You may get the best rate on a home loan, with faster approval and closing, if you borrow from a direct lender. In 2016, nonbanks issued nearly half of all mortgages, led by Quicken and PennyMac Financial.
Guide to Scoring the Best Deals in 2017
- Costco vs. Sam's Club
- Best Tools to Save on Online Shopping
- Surprising Perks From Your Credit Card
- Best Time to Buy Big-Ticket Items
- Get a Cash Bonus for Opening a New IRA
- Invest for Less With Commission-Free ETFs
- Update Your Bathroom for Less
- Top Tech Bargains of 2017
- Save Big on Exotic Travel
- Save on Air Travel
When we shopped a handful of banks and direct lenders for a 30-year fixed-rate loan, we found that the direct lenders tended to beat big banks by an eighth to a quarter of a percentage point. Compared with the big banks, nonbanks are more willing to compete on rate, offer greater flexibility in underwriting and are less likely to penalize borrowers who have, say, a less-than-stellar credit score or a small down payment, says Guy Cecala, the publisher of Inside Mortgage Finance, which covers the mortgage industry.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Stock Market Today: Great Power Affairs Mesmerize MarketsThe U.S. and China are at least talking about talking about tariffs, and investors, traders and speculators are showing a little less fear.
-
Is Walmart Plus Worth It?There are tons of exciting Walmart Plus benefits – but are they worth the $98 annual fee?
-
Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
-
How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
How to Appeal an Unexpected Medical Billhealth insurance You may receive a bill because your insurance company denied a claim—but that doesn’t mean you have to pay it.
-
Amazon Prime Fees Are Rising. Here’s How to Cancel Your Amazon Prime MembershipFeature Amazon Prime will soon cost $139 a year, $180 for those who pay monthly. If you’re a subscriber, maybe it’s time to rethink your relationship. Here’s a step-by-step guide to canceling Prime.
-
How to Haggle for Almost AnythingSmart Buying Learning how to haggle is an invaluable skill. These strategies will help you negotiate a better price for just about any product or service.
-
Disability Insurance Can Provide COVID CoverageCoronavirus and Your Money If you are concerned about long-term complications from COVID-19, consider disability insurance coverage.
-
21 Things You Can't Return to Amazon — Either Online or In-StoreDid you know there are things you can't return to Amazon? Before adding these 21 items to your cart, be sure to read Amazon's return policy first.
-
How to Avoid a Charity Scampersonal finance Scammers never quit, even when you're trying to be altruistic. But you can avoid getting duped if you do your homework.
