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Please help Lisa to shop for her Mortgage

Date: Mon, 04/02/2007 - 21:42

Submitted by stanley
on Mon, 04/02/2007 - 21:42

Posts: 1639 Credits: [Donate]

Total Replies: 12


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?


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.


lrhall41

Submitted by cajunbulldog on Tue, 04/03/2007 - 04:40

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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.


lrhall41

Submitted by on Wed, 04/04/2007 - 03:09

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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.


lrhall41

Submitted by Not so Lucky on Wed, 04/04/2007 - 06:36

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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.


lrhall41

Submitted by cajunbulldog on Thu, 04/05/2007 - 05:26

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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?


lrhall41

Submitted by stanley on Fri, 04/06/2007 - 04:17

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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


lrhall41

Submitted by KYSIDE38 on Fri, 04/06/2007 - 20:30

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