Hi, I don't know that I am using the correct term in my subject. I have had 3 mortgages through brick and mortar banks, Wells Fargo, Suntrust.
As I go to refinance my mortgage the lowest rates I am being offered are from a mortgage broker that my neighbor refered me to. He is using United Wholesale Mortgage who he says will most likely tranfer my loan to LoanCare. Because I don't see these banks locally with branches I am calling them non-traditional banks. They are offering us 2.99% with 3.006% APR, fast closing, no home appraisal. All otther banks came in at 3.375% or higher with up to 90 day closing.
My wife and I have exellent credit (800+), no debt besides mortgage, stable w2 jobs, lots of savings in 401ks.
Is there anything to be wary of with using these lenders? I am very suspicious of things that sound too good to be true and this is one instance where my suspicious instinct is kicking in.
thanks in advance for your input.