AboutMarlon Doerre Expertise Texas Real Estate: Any real estate related question Involving the purchase/sale of real property; financing (residential) transactions; curing title; and closing of real estate transactions located in Texaas. Will not answer questions related to properties outside of Texas.
Experience Licensed Attorney, Mortgage Broker, Realtor and Escrow Officer. I have been curing title and closing real estate transactions for over 12 years
Education/Credentials B.S. Texas A&M University; J.D. University of Texas School of Law
Expert: Marlon Doerre Date: 7/4/2008 Subject: mortage co vs bank co
Question Do I need to go through a mortgage co in order to purchase a second home in Texas? How can I negotiate my interest rate?
Answer Sorry for the delay in answering your question. I have been out of the office.
You can go through any lender that offers home loans. This could be a bank, savings and loan, mortgage banker, or mortgage broker.
The best way to negotiate interest rates is to be an informed borrower. speak with several lenders about their rates and fees and check the mortgage rates section in the newspaper.
Some lenders may charge higher rates but lower fees. Others may have less profit built into their model and may charge the same or similar rate and still have lower fees. Comparison shop.
Remember one thing: the lowest rate is not always the best. You need to look at all of fees being charged and the quality of service. If you have 2 or 3 months of delays and receive terrible service, it may not be worth an extra 1/8 of a percent in interest rate. Alternatively, Paying a $1,000.00 more in fees might be a fair exchange for the lower rate OR if cash is in short supply, it might make sense to pay lower fees in exchange for a slightly higher rate. You will have to evaluate the quotes that you receive and make the proper business decision.
One lender you can start with is Nationwide Mortgage. Ask for David. His number is 512-302-9909. I have referred several clients to David and he has always done a great job for them. However, check with other lenders too to make sure he is providing you the best deal for your situation.
