W. E
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Ouch - When the rates were really good in the past years, still hard to understand why Adjustables were so strong....And having been in the business for many years, I have and always will like the good ol fashion fixed rate. I understand why some ppl got an adjustable (it is considered a quick fix to some), but in the long run a person's rate is going to go up, and they find they can not afford their home, that they have paid for, for years. Will get off my soap box - sorry. I am a Broker - and it upsets me that ppl are losing their homes, just for this reason, and have no equity to get out of their situation.....
Now. To help you. You do need to talk to a broker, if you think you can not get a mortgage at your local Bank. Why is that.?
A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home or plaing to refinance, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Decided on the type of program (loan ) you are wanting. A 30 yr fix is still roughly at a 6.5 rate right now - but if you are needing a 90 percent ltv the rate is around 7 percent and a 95 ltv is 7.375 and a 100 percent rate is 7.5 ( This is a estimate only, since I do not know what your credit score's are....There are also, interest only loans - option arms (where you pick the payment, from 4 payments, including interest only). Interest only are lower payments, but nothing is being paid on your home. Some self-employed ppl like the payment options, in a lean month when money is tight., they can pay a lesser amount.
Good Luck to you - A Broker, who cares, will go over it all with you and be in contact with you daily. The one on one customer service is important, to you, the client, to let you know the whole loan process
If I can help you in any way check out my web site, for links to all the credit reporting agency's and other useful information. I have many programs available, and lenders to choose from - to help you get the best rate available. From USDA Rural, Government loans, Conforming, Sup-Prime, Investment, Commercial just to name a few. |
robert495713
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I work for a mortgage broker in Cuyahoga Falls, OH. One of the previous comments made, "we are middlemen", is untrue. We can almost always get a better deal than if you just walk into a bank yourself.
My company is a member of the Better Business Bureau with a PERFECT record (try to find 0 complaints, it's pretty hard).
Your situation sounds very familiar and I'm confident I could help you find the best deal.
I'd be happy to give you a quote - also, since I'm local we can sit down face-to-face which means something to most of my clients.
Email me at robert495713@yahoo.com and we can talk.
Good luck to you,
Rob |
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