Home Loan

Wife and I are wanting to start building this year. We have had the land for a few years now. My credit union fixed mortgage is at 6% ( a little high IMO). I was in the Air Force Reserves for 8 years, so i should qualify for a VA loan. I have my land financed through an ag credit company but i am not real impressed with them.

Anyone have any lender recommendations? Dont we have a few folks in here that are in that business?

6% is probably for the construction loan. Once the house is built, you roll the construction loan into a mortgage. That's how it worked when I built my house.

I just closed on a house two weeks ago. Bank of America; 3.25% on a 30 year note. Truly awesome customer service.

LOCAL LOCAL LOCAL. Bank of America, Chase and Wells Fargo are the worst in the business not a knock on you Jim Ford. Im impressed you had a good experience. I have never heard of someone having a good mortgage experience with the big guys. Rockie Martin is a TFFer that a lot of folkss have good things to say. I use a local guy with Independent bank named Jimmy Lemly (dont have to be a member or anything) his number is 817.368.0771. Ive personally purchased 3 houses with him and hes helped 100s of clients of mine. Always had a good experience. Everyones rate are going to be similiar. Jimmy will match anybody if you find someone cheaper..... the main difference is customer service and folks actually answering when you call or responding to an email. Lastly, be sure when comparing rates you are also comparing closing costs. Someone may give you a quarter point better on rate but hide it in fees they charge you. Cash to close and rate is the best way to shop them to assure you that you are comparing apples to apples.

I used a company local to me called Mortgage Street which is the mortgage arm of Kemp National Bank. I dealt with Jeff. He gave me his cell number and was in constant contact. They do however sell the paper to an upstream investor/mortgage company. So find somebody like that as the companies that do all the advertising are a faceless beating.

We used a franchised company called Mortgage Financial Services2 years ago. Absolutely flawless and very customer service oriented. We truly had a great experience with them.

On the pricing/trading side we are expecting rates to go higher so get the low rates while you can. Look for a company that retains their loans/servicing if you don't want to make a payment to a different company after it closes. Some people don't like having the loan through ABC Mortgage and sending their payment to XYZ Mortgage after.

You are a Veteran. Call USAA and talk to them. Tell them exactly what you want to do. They are very good at all aspects of VA lending.

I am a business development manager for PrimeLending (Local). Let me know if I can help. I know we can save you some money on those closing costs and definitely beat 6%.

99 percent of the time if you use a local good lender your note is going to get sold to a big guy. The good thing about the big guys are their apps and technology are state of the art.

^^^This^^^
Used my local back for my last two mortgages and a refi and they beat the best rates I could find by at least a quarter point and each time it was sold to a big company. No biggie.

Head up the road to Pittsburg and talk with Cypress Bank. That is who we are using for the same situation. 4.5% on the construction phase. Pay interest quarterly. If you have enough equity and want to keep liquid cash in your pocket, you can use your land as collateral versus 20% cash down. They will also refinance land if you are interested. I had mine through the FSA and am having to refinance it through a bank to build home.

Have you talked to First Command Financial in FW? They are like USAA - a veteran only organization. Large outfit, locally based.