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Posted: Mon Apr 02, 2007 9:42 pm

Lisa needs a Mortgage. She has a SO SO credit, but no serious derogatory connotation as I know. So can you all advise what the factors are she should look for while shopping for the Mortgage? What are the areas to do research on before applying?

Posted: Tue Apr 03, 2007 4:40 am

If she has any outstanding debts,then she can get ready for the collectors to come out of the woodwork.They subscribe to services with the credit bureaus and one of the triggers is a mortgage inquiry.I would interview some independant brokers for the loan. Unlike banks,they have numerous sources to find a loan to fit the needs of any type of credit profile.

Posted: Tue Apr 03, 2007 9:44 pm

Thanks cajun; so are these brokers safe? I mean when I go to a reputed bank I feel very comfortable.

Posted: Tue Apr 03, 2007 10:26 pm

You will be dealing with "Sub-Primers",HSBC,Ameriquest,Home123,New Century&Champion just to name a few. Do yourself a favor and stay away from them!

Guest · Posted: Wed Apr 04, 2007 3:09 am

I find the point mentioned by CBD is good; if I go to brokers perhaps I can avoid possible Mortgage Inquiries which is not possible if I go to banks.

What exactly Sub Primers are? Are all the brokers aka Sub Primers? And are HSBC, Ameriquest, Home123, New Century & Champion all Sub Primers? Please excuse me if I sound dumb.

Posted: Wed Apr 04, 2007 6:32 am

I heard many sub-prime lenders are going out of business. Like this one:

news.yahoo.com/s/ap/20070402/ap_on_bi_ge/new_century_bankruptcy

Posted: Wed Apr 04, 2007 6:36 am

HSBC are as crooked as they come when it comes to home financing. If you are late, they will foreclose and not even think twice and Ameriquest has been caught in quite a few shady dealings. These companies prey on people with not so good credit and finance more than the home is worth and then the person is stuck with a home that has a balance of more than the house is worth and they can't refinance for a lower interest rate because of the negative against the home.

Posted: Thu Apr 05, 2007 5:26 am

Please do realize that independant brokers handle prime as well as subprime packages. I like to speak with them because of the numerous lenders they have access to.Another reason I like them is a person can get a good idea of where they stand without getting bombarded with inquiries on your credit bureau report.

Posted: Thu Apr 05, 2007 5:48 am

Another one to stay away from is Wells Fargo Home Mortgage. They are rated in my opinion just as bad as HSBC.

Posted: Fri Apr 06, 2007 4:17 am

Thanks for your feedback and thanks Tammy for reminding me about Wells Fargo; I still remember how painful they had been with Shirley, a forum friend.

Can you please name some more sub prime lenders and the prime lenders that are better to avoid?

Also, if I go with a mainstream lenders, what are the questions that I must ask them?

Posted: Fri Apr 06, 2007 9:30 am

One of the best websites I have seen for info is bankrate.com. Please go to either of these three sites for info on home buying or financing. freddiemac,fanniemae,and hud.gov.

Posted: Fri Apr 06, 2007 2:44 pm

Stay away from AMC Mortgage aka Ameriquest. They are awful.

Posted: Fri Apr 06, 2007 8:30 pm

Tammy I second that one on Wells Fargo. They are Hell on Wheels..... Stanley I was looking into buying a new home ans so far GMAC has been very good to me. Everyone else was subprime and they actually went pretty low. So if anybody knows something bad about them PLEASE tell me. KYSIDE38

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