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.
-
Two Don'ts and Four Dos During Trump's Trade WarThe financial rules have changed now that tariffs have disrupted the markets and created economic uncertainty. What can you do? (And what shouldn't you do?)
-
I'm Single, With No Kids: Why Do I Need an Estate Plan?Unless you have a plan in place, guess who might be making all the decisions about your prized possessions, or even your health care: a court.
-
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.
