techentrepreneur Posted January 15, 2009 Report Share Posted January 15, 2009 Hey everyone, I just contacted Charles (Firstsource) about this but I figured I would post for everyone's info. I am 22 with a FICO between 720 and 740 (last time I checked 1 month ago). I have some student loan debt but am paying it down steadily (and as fast as possible). I am looking to purchase a duplex with an FHA mortagage in Michigan. I was looking at between 80K and 110K. My annual income after taxes is currently about 27000 but will hopefully be increasing soon. I also own a vehicle outright worth about $6500 and have enough money for a downpayment of 3-5% as it is. I've done the calculations and I am already paying more for my apartment now (even taking into consideration taxes and insurance) plus with a duplex I would be able to rent out the other half somewhat reliably (I live in a college town). No big negatives on credit but my student debt weighs me down a bit. I am also consigned on a loan for my parents at about 15K (ouch) that I am trying to get off of. My credit history isn't super long either but I do have a full Auto Loan paid off, about 8 credit cards with various limits that have low utilization and a solid payment history (although it is somewhat short). I wanted to see if I could go through Charles because I have seen how trustworthy and helpful he has been on here, but I thought I would open my experience to the community for reference. Correct me if I'm wrong but can't you apply for multiple mortgage loans and have it only show as 1 inquiry for a period of time like a week or two? Anyone know of mortgage companies that only pull equifax in case I want to remove it if I am denied lol. Thanks everyone! Link to comment Share on other sites More sharing options...
jq26 Posted January 15, 2009 Report Share Posted January 15, 2009 Welcome,I think you've got the right idea. I love it. Just make sure your work is steady and you can foot all the bills such as utilities, taxes, the inevitable costs such as a new ______ (you fill in the blank). Also make sure you can withstand not having a renter int he second unit for a considerable period of time. I've heard some parts of Michigan are really hurting right now. The only thing that may be questioned is that loan that you cosigned for. You said you are working on it though. And I'd pay off credit cards completely. If you are bumping up against the allowable debt-to-income ratios, even a few bucks can be a problem. People have used Charles and reported back positively. I have not had the opportunity to use him, but its a great starting place (check his website- lots of good info and calculators). Another place would be any local bank that you've built a relationship with. I've found them to be very helpful and knowledgeable.Five-ten years from now, you'll be ready to buy another home for yourself and rental incomes will rise over time. Then you can rent both sides of your duplex out and generate cash every month. That's how its done! Link to comment Share on other sites More sharing options...
techentrepreneur Posted January 17, 2009 Author Report Share Posted January 17, 2009 I got an email from Charles at charlesclarkmortgage.com, just want to verify this as Charles from this website before I respond or pay any type of fee:Yes, We do lend in Michigan, and would be happy to help you with getting a loan.Please fill out the loan applicationhttps://p4.secureapp.net/lnapp/sframe.asp?client_id=207394 and go to paypal to pay for the initial application fee, which includes a mortgage credit report.I will give you a call when I get the application and we can get started. Your timing in life is great, as rates are decent and home prices in MI are at a historic low.Best Regards,Charles Clark888.888.2427 Link to comment Share on other sites More sharing options...
jq26 Posted January 17, 2009 Report Share Posted January 17, 2009 DON'T FILL IT OUT AND DON'T PAY ANYTHING!!!! PM Charles directly and verify. Or pick up the phone. He has a website with contact info. Link to comment Share on other sites More sharing options...
techentrepreneur Posted January 17, 2009 Author Report Share Posted January 17, 2009 Yeah I haven't paid anything and did PM him, weird! Link to comment Share on other sites More sharing options...
morrow Posted January 19, 2009 Report Share Posted January 19, 2009 By all means, contact him directly. I personally have never heard of a broker asking for an "application fee" upfront.Regardless of Charles well liked reputation (because I would say something even if it wasnt him) I could not disagree more with this. Im sorry Charles.Its a borrowers right (and choice) to be able to shop around and get information before considering a purchase or refinance transaction. Once someone forks out $ for an "application fee" the likelyhood of them shopping around isnt going to happen. And why should it? They just paid for something that can be offered to them for free.I could sit around all day and charge application fees without actually doing any work. I would probably make a pretty decent living off of it too while doing HALF the work. Afterall, Ive already been paid to take your application, who cares how long it takes to get the deal done...if its done at all.Yet another reason for consumers/borrowers to be weary with whomever they work with, regardless of their reputation. Link to comment Share on other sites More sharing options...
techentrepreneur Posted January 20, 2009 Author Report Share Posted January 20, 2009 I honestly don't think it was Charles, I think someone saw my post and thought they might be able to scam a couple bucks off me before he replied. I sent Charles a PM and he hasn't responded, so until then I make no judgment. Link to comment Share on other sites More sharing options...
morrow Posted January 20, 2009 Report Share Posted January 20, 2009 I honestly don't think it was Charles, I think someone saw my post and thought they might be able to scam a couple bucks off me before he replied. I sent Charles a PM and he hasn't responded, so until then I make no judgment.I think you may be mistaken. Take a closer look at the application, his name is on there. Link to comment Share on other sites More sharing options...
admin Posted January 20, 2009 Report Share Posted January 20, 2009 By all means, contact him directly. I personally have never heard of a broker asking for an "application fee" upfront.I have - and it's the practice only of shady lenders. If someone asks you for this - run away quick. Link to comment Share on other sites More sharing options...
techentrepreneur Posted January 20, 2009 Author Report Share Posted January 20, 2009 Does anyone have any suggestions of reputable companies I could check out? Link to comment Share on other sites More sharing options...
morrow Posted January 20, 2009 Report Share Posted January 20, 2009 Does anyone have any suggestions of reputable companies I could check out?I would start by asking a close friend or family member who they used and were happy with. Thats a start. Link to comment Share on other sites More sharing options...
techentrepreneur Posted January 24, 2009 Author Report Share Posted January 24, 2009 I have - and it's the practice only of shady lenders. If someone asks you for this - run away quick.Yeah it seems like a serious mortgage professional would be more interested in developing a relationship for referrals, etc. But I have no one to refer me! Link to comment Share on other sites More sharing options...
jq26 Posted January 25, 2009 Report Share Posted January 25, 2009 There are three that I know of that hang around this site. Charles (firstsource), amortgageman, and morrow. Never worked with any but have had very good PM conversations with two out of three. Judging from their willingness to help others and the sound advice they give, I would work with any of the three (and may in the future). They just have to be able to work in your state. That's a starting point. With firstsource, pick the phone up and call. I feel as if what was posted was completely out of character from my past experiences- I hope is okay healthwise and that he doesn't have someone else "taking over". Link to comment Share on other sites More sharing options...
amortgageman Posted January 25, 2009 Report Share Posted January 25, 2009 I got an email from Charles at charlesclarkmortgage.com, just want to verify this as Charles from this website before I respond or pay any type of fee:Yes, We do lend in Michigan, and would be happy to help you with getting a loan.Please fill out the loan applicationhttps://p4.secureapp.net/lnapp/sframe.asp?client_id=207394 and go to paypal to pay for the initial application fee, which includes a mortgage credit report.I will give you a call when I get the application and we can get started. Your timing in life is great, as rates are decent and home prices in MI are at a historic low.Best Regards,Charles Clark888.888.2427Charles' website is www.bestmortgageinfo.com I typed in www.charlesclarkmortgage.com and got a page error, which redirected me to another website, which was a lead generator. Very suspicious indeed. Link to comment Share on other sites More sharing options...
amortgageman Posted January 25, 2009 Report Share Posted January 25, 2009 There are three that I know of that hang around this site. Charles (firstsource), amortgageman, and morrow. Never worked with any but have had very good PM conversations with two out of three. Judging from their willingness to help others and the sound advice they give, I would work with any of the three (and may in the future). They just have to be able to work in your state. That's a starting point. With firstsource, pick the phone up and call. I feel as if what was posted was completely out of character from my past experiences- I hope is okay healthwise and that he doesn't have someone else "taking over".Thanks JQ, but I have been out of the business for a while now. I still have the passion, and visit CIC just to help out and try to keep up enough to clarify issues and correct what is right and wrong.It seems that I am still asked frequently about mortgage issues, and keeping up here helps me to provide proper answers and CIC is a great referral tool to send those looking to fix credit and achieve homeownership.Lately, I have been helping out those with problems on current loans, and am looking forward to helping a dear friend shove it to an attorney who is not providing any assistance to work out an effort by a homeowner to prevent foreclosure. The homeowner had some unfortunate circumstances which caused him to fall behind, and the bank stalled on working out a solution. When he finally got through to someone, who seemed to help, he got a letter for a summons for foreclosure proceedings by an attorney.I had him arrange for a hardship withdrawal from his 401k, and call the attorney for an exact amount, and a court date. Their answer was he doesn't need to worry about it, and does not need to show up. Since then, I have reviewed his loan documents, and found errors in the TIL disclosure. I have sent him to Help for Homeowners (the new government program that repalced FHA secure), and the counselors there are ignorant and unknowledgeable about TIL disclosures. I have also been searching for good defense lawyers in Indiana that could represent him and found that there is a severe lack of lawyers who now jack about these loans.I guess, at this point he is going to have to go Pro Se and fight this on his own. All told, he could have his loan recinded, and the mortgage company refund alll interest, closing costs, etc. but he would have to find new financing. At the very least, the mortgage company should have to honor the TIL disclosure, and refund excess intererst payments, which would cure his default. Link to comment Share on other sites More sharing options...
1time2many Posted January 25, 2009 Report Share Posted January 25, 2009 People who find themselves in a bind with their mortgage should visit.LoanSafe.org: These peeps are for distressed homeowners like this site is to those in a credit mess.There are loads of info and contacts on this site and some great people. its all FREE just as this site is. Link to comment Share on other sites More sharing options...
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