sjones Posted June 27, 2003 Report Share Posted June 27, 2003 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 consecutiveon-time payments. He insured me his company would be able to getme 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. Link to comment Share on other sites More sharing options...
Crabjoe Posted June 28, 2003 Report Share Posted June 28, 2003 I'd tell them to put it in writing and have it notarized. That way if anything happens you'll have some recourse. Link to comment Share on other sites More sharing options...
firstsource Posted June 28, 2003 Report Share Posted June 28, 2003 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. Charles Link to comment Share on other sites More sharing options...
sjones Posted June 28, 2003 Author Report Share Posted June 28, 2003 firstsource.....Here are my scores594 EQ 584 EX 557 TUProgram he offered was a 97% LTV, no prepayment penalties, I didn't ask about PMI fees?Starting rate for the first 6 months is 10.375I'll ask more questions on monday when he is back in the office. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 28, 2003 Report Share Posted June 28, 2003 Ok, when you have the additional answers together repost back here & bump this post - will be back then to answer this one for you. Link to comment Share on other sites More sharing options...
sjones Posted June 28, 2003 Author Report Share Posted June 28, 2003 kb9tbq, do you ever sleep? I thought I was the only one up late staring at my CR's I never ever dreaded weekends until I started disputing stuff. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 28, 2003 Report Share Posted June 28, 2003 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. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 28, 2003 Report Share Posted June 28, 2003 Ok, I remeber now with yours, you are not to bad off on you clean up with old stuff - will just take disputing; waiting the full 30 days rinse & repeat, as they say. Link to comment Share on other sites More sharing options...
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