And know the rate you want, and be willing to walk away I have found negotiating for a mortgage interest rate very much like buying a car. Otherwise, find a mortgage brokering company where all they do is mortgages. If you can get a foot in the door via recommendation from your agent, maybe that will help. Point being, your real estate agent has relationships with banks, people they know in the community, etc. Second house, real estate agent sent me to a bank, the interest rate was astronomical, I asked my agent for a second recommendation, this one she sent me to had a great rate and I went with them. We bought our house in Arkansas in 2014 for 179k and sold in June for 215k. Total debt: 93k (student loan, land loan in home state, auto) Total income: 150k annually. Here’s our situation: Me: 27y, 805 credit score Her: 27y, 800 credit score. That's not to say they're good or bad, I just found them (a couple tenths of a percentage) higher.ĭo you have a real estate agent and can you ask them who they recommend? My first house, my agent sent me to a mortgage broker I'd never heard of such a thing before, but their rates were low, no hassle, it was great. My wife and I just relocated to GA for my job. I found Quicken Loans' interest rate to be higher than the bank I ultimately went with. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future.

The average I believe is somewhere between the two you have. Having said that, I think the first lender you have is way over priced. Banking Megathread: FDIC, NCUA, and your cash Quicken /Rocket has gotten a bad rep because mostly people who have bad experiences come here and complain.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.Smaller lenders will hire you with just an NMLS license, but the training will be much weaker. There are plenty of large lenders that will pay for your licensing and train you. I dont know too much about Nexa but I'm pretty sure its for more experienced LOs. We were just trying to assess if the broker fees / expertise was worth it. 7 higher than with what we got with Ally's APR. Yeah we're working with a mortgage broker. Didn't realize how much I appreciated that til I left for the company I'm at now. They’ll have access to wholesale rates which are often times better than the retail rates you as a consumer have access to. You lock and then you pretty much don't need to talk to the client after that. Training is comprehensive but you will learn the most just from getting experience. No fees taken out of my paycheck, even after working there for just 7 months. Quicken Loans pay is definitely below average for the amount of hours you are required to work. It's a tiered system that's based on your title and the market. It used to be just rate locks at one point too. Quicken Loans actually pays on conditional approval, not funding. Generally you're going to be taking a lot of garbage leads until you move up. Although this is likely state dependent.Īll leads are provided, but are in tiers and your conversion and ranking determines the kind of lead flow you get. Avoid Rocket Mortgage : r/personalfinance 4.8K votes, 739 comments. You'll likely keep the $15/hr til you enter tenured banking, after which it is $9/hr. Training pay is $15/hr + overtime, with an expectation that you max out the 65 hr/week cap. Theyll pay for all your licensing and education as well.

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