Question by taboobiker73: Need name of decent mortgage company for refinancing. Credit not perfect.?
We will need to refinance our mortgage loan in less than a year. Our credit rating is lower right now due to medical bills which we are in the process of trying to pay off. It seems that a lot of these companies are just out to make as much money as possible off of you using your credit rating as an excuse. We were rushed through buying our house by the owner and we are not to happy with the terms of our mortgage at the end of the second year.
Best answer:
Answer by ewong0824
have you try full spectrum or countrywide?
Give your answer to this question below!
I am a mortgage lender ie. the bank that determines how much to lend to you the borrower. Since your credit is not “perfect” you fit just about every other person in America. Your best bet is to go to a Mortgage Broker who is a big name in your city. There is a reason they are a big name…. they normally have the contact with the best subprime lenders to get you the best rates. Make sure before you sign your HUD statement at closing you have looked over each of the fees that are being charged to you by the broker. Make sure that each point being paid to them was discussed previously. You sign a disclosure when filling out an application with them in the very beginning so make sure those numbers match. And remember, if you don’t like that person right off the bat there are literally thousands more to choose from. You also want to look at if you are going to get an adjustable rate or a fixed rate. The adjustable looks good in the first two to three years but if you do not plan on refinancing then make sure that the adjustments aren’t crazy in some cases they can as much as double your payment from your first couple years.
Depends on where you live. I guess I am saying try someone local not nationwide for the most part. there are soo many choices. A good mortgage broker will discuss your goals and needs before recomending a program and they will have access to more creative programs for folks with a few hiccups on theri credit. Shop around and compare fees. Your loan may not be as bad as you think, make sure you are provided with options. Most mortgage brokers deal with numerous lenders so they can shop for you. Refuse to pay more than 1 point origination and make sure your rates are competitive for your situation. If you have more questions e-mail me.
Sounds like you are in an adjustable mortage with a pre-pay. OUCH. When you get your next mortgage, you can have a no pp (pre-pay), it may cost you .25 to the rate, but try and get a fixed rate – if the payment is not too high (ok) saves you refinancing again down the road. Fixed rates are normally higher, if you have a lower credit score…but you can get one, and not have a pp or have the rate going up again in 2 – 3 yreas, than if you decide to refiance – you will not have that pentality. But, if you decide to go another route, there are other programs available. For instance:
There are also, interest only loans – adjustable 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.
Now – –
There are other factors to consider, besides credit. Medical Bills are over looked by underwriting (since medical expenses is a un-forseen event), where as credit cards, are looked at (since you purchased items on a credit card.)
All is not HOPELESS – ok – take a deep breath. If your credit score is 500 or higher, anything is workable.
Lenders look at the middle score…of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable….but unless a lender sees the whole picture – credit – income – job time, etc – than you will not have a “true” picture of what your options are. Hope this helps –
Talk with a broker, 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.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company’s that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only – not the final – but it does help you figure things out.
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency’s and other useful information.
Here are some important things to look for when you are in need of a mortgage company.
Your best bet is to talk with someone that has a portfolio of investors they work with. There are a couple reasons i suggest that:
1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. By looking at multiple options and programs you will be sure to find the lowest costs and rates…
2. As another response said if you on your own call multiple banks to see what you qualify for, EACH AND EVERY LENDER will HAVE to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..
So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..
The most omportant thing to realize is that I as the loan officer with multiple investors to work with, am fully willing to keep shopping to different companies to find the best program for your needs.
Because, the better product i can offer to you then there’s less chance that you will go to another company.
There are many mortgage companies out there, all having different things to offer. Fortunately for you, i can find out which one wants to lend to you at the lowesr rates and fees.
My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I’d be happy to assist you in a refinance, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.
Feel free to give me a call at 312-264-6448, or
you can email me at Jasonf@providential.com.
Thank You,
Jason Fry
Providential Bancorp
312-264-6448
You will have an abundance of lenders to choose from both local and Nationwide. I work with a Nationwide Mortgage Broker and have over a 100 lenders I can do business with. If your interested email me your current loans terms and what your not happy about and let me see whats out there for you and then you can decide for yourself whats your best option. tadgeman@yahoo.com. I work for a large enough broker where customer service is more important than charging you an arm and a leg.