Relocating, need your mortgage help, Charles.

[TXbound]

Charles

Thanks for your help, appreciate your advice.

[herauntsis]

What state are you moving to?

If you can put down at least 15%, you should be able to get a mortgage (assuming you qualify in other respects). The rate is probably going to be over 7% and there will probably be a three year prepayment penalty. Plus, you may be required to pay off any open charge offs or collection accounts.

What you need to do is find a broker where you are moving to. They will have access to more than one lender and should be able to find a home for your loan and a loan for your home That's pretty goofy, but I couldn't help myself.

[TXbound]

Thanks for your help, I am beginning the process of searching for lenders.

To answer your question:

We actually live in Texas and are relocating to another city also in Texas.

[herauntsis]

The information I gave you is from a lender called First Franklin. They do have offices in Dallas and Houston. We use them as a source for wholesale loans in California; I don't know if they have a retail side or not. I personally think it is better to go with a broker -- that way if the loan doesn't work with one lender for some reason, you don't have to start over again from scratch.

See if you can get a referral to a broker from someone who has used them and had a good experience -- that's always better than picking someone out of the yellow pages. Also, there are a couple of mortgage guys that hang around here who have good reputations amongst the members of this board. I don't know if either of them are licensed in Texas, but I am sure they will be along soon to let us know.