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Old 03-18-2007, 08:51 PM
 
Location: Illinois
250 posts, read 930,892 times
Reputation: 171

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I am looking for a mortgage company in Macomb County that deals in FHA loans, first home buyer loans and bad credit loans. Please tell my about your experience with this company and if you would use then again. There are so many companies out there that I am not sure where to go! Thank you for your help.
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Old 03-19-2007, 08:41 AM
 
35 posts, read 168,109 times
Reputation: 31
I am not sure who to go with but I have been told to stay away from Countrywide (or any lender that may sell your loan to them). You might be better off asking in a mortgage or real estate forum.

Also, once you find a company make sure you google them to try and find a forum or blog that does reviews or has reader comments about their experiences with that company.

I was in the same boat until the market went sour and I put off buying for a while. I have heard some good things (and bad) about Rock financial. I might give them a try if I am ever back in the market.

IMHO, you probably won't have to worry too much as long as you do a little research. Plus, going FHA offers some protection (I believe) in case of forclosure (they can't just kick you out). Plus I do not believe there is PMI if you go 97%. I would try for FHA before sub prime. You will save a ton on interest.
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Old 03-19-2007, 11:19 AM
 
Location: Michigan
4 posts, read 12,924 times
Reputation: 10
Rock sells theirs to Countrywide.
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Old 03-20-2007, 08:37 AM
 
111 posts, read 484,122 times
Reputation: 51
Rock/Quicken is garbage, they make a big business out of suckering people into Adjustable Rates (ARM) then jacking their rates massively. They sell to Wells Fargo and Countrywide, both companies are poor.

Citimortgage is bad, avoid them as well. They often "Trick" people with low rates, then once you sign the paperwork they fail to tell you there is a disclaimer that allows them to raise you 1% for administration cost increases.

Ross Mortgage was pretty good, about the only "Reasonable" mortgage company we've ever done business with.
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Old 03-21-2007, 01:21 PM
 
5 posts, read 16,938 times
Reputation: 10
Default you asked about a mortgage company..

Global Equity Lending is good. They also have a real estate business that is honest.
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Old 03-26-2007, 09:08 AM
 
10 posts, read 70,925 times
Reputation: 16
I would strongly recommend Shore Mortgage in Birmingham - and a rep named 'Diya' in particular. If you want someone who will be 100% straight up with you and bend WAY over backwards if need be to get the deal done - He's your guy.

Good luck.
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Old 03-26-2007, 06:52 PM
 
38 posts, read 120,832 times
Reputation: 23
Quote:
Originally Posted by HockeyMonkey123 View Post
I would strongly recommend Shore Mortgage in Birmingham - and a rep named 'Diya' in particular. If you want someone who will be 100% straight up with you and bend WAY over backwards if need be to get the deal done - He's your guy.

Good luck.
Hi, first post I second the recomondation for "Shore Mortgage" I have used their Roseville office twice. And I can say they are very honest and upfront with everything. Stay away from Rock, I've heard horror stories, and has anybody in metro detroit noticed that Mr."Dave Hall" at Rock Financial is slowly removing Himself from the bombardment of commercial's. I think that thier BS has finally caught up to them. Remember the "refi up to 125%!" I feel real bad those people.
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Old 03-26-2007, 10:58 PM
 
Location: Metro-Detroit area
4,050 posts, read 3,947,717 times
Reputation: 2107
Stay away from ROCK if you want to keep your home, They raised my interest rate from 6.5% to 12% when I was late two payments due to military recall. They then sold the loan to Litton who are even worse, Litton is headquartered in TX and will add on and charge you for anything you do(pay by check instead of automatic withdrawal,ask for payoff or reason for interest increase, etc)

I admit I was naive, my home was totally paid off and I figured I was only borrowing $40K to put on a new roof and make some other changes to my home, now they have got me stuck on their hook and I can't wait to get off. I told my wife that as soon as I'm done with school I'm working overtime to pay these legal loan sharks off.

Remember stay away from Rock and Litton.
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Old 03-27-2007, 03:36 PM
 
Location: Flint, MI
86 posts, read 455,726 times
Reputation: 39
Depending on where you are buying and what your income level is like, you may qualify for loans through MSHDA (Michigan State Housing Development Authority). Interest rates are around 5%, and they work with a list of approved, experienced mortgage vendors, which you can get off their website: http://www.michigan.gov/mshda. Even if you don't qualify for a MSHDA loan, knowing which specific lenders the state of MI prefers to work with may at least point you in the right direction.
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Old 03-27-2007, 09:35 PM
 
Location: Worthington, OH
693 posts, read 2,251,323 times
Reputation: 298
Default Beware

Almost all lenders in the state now will buck up your interest rates huge if they sniff even the slighest change even in your other credit accounts. Subprime lenders are about to go out of business as people default on loans in mass numbers (cbs national news reported cleveland, OH as highest forclosure rate in last year up 95%). Besides that, places like lendingtree.com, and others would be a good place to start. Companies that work within your credit score area contact you. The bad news, so much fine print that when your payment doubles after a missed payment you didn't know what happend. Habitat for humanity has what is called "sweat equity" where if you voulanteer a number of hours they will qualify you for special financing. Or a miracle home. Traditional loans will come back after the goverment tightens up restrictions on banks, hope this helps. Peace
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