Mortgage and Home Owners Insurance Quotes and Comparisons
HSBC Insurance (Safeco) - HSBC seems to give quotes from several different agencies. The cheapest quote was from Safeco Insurance at $470 for an annual premium, which is $39/month. They priced the insurance for $202k to rebuild the house. However, looking at online reviews I’m a bit hesitant about bothering with them to save $20/month compared to USAA, who appears to have one of the highest satisfactory ratings. And the reviews are bad not just on the freeadvice.com, but also on epinions.com. So is it worth the $20 extra a month to go with a company with a much higher satisfaction rating? I think so. Sorry Safeco.
Contact: Mick Ross 865-226-1082
HSBC Mortgage - 6.125% interest rate, 0 points, FHA loan with 3% down. By far the best quote I’ve received so far in PA. I did receive a better quote from Liberty Mortgage for MD, but the guy I spoke with couldn’t do PA so…
They are supposed to fax me a good faith estimate Tuesday for closing costs.
Contact: Nelson Rivet, 800-622-7759 x5512
USAA Insurance - $628.02/year which is $52.40/month, and I get car insurance through these guys too, and they still aren’t the best rate, mortgage-wise OR insurance-wise. However they have a high satisfactory rating for insurance claims, as mentioned above. So I may go with them for insurance, but definitely not for mortgage.
USAA Mortgage - $8050 down payment (5% down) at 6.5% interest and no points and no origination fee. But it’s a Conventional loan, they don’t do FHA Loans, hence the larger down payment.
Chase Bank Mortgage - 3% down at $3.6k, with $4.8k closing costs (which includes the $9k already towards closing costs from the seller). 6.0% interest rate with 2.1 points, which is another $3,000, making a total of $11,000? I don’t know how I can go from being quoted $3400 as all the money I’d need for the transaction, to $11,000. It just shows you that reading the fine lines is well worth it.
However their head honcho of loans is supposed to call me Tuesday because he thinks I’m mistaken with the extra amount they look to be charging me. Lets hope I -am- mistaken, but it looks pretty clear to me.
Countrywide - still waiting for their good faith estimate
Pinnacle Mortgage - still waiting for their good faith estimate
Liberty Mortgage - still waiting for their good faith estimate
Ditech - Ditech was just ridiculous as far as customer service is concerned. The woman’s software for an FHA loan wasn’t working, so she couldn’t even give me a direct quote. But she decided to go ahead and give me a conventional loan quote to “get an idea” of what their rates are. I already forget what they quoted because I’m so put off by them, but it would require about $10k up front costs. I told her I wouldn’t be able to do that, which is why I wanted an FHA loan with 3% down. So she tells me that since that’s the case, that the government sets the FHA rates so they are pretty much all the same with every company and that whomever I got a quote from already is probably already giving me the best rate. She then said she’d withdraw my loan application, didn’t even try to get my business.
Well that answer pretty much shocked me so I said goodbye and hung up. I’ve been getting rates from 6% to 7.25% so for her to tell me that they are the same across the grid, not even considering points, is just absurd. I do not recommend Ditech at -all-. LOST ANOTHER LOAN, DITECH.
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