Bank loan/second mortgage for remodel?
We're going to be doing a remodel and are shopping around heavily for the best rate... I want to make sure I'm not forgetting any banks out there :)
I'm working with a mortgage broker right now and he recommended going online to BofA for home equity lines.
A while ago there was a good discussion about small, local banks. I've attached it below. Has anyone gotten a first mortgage or second mortgage from the banks in this discussion? Some of the banks mentioned: Bank of the West Borel Bank Union Bank of California World Savings California Bank and Trust San Mateo Credit Union
I just got my first mortgage. I originally started off with a loan broker but ended up using Charles Schwab online and got a great rate and very low loan fees. My broker couldn't match it. They also offer lines of credit and second mortgages. The one draw back was that it was all done online and over the phone. I missed a bit of the personal service you'd get working with a local bank or broker. But definitely talk to a couple of banks and see what they can offer. It certainly doesn't hurt to do your research and get a couple of proposals. I'm glad I did. It saved me some significant cash. Charles Schwab does have a San Mateo office so you might be able to get the best of both worlds.
I have used Judy Baker at Baker Financial for many mortgages and have been very happy! Personal, professional service. 650-591-3649.
Hello, Check the rates at Fremont Bank. I did a bunch of research 20 months ago for my remodel. At that time Fremont Bank's rates were significantly lower than everyone else. I got my HELOC through them and have been happy.
Have you ever tried a mortgage broker? We can source a bunch of lenders at once, possibly save you some time. Is this remodel a major one, where you need a construction loan? If not, yes, there are a lot of good lenders out there..credit unions are also a good source, Meriwest, Dan Goldin in the San Mateo office, 408-365-6314
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