Rocket mortgage preapproval full#

So the deal could be “we have a 1.5% origination fee and we are giving you a 2.5% rate” whereas maybe they say “we have no origination fees and we can give you a 3% rate”. A lender can charge an origination fee and do what they want using those funds because they are paid to the lender. I have shopped so many places and brick and mortar stores only offer the highest rate and high closing cost without negotiations because they know they are minting money in this market, that was my motivation to go with better and not with guild.Ĭertainly! But. They quoted 4% with 10k down and closing cost at 23k, and all they had in defense of rate match was: we provide personalized service and if you have any troubles you can walk into our office. This kind of rate Table system was not provided by our local mortgage lender which is guild. I was able to verify in the loan estimate that it’s actually lender credit. The higher the rate the negative the points leading to lender credit. Regarding the layoff yeah that sucks but it is what it is, not getting many reviews after the layoff on the customer service section.Īs far as the lender credit question goes, the way better is setup is that on one side it will give you all the rates you qualify for from 2.5 till 3.7 and right next to it is the point which you have to fork up. Thank you for your detailed reply, I never knew anyone would reply back.

There are other companies like better but with higher customer service and will give you a similar deal.

Rocket mortgage preapproval full#

Confirm with your loan officer that you can utilize your full credit if you opt to go that direction. You have to watch to not take a much higher rate and only be able to actually use $1000 of $4000 of your lender credit. There are certain fees in a loan that are not allowed to be covered by a lender credit. You could ask what your rate would be without the lender credit?Īlso note that you can only use so much money towards your closing costs. But whereas you could have gotten a 2.5% for example and just brought money to close your loan sometimes it does OR does not make sense. Personally I might not take a lender credit (unless it was needed) because it’s decently likely you are taking a higher rate and they are giving you money. So they typically will take that “commission” and use it to sweeten your deal.Ĭan you confirm that you are getting a LENDER CREDIT vs discount points? A lender credit is to reduce your $$$ for funds to close. Their loan officers probably work off a flat fee rather than a %. For how they are going to treat their borrowers.īut with that said. Their CEO just let go of 900 people via a Zoom call… doesn’t say much. One things got watch with better is their customer service.