What's the best Atlanta-area mortgage lender? I would prefer a credit union.
June 6, 2012 2:02 PM   Subscribe

I'm looking to buy a home. What's the best Atlanta-area mortgage lender? I would prefer a credit union. I am looking for a 15-year fixed-rate mortgage. Excellent credit, zero debt, and would put down a 20% downpayment. I want to find the best available rate from a credit union.

A little background: I do all my banking with credit unions (USAA and Alliant), because I don't want the large Evil Banks that have wreaked so much havoc on the economy to benefit from me.

My problem is that both USAA and Alliant have terrible rates when it comes to mortgages (and I've read that USAA delegates mortgages to 3rd-party providers). I also think that it would be better to have a local lender so that I could walk into their offices if there was ever a problem.

Here is a similar askmefi. One recommendation that came out of that thread was Penfed. But they are not located in Atlanta (and I'm not impressed by their website; won't let me get past the 1st step of account registration).

As of this moment, a 15-year mortgage is listed on Bloomberg at 3.10% APR.

At this point, the CDC Credit Union is my choice. I would welcome any advice/tips/better alternatives.
posted by verdeluz to Work & Money (7 answers total) 3 users marked this as a favorite
If your goal is to avoid business with "large Evil Banks" you should considering looking for a portfolio lender. That is a lender that makes loans and keeps them to profit from the interest instead of selling them to havoc wreaking brokers for a commission.
posted by bdc34 at 2:21 PM on June 6, 2012 [1 favorite]

At some point, your mortgage may get sold to a large bank, anyway. In our case, our mortgage was sold almost immediately by a small, local bank to Wells Fargo after the dotted line was signed. We don't have any control over who we have to send our checks to, but our terms haven't changed.
posted by Blazecock Pileon at 4:05 PM on June 6, 2012 [1 favorite]

We recently purchased a house with a very similar credit profile, and found that the credit unions around us had substantially higher rates than we could get elsewhere. Don't assume that because it's a credit union it will be a good deal. We were getting a Jumbo loan, though, which may have been a factor. I think houses are a lot cheaper in Atlanta, so you may not be in Jumbo territory.
posted by primethyme at 4:33 PM on June 6, 2012 [1 favorite]

Thanks for the idea, bdc34. How did you find your portfolio lender? Through your agent?
posted by verdeluz at 6:11 PM on June 6, 2012

Disclosure: I'm an Atlanta real estate agent. I can give you a referral to a mortgage broker (they work as a team). You sound like you know what you want, but it never hurts to run it by a professional. I know they serve all types of residential customers and participate in all kinds of programs (HUD, FHA, USDA, etc) that you may not have realized are available. Is this for a primary residence, or an investment property?

And, depending on the area you want to buy in, and some other details, you might qualify for downpayment assistance through Georgia Dream or a similar program (if it is a primary residence).

If you would like their contact info, please PM me.

I'm a member at Georgia's Own and have not really found good deals through them in the past--but these things change all the time. That's why I like having a broker at my disposal.

(I don't receive any type of compensation from referrals for mortgages, BTW--just good karma!)
posted by FergieBelle at 6:28 AM on June 7, 2012 [1 favorite]

If the credit union is not mandatory, I think you'll get a better deal by going to three brokers, that are quoting off of different lenders, and see who gets you the best deal.
posted by joshfeingold at 6:11 PM on June 7, 2012

Thanks Josh, I will look into this.
posted by verdeluz at 6:16 AM on June 8, 2012

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