops had them and they were complete morons over there. They totally screwed up the appraisal process. They threatened to take away the poor guy's rate lock (even though they screwed up). His lawyer had to threaten legal action against them.

And recently.... even though my broker says he does put people into WAMU loans... he admits they are horribly slow.


Based on my experiences... I wouldn't touch WAMU with a 10 foot pole.



I'll also add:

Thanks to WAMU.... I didnt close on the co-op until 5 months after contract. I already bought my place... was moved in. Thanks to WAMU I had to cover two mortgages for a period of two plus months.

But thats ok... because I threatened to take my buyer's deposit and walk from the deal since he was past the typical 30 day (on or about date). He ended up compensating me nicely to avoid losing the deal... thanks to WAMU.

It should have been WAMU who compensated me.

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sorry you had bad experiences with them. but it still doesnt change the fact that they got my deal closed in 3 weeks. i guess it depends on who you talk to...

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Posted by Cali

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Posted by alnem

I have excellent experiences with Washington Mutual. My buyers always get the best rates from them and they close QUICK! I did a deal once where wamu was ordering the appraisal the day contracts were fully executed and then had the buyers commitment within 2 days. The average closing takes 45-90 days, I closed this house in 3 weeks!

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They had the HIGHEST rate of the banks I called!!!

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are you going retail or wholesale? i have a guy you can call that's wholesale and see what rates he gives you. FM me if you want his info.

We used HSBC and they were wonderful

Avoid First West. Bad experiences both times.

As for Washington Mutual .. they have an exceptionally difficult time calculating escrow. I hate them for this!!!

I think they all have their issues. So far Chase for mortgages is giving me the least amount of heartache-really bad for regular accounts though.

I've had good and bad experiences with Wells Fargo.. In NY it was the bankers fault. In AZ everything is going fine, except the title closer is clueless.

Both were very competitive with rates. I also found that Wachovia's rates and closing costs were astronomical.