OT - Home Loan Dilemma Well, there is a very good chance I can qualify for an FHA loan by the end of next month, and that's great. However, I have been talking to several people who have all done various things to work on a loan for me; Blair at Wells Fargo, fla-ten from here on the board, Don from AIM Loans, and Valerie locally at my credit union. For the most part, each one of them have been extremely helpful and forthcoming. I *have* to get a loan. The house is settled on and the seller is worried. Obviously though, I have to choose who to get my loan from. This leaves me in a moral quandary. At what point does shopping for a loan to determine rates and qualifications turn into a commitment to a particular lender? I have only purchased one other house, and the realtor handled every single detail about the loan. Heck, I just wanted to get the house, and he wanted to sell it. (Otherwise I wouldn't have taken out a loan I couldn't afford at the time.) I do really want the best loan for my money and I want a lender I can trust. I lean towards the credit union only because they are local. I also feel obligated to each person that I have talked to and who has spent time looking at my situation. What is the proper etiquette for this situation? (hmmm, it wasn't as long as I thought )
Re: OT - Home Loan Dilemma I would choose the one that made you feel comfortable and listened to your situation, what you should do, went through different loan programs with you and helped to decide which one was the best for your needs. If there were a couple that you felt relaxed with then I would probably choose by location. I only suggest this because you will constantly be signing forms, running papers from here to there, etc. Plus, if something goes wrong you can always scream at them in person. As for the ones that helped you, whether allowing you to pick their brains or just discussing your options with. I would send them a thank you letter and maybe a small gift. Dani
Re: OT - Home Loan Dilemma i know a mortgage broker who got some one a paper loan with a 580 fico score.... If you want his number email me I will give it to you.. Kev
Re: OT - Home Loan Dilemma jambe I am glad that some of the advice that I provide you helped. That was the purpose, not to solicit business from you or anyone else. Some people from here have decided that I could help them and others have decided not. I answer questions concerning both mortgages and student loans because those are areas that I have knowledge and a little expertise. My journey on this board is to help others and that is my sole purpose here. As far as your specific situation, you need to work with the mortgage person that you feel most comfortable with. Getting a mortgage is about alot more than just rates and terms. Find a mortgage person that will ask important and probing questions and find out really what it is you are trying to accomplish. That is when you will really find the mortgage that works best for you. Good luck to you and I truly hope that you have a positive experience in house hunting. fla-tan
Re: OT - Home Loan Dilemma Kev I am not sure exactly what you mean by a paper loan? However, I can tell you that getting someone a mortgage with a 580 fico score is not particularly difficult. There are many nonconforming lenders and a few conventional lenders that will provide mortgage with that type of score. fla-tan
Re: OT - Home Loan Dilemma FLA-TAN, I love your line about renting in like buying. I tell it to my girlfriend every day since first seeing it. She is completely credit stupid. No credit, No bank account. Anyway you said with a 580 you can get a mortgage. Where? can you list? would mean so much.
Re: OT - Home Loan Dilemma Kbanger, they are out there, but they will want 9%, 10%, or more, and will want 10% or 20% down usually. Plus they will probably charge you excessive fees, etc. At least that was my experience in general. The few people I mentioned above were the rare exceptions, not the norm, unfortunately. Fla-ten, I really appreciate your kindness and generosity.
Re: OT - Home Loan Dilemma kbanger, I'm getting close to obtaining a mortgage myself. Knowing that I was in the repair process, I decided to ask a broker what I needed to do to be ready to qualify. I was sure surprised when she told me that the only (LOL) thing I needed to do to get a prime FHA was to get rid of an unpaid judgment! If I had wanted to go sub-prime, she was able and willing to do what she called an 80/20 30-year fixed at 7.75%. I decided to wait and get the prime rate since they are at a 35-year low. I'm on pins and needles for the next 12 days waiting to see if the judgment goes away. GOOD LUCK!
Re: OT - Home Loan Dilemma Thanks kbanger. The list of nonconforming (subprime) lenders is very long and is also constantly changing. Your best bet would be to sit down a mortgage broker that you can and do feel comfortable with and talk with him/her. Be honest and open in explaining your situation and what you wish to accomplish. Then (and this is extremely important) ask questions and listen to the answers. If the mortgage person is good, they will give you honest staightforward naswers about how to accomplish your long term goals. BTW a mortgage officer that can accomplish the above is worth what they charge. Good luck to you in whatever you decide. And yes, even if you have to pay a higher rate, you will come out ahead of the renter always. fla-tan
