LeavingLondon

Hi, we are due to complete on our house in the UK on June 23rd (fingers crossed) and will then start to look at property here in the Bay Area once i'm back in August. We've been advised to get the ball rolling on mortgage pre-approval and so have put the feelers out with 2 mortgage brokers and set up an appointment with our bank for next week.

Does anyone have any tips or advice on house buying/choosing mortgages? Things to look out for/avoid etc

Pulaski

If your bank is Wells Fargo, good; if not contact them too - a specialist in new immigrant mortages if you can find one. Wells Fargo is now responsible for about one third (and in some periods, close to 40%) of all new mortgages in the US, and there is a reason - their customer service is good, they know how to do the mortgage paperwork, and how to do the ongoing servicing thereafter.

LeavingLondon

Thanks! My bank is Chase but will call Wells Fargo on Monday. I forgot to say we've been here one month shy of a year so hopefully have built up good credit history.

Pulaski

Chase have ****ed up my mortage escrow account for three years of the past twelve, and despite the fact that the problem should have been resolved by some accounting/ book entries, they decided on two occasions to resolve the issue by sending me a check and then asking me to send them a check back. It's damned aggravating and that reminds me, the insurance will be billed soon and that is what Chase messes up, so I will need to give them a call to make sure that they don’t eff it up again.

sir_eccles

A year isn't much as far as history goes.

Whichever bank you go with often if you move your accounts to them you will save a ton in closing fees. We moved from Wells Fargo to USBank and saved close to a grand in fees. Banks vary a lot locally ask ten people and you'll get twelve opinions. I couldn't stand the customer service at WF it was terrible so I couldn't wait to leave them. Unless you bank at the same branch that Pulaski uses take the recommendation with a pinch of salt.

NiHao

I give another thumbs down for Wells Fargo.

You are doing the right thing, shopping around will give you the best idea of what your options are. Check with small local banks and credit unions too, they can sometimes be a bit more flexible.

S Folinsky

Credit unions are often good sources of financing.

The one we are members of is related to one of the top universities/research organizations and therefore has a self-selected membership. They carry their own paper which gives them more flexibility since they will not be selling the mortgage to Freddie or Fannie.

Tarkak9

I've never been a fan of WF, and recently Chase have been the pits too because of dragging their feet and not actually getting the loan done on time. Things are changing in August which will probably result in delayed closings. Do consider credit unions.

No matter what, don't rely on automated/desktop underwriting .... ensure that whomever you are dealing with have actually had a human underwriter review your file.

MMcD

Agree entirely about Wells Fargo.
In fact I'd rate them both thumbs down and middle finger up.
Customer service couldn't be worse

petitefrancaise

+1 for wells fargo. they coped really well with us and all our previous financial info was in French.

I have a contact name for new/immigrant mortgages if you want it, then pm me.

LeavingLondon

Thanks everyone. I don't know much about credit unions so any advice on where to start/how to choose them?

LeavingLondon

Good advice re fees.

We've been here one month shy of two years not one (apologies for my original typo!).

LeavingLondon

My mistake. Meant one month shy of 2 years not 1!! Arrived July 2013