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tnt

Want to find a Mortgage...where to begin?

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My husband and I live in Michigan and would like to buy a home. Where should we begin on finding a Mortgage? Is a mortgage broker better to use? I have no idea

What is the best site to get our FICO scores?

Niether of us have great credit, it is fair, we have had past credit issues.

And we need as low as 5%-7% down.

Any advice out there?

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Congratulations.

first things first. Before you go to a bank or broker, get your credit reports. All 3. A good place is www.mycreditkeeper.com. Cheap and it gives you the info you need for now. Check for any innacuracies. Dispute if needed. If all is well, get your FICO scores. www.myfico.com is the only place you can get all 3 FICO's. Use promo code 2005FICO or FICO2005. If you have over 580 middle score, with no collections or charge-offs, you can easily get 100% financing. Good Luck.

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Hi tnt,

Welcome,

1. What you need to do is find out what your scores are first. (See credit dodger's post above this one...)

2. Fix any Little or big "dings" you can on your credit files. (We can help you do that...)

3. Figure out your Financial Situation and what you are comfortable paying in a monthly mortgage/rent payment.

And then see about financing.

One of my all time favorites that avoids PMI is the 80-15-5. If you have credit scores over 640- or so and 5% down you can get a nice 80-15-5 package 30 year fixed at a decent rate. but really this is all jumping the gun...

Banker verses a broker...

I would say that conventional wisdom always says deal with a bank if you can, they are lending you the money not lending you someone else's money. However, it is getting more and more difficult to actually find a real bank that lends money.

Also unless you have pretty darn good credit, (and income,) the bank is going to give a load a malarky and a fair amount of pain... Maybe even an 11th hour loan denial. I'm not trying to scare you, just tell you the truth about Banks.

Brokers can usually put together financing for difficult situations or less than perfect credit or even poor credit or worse.... Problem is a large percentage of the Loan Officers out there are incompetent , dirt bags or both.

The moderator here (Charles) is a professional loan officer who has apparently helped a bunch of people here get finanacing -all over the US. I have not personally dealt with him, but I suspect he will get you a very fair deal. If not he will tell you where you can go... (No- not there - to another bank or something...) to get financing.

A fair deal ?, yes, unless you are a Rockerfeller or a Rock Star you're not going to get the "best deal in town." But you can come pretty close with an honest Loan Officer (LO). In my experience those people who screeched and cried and moaned for the BEST deal / rate/ etc. usually had ulcers and usually got screwed on the back end anyways...

And Charles won't set you up for failure or hurt you n the process. What I mean is it COSTS your credit score 7 points (? can't remember for sure could be 5 points or 9 points - early Alzheimeirs setting in..) every time a broker pulls your credit. So while you're looking for financing , by the end of the week you've lost 49 points on your credit scores and now you don't qualify for ANY loan... just because a bunch of knuckle-draggers have pulled your credit reports all week long. (Don't laugh I've seen it happen...)

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If you have any credit issues (which you say you do,) LO's usually charge you a bit more and most actually try to stick it to you good. So the protection is getting a good referral for someone who specialises in Less than perfect credit whose customers are still able to sit comfortably after settlement on the new home :) (Like Charles...)

OR

A Broker/Banker that is suggested by a BIG Real Estate Firm. At least here on the East Coast there is one or two mega-real estate firms that OWN their own Mortage Bank and that is where the tail wags the dog. Once they know your situation and say the can help you, they do and they don't mega - screw you because the Real Estate Agents (whom they work for...) will kill them and their children after settlement is over. (Don't kid yourself these guys aren't doing you any favors either the just aren't Royally screwing you.) ( Yes, I'd like just a peasant screw job today please - thank you very much....)

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Now I'll bet you're sorry you asked !!! :lol:

Welcome, Best of luck, and get better advice from a current Mortgage Pro like Charles...

Oh yeah here's a good post to get you started...

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=3870

Just think, If I could spell I would be dangerous...

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PM Charles aka firstsource. He may be able to assist you.

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