New Investor Deciding between Mortgage Lenders
My Wife and I are in attorney review on our first home purchase that will be our primary residence that also is a duplex. I am trying to weigh all options with my mortgage lending and am currently between a local lender and Rocket Mortgage. We are planning to put 10% down and use an FHA loan. Rocket Mortgage came in with a 2.375% interest rate with a 3.087% APR. Our local lender has a 2.99% interest rate with similar APR. This makes about a $200/month difference in our monthly payments.
Looking for some advice about who to go with and why.
Thanks!
Most Popular Reply
I'm a mortgage broker who works with Rocket as one of over 20 lenders. They honestly make things easy. I have a relative who works there, he showed me their app and it's pretty cool. That's $2,400/year, over 30 years is $72,000.
Also consider that this money is paid post-tax, so it's really $3,200 raise in "salary" if you had a job. That difference will get you out of PMI quicker so pay the extra, then hold the loan; at 2.375%, that's free money.
I see no reason why not to go with Rocket, your local lender is going to sell that loan on the secondary market anyway.