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Which BAnk is the best for subprime mortgages?


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Does anybody have any info on which Bank is better to deal with?

Citizen's bank?

Bank of America?

HSBC Mortgage

Firts Niagara?

M&T Mortgage?

Pioneer Savings?

NBT Bank?

I did get prequaliifed with a Broker but someone advised me that I should try to get a better rate with a bank.

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For prime deals, banks may be the way to go. They are all pretty competitive. Last year, locked a prime deal at Citrizen's Bank. Total lender fee was like $300 w/ no points. Two brokers couldn't get within 0.25 points of our rate plus Citizen's allowed us a one-time 60 day float down option, which after daily monitoring of rates, incredibly shaved another 0.375% off of our rate. My mortgage rate is now a half a point LESS than what I earn on my ING savings account!

For subprime, there are a variety of programs out there and brokers ARE the way to go. They may or may not tack on a point for themselves, but its well worth it because they:

1) will get you financed

2) have access to scores of programs and find the right one for you

I have two good brokers close to me that work primarily w/ subprime customers, but I repeatedly read postings about how Charles (firstsource) on this website is fantastic to work with. I suggest you give him a shot-

fyi- Rates have taken a nice little dip again this morning due to the lower than expected PPI #s.

Good luck!

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Thanks guys. I went with M&T Bank and they quoted a rate that was 2% lower than the what the broker stated. They were very knowledgeable about the kind of program I needed and were looking at different ways to help me achieve my goal. My broker also told me that pulling my credit for mortgage qualifications would lower my score. Is this true?

I will probably go with the bank, since they have a 1% down program. If I go FHA I will need 3%. Not to bad.

Again thanks for the help and the advice. This site has been a godsend. Now if I can only find one about rehabbing old house...

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