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Do I choose a local lender over Rocket Mortgage?

First time buyer here and I have no idea how to start. I've heard about Rocket Mortgage but some say it would be better to deal with a local lender. I am buying the house I am living in, equity will be gifted for closing cost. I am looking at an FHA loan with 3.5% down payment. by belinda335 from Arlington, Arizona. Aug 10th 2022 Reply

Dave Skow (daveskow)
#16 ranked lender in Washington - 332 contributions

I sggest you get some referal from friends / co workers or neighbors for loan officers and reach out to them with your questions and to eventually get pre approved ...feel free to contact Rocket as well ...make a decsion to get pre approved with whoever you fee most comforatble with and with the firm that listens to you and answers your questions might be dealing with a 800 # with Rocket whereas you likely will have a loan team if you work with a local lender ....also ask about the conventional ( non FHA ) program that allows a smaller down payment than FHA for first time buyers and that has lowers fees and mortgage insurance too...good luck

Aug 11th 2022
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,729 contributions

All lenders base their rates off the same bonds market everyday. From there they add a 'profit' margin. The higher their costs, the higher the margin, the more you pay. I always say, the more they advertise, the more you should be running away. Next, it isn't just about much better rates. It is also about highly experienced Loan Officers, versus high pressure, low knowledge sale people. Your gift of equity situation isn't something most loan officers see, and can easily screw it up. Contact a LOCAL mortgage broker in your area. You can thank me for this later :) I provide home mortgage loans in MN, WI, IA, ND, and SD. Find me at - Cambria Mortgage, NMLS 274132

Aug 16th 2022
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