I don't feel that my credit score accurately reflects my credit worthiness. Where can I find a lender that reads in between the lines?
2007-11-27 05:24:59 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I have managed a bank and now work at a mortgage company. There is a lot of confusion between what both can offer you. I am not a broker. I can offer the same programs that the bank can but we have many other programs that the banks do not have. Also, banks sometimes have inhouse loans which are higher than what you can get on the secondary market (meaning your loan will be sold). I would suggest going to a mortgage company not a mortgage broker because they are going to simply charge you for the same service.
2007-11-27 16:18:49 · answer #1 · answered by yourmtgbanker 5 · 0⤊ 0⤋
I would use a mortgage broker, not your savings and loan bank.
If you feel that your credit report/score is wrong, tell the lender and get it fixed. Your lender can do a rapid rescore on your FICO and it may increase.
If there are reason that you have a low score, like a death in the family, etc, and you paid late during this period (and only this period) the you should be able to write a letter and explain this. The underwriter can take this into consideration.
2007-11-27 13:29:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Try a mortgage broker. Most realtors or agencies can refer you to a mortgage broker. A broker will shop around various banks to get you the best rates and may know of better programs a different banks depending on your situation. Also, different things are taken into consideration when getting approved for a mortgage loan besides your FICO. Debt to income ratio, length of employment, etc. So don't get discouraged because you think your credit isn't "good enough" because you may be assuming too much. Good luck and if you want more info you can email me at chris4realestate at yahoo dot com
2007-11-27 13:33:02 · answer #3 · answered by chris4realestate 2 · 0⤊ 0⤋
If you want a lender as you describe, you should check out a local bank which is willing to keep your mortgage 'in house' (rather than sell it on the open market after it's completed). Such loans are presented to the board of directors of the bank, who will make any decision as to whether or not to give the mortgage requested.
Be aware that such mortgages are more costly, running a half percentage point or more over what you would qualify under in the open market.
2007-11-27 13:29:22 · answer #4 · answered by acermill 7 · 0⤊ 1⤋
Check with a mortgage company. The bad thing is with todays current market lenders are becoming more strict on who they give loans to
2007-11-27 13:27:37 · answer #5 · answered by Gus Buckingham 2 · 0⤊ 0⤋
you can always find a lender that will give you a mortgage at a much higher interest rate with lots of up front costs... that way they won't get swindled when you don't pay your bills.
hows that for reading between the lines. LOL
2007-11-27 13:27:48 · answer #6 · answered by Jerry M 6 · 1⤊ 0⤋
Go to a Mortgage Company
2007-11-27 13:27:09 · answer #7 · answered by Dep. 4 · 0⤊ 0⤋
You could try a financial advisor who brokers a mortgage deal for you. :)
2007-11-27 13:28:24 · answer #8 · answered by carthak 2 · 0⤊ 0⤋
you can try lendingtree.com
2007-11-27 13:27:43 · answer #9 · answered by (♥_♥) 6 · 0⤊ 2⤋