Loan Shopping | Big Bank, Credit Union, or Loan Officer?

[Nicholas Ayala]

Getting the ball moving by working on getting pre-qualified. Helpful to know what I can really afford. Wasn't too sure if I should look towards doing it through a Big Bank (like Wells Fargo, etc.), Credit Union (i.e. Charlotte Metro), or find a loan officer/broker for it.

I started the application for a credit union and it had asked me how much of a loan I would like, not sure because I haven't found the property (yet). Hit a blocker to complete that application. 

Any insight or advice would be greatly appreciated!

[Delaney Mizell]

I would absolutly reccomend talking to all of them. The loan terms are one of the few things in the purchase you can control. Talk to a virtual lender IE rocket mortage, talk to a big bank IE Wells Fargo or Bofa, then talk to a credit union IE secu. The big bank and the virtual lender are going to be pretty straight forward and give the exact PITI you would pay at every price point, which is really nice to fit into your numbers. The credit union, as you have seen, is going to be really flexible. Finally put them all on a paper in front of you and decide what would be best for you. Remember a high interest rate isn't bad if you plan to refinance. I got my first deal with a 3.7% interest rate with only 5k down instead of 20k down at 2.5%. The payment difference was $150 a month and I refinanced 7 months later back down to a 2.5 with no points or anything. Good luck!