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RE: Home Loans with excellent credit. - 6/15/2008 6:01:10 PM
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bzirk
Posts: 2929
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From: Where the deer and antelope play
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Here's my rule of thumb about lenders. They always have a vested interest in what they tell you. They're not doing you a favor. So don't just take the word of one about what is available. Shop around and do your own research. Yes, that's more of a hassle, but it's a hassle that might save a lot of money.
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RE: Home Loans with excellent credit. - 6/15/2008 6:29:18 PM
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daughter_of_faith
Posts: 1108
Joined: 1/10/2008
From: Great Plains, Kansas
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Is Ditech bad then? Just curious why you said to be careful with them.
I don't think DH likes Bank of America...guess he had issues with them. The other bank I had thought of checking with is the bank in my hometown. I'm in "good" with the owners/management...although I'm not sure if that would make any difference or not.
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RE: Home Loans with excellent credit. - 6/15/2008 7:31:17 PM
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relady
Posts: 957
Joined: 4/11/2005
From: Greater St. Louis Metro
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quote:
So don't just take the word of one about what is available. Shop around and do your own research. This is very good advice. And I would shop a big bank, a smaller bank, and maybe a local broker. I don't know where you are so I don't know who is available around there that I might also be familiar with other than the B I G banks.
I just don't like Ditech's advertising. The still advertise the LOW rates that maybe 2 people out of a hundred MIGHT qualify for and use them as a way to get people into loans with higher interest rates. I just find than rather deceptive. But that's just my personal opinion. Check them out, by all means. Just be wary and read absolutely everything.
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RE: Home Loans with excellent credit. - 6/16/2008 11:22:47 AM
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daughter_of_faith
Posts: 1108
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From: Great Plains, Kansas
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I fully intend to read EVERYTHING before signing a contract of this magnitude. I mean...it's a contract for the next 30 years. It's not like a work contract (usually for a year) or a lease (3, 6, or 12 mos.) or even a car (usually 5 years or so). Hope that makes sense. Thanks for your suggestions.
Our current bank would qualify as a BIG bank (Washington Mutual). At least I think it would.
The hometown bank would definitely be the small bank. I'm just not sure how I would go about applying for a loan with them unless I go see them in person (kind of hard when you live over a thousand miles away)....but it will be about 100 miles from where we are moving.
Ditech is a name a lot of people know.
So that leaves checking with a realtor/broker. Hmmm....I live in the Central Valley area of California. Know anyone? Or a smaller bank locally?
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RE: Home Loans with excellent credit. - 6/17/2008 2:40:02 AM
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relady
Posts: 957
Joined: 4/11/2005
From: Greater St. Louis Metro
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I'm sorry, I don't know anyone personally. However, I am with Prudential and I'm very impressed overall with the quality of the agents and this company in general. If you have a Prudential Office out there (probably you do) I'd give them a call. We do have an affiliation with Alliance Lending in our office and they do a very good job finding great loans for people. They broker some and they lend some of their own money, work with 1st time buyer programs, etc. You might check and see if they have a rep out there. Hope that helps and I wish you the very best! BTW, where are you moving to?
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RE: Home Loans with excellent credit. - 6/21/2008 10:44:22 PM
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peace77
Posts: 915
Joined: 4/18/2005
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quote:
Bank of America had a good no closing cost program
Bank of America was still advertising no closing costs when we were looking for a mortgage loan.
It is not entirely accurate. The bank did pay some small costs. However, We had to pay ahead into the escrow account and the seller paid over $2,000 of our closing costs.
You could also look into applying for a mortgage at a credit union.
Peace,
Anne
< Message edited by peace77 -- 6/21/2008 10:51:15 PM >
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RE: Home Loans with excellent credit. - 6/22/2008 8:44:01 PM
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daughter_of_faith
Posts: 1108
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From: Great Plains, Kansas
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DH and I have both said NO to credit unions because we've both had BAD experiences with them. For some people, they work beautifully...not for others.
DH said it wasn't a good idea to apply at your local bank. He did that previously with the credit union he was banking at (not for a home loan, but a car loan). After running the pre-approval check, they discontinued cashing their checks and would only take cash from them supposedly because the credit rating was so low. Mind you this was years ago...but it has stuck with him....
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RE: Home Loans with excellent credit. - 6/23/2008 7:35:09 PM
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peace77
Posts: 915
Joined: 4/18/2005
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It's always a good idea to check your credit report before applying for a loan or financing.
If you see errors, it's your responsibility to fix them ASAP and before the lender runs your credit report.
If you have excellent credit (as stated in the OP), then there should be no problems with using a credit union or local bank.
Peace,
Anne
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RE: Home Loans with excellent credit. - 6/23/2008 8:48:43 PM
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daughter_of_faith
Posts: 1108
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From: Great Plains, Kansas
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Finally heard back from di-tech today. No go...at least for me. I can call FAH and see if they'll "go"....
Stinks....
This may not be the right place to put this...but what all is involved in one's credit score? I googled it earlier and still came away baffled. Even went to an "estimator" calculator thing (have done those before) and it said my credit score should be higher than what it is 
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RE: Home Loans with excellent credit. - 6/23/2008 10:13:53 PM
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peace77
Posts: 915
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Credit score: includes your credit history (how many lines of credit you have, how long you have had them, any late payments, and how late were the late payments (30, 60, or 90 days).
It also considers the % of credit used. For example, if you have a credit card with a $10,000 and you have $9,000 charged on the card; it is at 90% of the limit.
It is better to use much less of the available credit and not approach the limit.
It is possible to have too little history and also possible to have too many lines of credit.
Have you checked your report with all of the credit services for errors?
Have you considered contacting a non-profit organization that can help you such as ACORN or Neighborhood
Housing Services?
Have you considered paying down or paying off debt before applying for a mortgage?
Peace,
Anne
< Message edited by peace77 -- 6/23/2008 10:21:22 PM >
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RE: Home Loans with excellent credit. - 6/24/2008 7:26:12 PM
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relady
Posts: 957
Joined: 4/11/2005
From: Greater St. Louis Metro
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quote:
We had to pay ahead into the escrow account and the seller paid over $2,000 of our closing costs. Technically, escrows are considered prepaids which are not considered "closing costs" even though you pay them at closing. When the bank says no closing costs they mean BANK closing costs. Both of my buyers that used that program were very pleased and the sellers did not contribute if I remember correctly. They buyers paid no lender imposed closing costs at all. Of course, the bank is making that up somewhere....probably an interest rate that is .25 or .5 higher or what have you. But my buyers were pleased and their overall closing costs were very very low, so I thought it was a pretty decent deal.
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Other than to get an email advertising something I wouldn't qualify for anyways because of where I'm moving to (it isn't available in Kansas...and is only available if you purchase a house over $100,000). We're looking for a house under 100K. I know that doesn't seem like a lot, but in rural Kansas, it's not only possible, it's reality! 
