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My broker is getting me a Mortgage from First Magnus Financial Company of Arizona. I never heard of this company. After reading many news stories of Sub Prime Issues, I am concerned. Anyone know this company. Should I ask my Mortgage Broker to find other sources. I really appreciate some helpful responses. Thanks.

2007-03-24 18:25:34 · 4 answers · asked by joey J 1 in Business & Finance Renting & Real Estate

4 answers

They are a legitimate lender but if they are the one selected you can get a better rate elsewhere. I have never had them beat other companies pricing. They don't have looser guidlines than others so there is a better source for your loan.

2007-03-24 18:40:31 · answer #1 · answered by Myron 4 · 2 0

First Magnus is a legit company that offers A (fannie/freddie) and Alt-A loans. They were never really a subprime lender. However, the subprime issues have spilled over into these markets, but I doubt you will be affected. So, relax! Let your broker be concerned, after all we don't get paid unless the loan closes. Anyone saying anything different is just hoping you to call them for the loan.

2007-03-27 16:58:57 · answer #2 · answered by jschreurs@prodigy.net 1 · 0 0

The problem isn't a particular company - Its the kind of deal you are getting. And it pays to shop around. You also need to really understand what is being offered to you. As a starting point, compare the APR (Annual Percentage Rate) for the loan, with other loans that are available. The APR is roughly equal to the true average interest rate over the life of the loan, if interest rates in the market stay the same. For example, if you have a first year teaser rate that is low, but an APR that is higher, you are just about guaranteed to have higher payments in future years, even if interest rates in general don't go up. You should also find how your credit is affecting the kinds of loans you are being offered.

2007-03-25 01:47:39 · answer #3 · answered by Franklin 5 · 0 0

If you do not feel comfortable with their decision. Ask for more information. Also request Better Business Bureau information on this company.

Remember once the deal is closed the mortgage broker is paid and on his way to the next deal.

ASK QUESTIONS it is your money and credit at stack here.

Don't settle for just anything!!!!

2007-03-29 01:02:13 · answer #4 · answered by Anonymous · 0 0

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