There is no best bank for getting a mortgage loan. You loan will be based on your credit score and credit report.
Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one. With a VA mortgage loan you are not required to have a down payment, this will save you on closing cost.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
Immediately after your mortgage loan is closed and you sign your mortgage loan doc, your mortgage loan will be sold to a mortgage investor, therefore it make no difference.
I hope this has been of some benefit to you, good luck
"FIGHT ON"
When you talk about best bank do you mean by best rate? best service? best reliability?
Most of the bank offer the same mortgage product (15/30 years fixed/VA loan). Some bank might have special package so you better shop around and see which bank offer the best package for you.
As for service, it really depends on the mortgage broker. If you are lucky enough to find the right one, he will try his best to help you. so talk to few of them and see who you can trust the most.
As for rate, most bank offer almost the same rate. Your credit score/down payment will be bigger factor
Commercial Bank.
The one that has the Loan Officer you feel most comfortable with. Don't just look at rate. Look at fees too. Call several & ask for an Initial fees worksheet. Don't make application until you have decided. They will want to know a credit score to quote a rate so be sure you tell them all the same score.
Frost Bank
The one with a competitive interest rate and decent fees -- most banks are just going to sell your mortgage anyways, so aim for finding a good interest rate and decent fees.
LOL! Any commercial bank will do well.for that purpose, as long as you are qualify for the plan they offer..
