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Old 02-16-2009, 10:14 PM
 
Location: susanville, ca
7 posts, read 23,132 times
Reputation: 12

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Thank you all for your comments. Born and raised, thanks for explaining it WAY better than my "nice morgage lady" I totally get it now. Although I almost feel like i am paying for a loan approval. So, now trying yo plan my next move for tomorrow. We live in a very, very small town and there are 2 Brokers here. I am tempted to call the other one in town and ask if they have the adjustment to the rates for credit scores. I also am curious if it is unethical or maybe unprofessional for me to take my current loan docs and GFE to the "other" broker and see if they can do better without running credit? (I do have a copy of a current credit report, and all my info on the loan application) Can she run all that info for a loan or can you not have 2 approvals? I'm not sure if thats a good idea or not and then I have the small town issue. The first loan lady will know I went to the second and we all have to shop at the same supermarket. Sorry I am trying to write this with a three year old climing up my leg..anyone get my drift about what I'm thinking? Any suggestions for my next move? Oh Loan approval for first loan lady is March 16th and due to our small town issue there are not a whole lot of options on the market right now, besides short sales and bank owned that need more work than I have money saved for. I don't want to rush and make a bad house decision for my family.
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Old 02-16-2009, 10:52 PM
 
Location: Atlanta, GA
331 posts, read 623,717 times
Reputation: 104
well - I know how the small town can work----it is not unethical to shop your loan around- happens all the time. I would just be upfront about it....if you have a car wreck - you get three estimates---it is just shopping and making an informed decision...I would say the fairest thing to do would be to hold back the GFE and tell them everythign else and that you would like them to prepare some numbers for you based on what you told tell them and show them (not the GFE) Then you can make a comparison.....just make sure they are not 'buddies' becuase lenders talk to each other - (I do it) and give you the same price

Tell them what you are doing, give them your scenario, ask questions - (Do you have a price hit for FHA with scores form 580-599?), compare, ask for referrals from closed clients of the loan officers - if necessary - then make your decision.

Lastly - it is not always the most important to go with the bare bones lowest cost - you need to have a comport level and work with a knowledgeable person---this is the biggest investment you will make and you want to get a good deal, work with good people, and have a great experience...

Good luck
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Old 02-17-2009, 10:55 AM
 
Location: susanville, ca
7 posts, read 23,132 times
Reputation: 12
Quote:
Originally Posted by bornandraised atl View Post
well - I know how the small town can work----it is not unethical to shop your loan around- happens all the time. I would just be upfront about it....if you have a car wreck - you get three estimates---it is just shopping and making an informed decision...I would say the fairest thing to do would be to hold back the GFE and tell them everythign else and that you would like them to prepare some numbers for you based on what you told tell them and show them (not the GFE) Then you can make a comparison.....just make sure they are not 'buddies' becuase lenders talk to each other - (I do it) and give you the same price

Tell them what you are doing, give them your scenario, ask questions - (Do you have a price hit for FHA with scores form 580-599?), compare, ask for referrals from closed clients of the loan officers - if necessary - then make your decision.

Lastly - it is not always the most important to go with the bare bones lowest cost - you need to have a comport level and work with a knowledgeable person---this is the biggest investment you will make and you want to get a good deal, work with good people, and have a great experience...

Good luck
THANK YOU SO MUCH! I think that is really good advice. I plan to act on it today. Again, I am so thankful for your insight. I couldn't seem to find anyone with some smart answers. City-Data comes through again! I will post my comparrison findings when I get them
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Old 02-19-2009, 01:24 AM
 
Location: susanville, ca
7 posts, read 23,132 times
Reputation: 12
okay so..one half dozen to the other. Other broker's lender only charges 2%, however the broker would charge 2 points to make what she needs to. So, again all comes out the same in the wash. At least I checked it out. However my nice morgage lady called today and as of Feb 20th, Calpers will require a 620 score to borrow from retirement for down payment. We were hoping for that, then ask for closing costs from seller and use our 10k for repairs/improvements. It just sucks because my score is 700 and primary income earner is 590. Nice loan lady says March 16th we can run another credit report, however I don't see it going up 30 points by then, even if I pay off a few things. It can take 30 days to show up. So anyway, looked at another house today, just didn't feel all that right. I think I'll know it when I see it. So, I guess no rush right now but defaintly by Dec for the tax break. So, thats the end of my story..although does anyone know about foreclosures? There is a really decent house that started at 170 and is now down to 134. The kitchen would need to be redone. How low ball can you go on that? I looked on Zillow and the last time it sold, I'm assuming to the bank, since it was just within the last six months for 107. I am so tempted to go in at 99 and ask for closing costs. This property has been for sale for more than a year. Any thoughts?
Thanks again B&Raised for taking the time to explain all this to me, actually made it less stressful for me. I hate to not "get" something, plus with two small kids I don't need any more stress! Thanks
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Old 02-19-2009, 11:44 AM
 
25,898 posts, read 49,846,036 times
Reputation: 19341
I think your best chance to "Low Ball" is when you bring something to the table... as in you have your lender lined up so the only question is if the house pass underwriting guidelines...

Nothing wrong with making a low offer if you can back it up... all the seller can do is accept, reject or counter.

I'm certain you will find something suitable in the next 10 months
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