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Mortgage Lender tells me interest rate guaranteed to be lowe


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Had a mortgage lender tell me if I qualified for a loan and he pulls my reports (all 3 CRA)

and tells me I qualify for 97% LTV home.

Tells me my interest rate is guaranteed to 6% after 6 consecutive

on-time payments. He insured me his company would be able to get

me into a rate that low after 6 payments. Is there more to this that I am missing?

At least I know my true FICO scores now.

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Hi there, I am a loan officer, and this sounds very interesting to me.

What are the scores that he pulled?

What is the rate that you are going to start out at?

What is the term of the loan that they are suggesting? ie is it an adjustible rate mortgage that adjusts every 6 months? What is the prepayment penalty? How much is the mortgage insurance fee? This sounds like a prime rate lenders' "GOLD 97" program, but I don't know that they start out at a different rate that is lowered later to a lower rate.

Please post what you learn.


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Here are my scores

594 EQ

584 EX

557 TU

Program he offered was a 97% LTV, no prepayment penalties, I didn't ask about PMI fees?

Starting rate for the first 6 months is 10.375

I'll ask more questions on monday when he is back in the office.

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Actually I tried sleeping, but could not stop coughing, pretty missrable right now, with cold.

Well the credit repair stuff I don't really find bad, just depends on what you are dealing with, give me a try & see what we can make of it.

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