Chipper101

Need Mortgage Advice

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From my experience, I don't trust mortgage brokers. Last December I was almost out of money, but had a ton of equity in my house. I had a refinance deal arranged to close in early January, but the lender/broker pull out at the last minute. I was left without money to pay any of the bill and I had to scramble to find another deal. My credit score went from 700 to 500 in the months that it took to close the deal. I ended up refinancing with a 12 rate because I was desperate.

Now, I'm back on my feet as far as working and paying bills. But I am stuck in a really bad mortgage from April. I may end up selling my house, because I can barely afford to live there. I would like to refinance again and I've been paying all the bills on time but my credit score is still low. I just don't believe any mortgage people any more. My question is: are there any Mortgage consultants that work for the best interest of the lendees like me? Thanks for any feedback that you can give.

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"...are there any Mortgage consultants that work for the best interest of the lendees..."

No. Mortgage professionals work to make a paycheck for THEM, just like everyone else in a capitalistic society. So unless you can find a charitable association that does mortgages, you have to protect yourself by becoming an educated consumer.

You can try to obtain financing from a bank or credit union. But you still need to know the laws and procedures and carefully read all the documentation you get. The good thing about the mortgage industry is that you can get educated for free. Most brokers will spend hours with you in hopes of getting paid at your (potential) closing.

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...My question is: are there any Mortgage consultants that work for the best interest of the lendees like me? Thanks for any feedback that you can give.

Chipper, if you have the time then you should work some of the strategies in some of the forums above to get your score higher. If you are pressed and need a loan ASAP then Charles will give you straight answers.

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