Re: OT: Anyone use lenders on Bankrate.com? - Saab General Bulletin Board - Saabnet.com
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Re: OT: Anyone use lenders on Bankrate.com?
Posted by Derek in Durham [Email] (more from Derek in Durham) on Tue, 23 Mar 2004 10:38:56
In Reply to: Re: OT: Anyone use lenders on Bankrate.com?, Rich, Tue, 23 Mar 2004 08:46:24
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Rich -- thanks for the info. I'm a first-time homebuyer just getting started with the process.
I think you could be off regarding one point about your local bank. These days, most every bank is in the lending business for the fees they make when setting up the loan. That's why it is so costly! Even your local bank then re-sells the loan a few months later to someone else, who may again resell it, etc. This happens because the local banks (a)don't have to worry as much about default risk, and (b)because they can process a lot more loans and don't have to worry about their lending to balance ratio.
This info comes straight from a lender who was speaking at a homebuying class I was at last week. But I've seen the same thing mentioned in various sources.
In summary: I agree that your local bank may do just as well or better, but not necessary for the reasons that you mention.
Cheers,
Derek / 1994 900 S V6 141,300mi
posted by 152.3.1...
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