Do you know of any book, website, class or anything that teach you how to get a good mortgage for your first house (very good income) when you have bad credit? I do not want to get one of those crazy very riskin mortgages.
Thank you
4 Comment(s)
Check with 2 or 3 mortgage brokers, PC bank, and maybe ING Direct.
I contacted PC Bank, and then Mortgage Intelligence in (peter House) in Bellville, ON.
PC bank was offering a 10 year fixed rate at 5.3%; Peter offered me something better (5.2%?) when I told PC bank I would not be using them, they offered 5.15%, Peter offered by an even lower rate, and in the end I went with him at 4.99%, 10 yr fixed. that was last spring…
Best of luck!.
The best option for anybody looking for a mortgage is to consult with a mortgage broker. A mortgage broker works for you to find the best options from all the lenders he/she deals with. Bad credit does not necessarily mean you won’t get a good deal on your mortgage, so play your best hand by getting a good, qualified and experienced broker.
Do not take a risky mortgage, that is a good way to get a foreclosure along with your bad credit.
Have your real estate agent recommend someone they have used in the past. That way the loan rep is loyal to the real estate agent, who will bring them more business. They can’t afford to screw it up. The real estate agent will fight for you to get a good loan so that you’ll come back and use them again too.
Do not go mortgage hunting alone. Let your Realtor find the right lender for you.
But in the meantime you can learn a lot at
Bankrate.com that is a good reliable source of info.
what you can do is first…. know what your fico score is (have a copy of your credit report, so you dont have to pull it again)
second…. shop for the loan you want, not for the one they think is the right for you.
and third…. always ask questions regarding your loan
Check with 2 or 3 mortgage brokers, PC bank, and maybe ING Direct.
I contacted PC Bank, and then Mortgage Intelligence in (peter House) in Bellville, ON.
PC bank was offering a 10 year fixed rate at 5.3%; Peter offered me something better (5.2%?) when I told PC bank I would not be using them, they offered 5.15%, Peter offered by an even lower rate, and in the end I went with him at 4.99%, 10 yr fixed. that was last spring…
Best of luck!.
Stuz | Jun 30, 2009 | Reply
The best option for anybody looking for a mortgage is to consult with a mortgage broker. A mortgage broker works for you to find the best options from all the lenders he/she deals with. Bad credit does not necessarily mean you won’t get a good deal on your mortgage, so play your best hand by getting a good, qualified and experienced broker.
Good Luck!
PropertyGuys.com | Jul 3, 2009 | Reply
Do not take a risky mortgage, that is a good way to get a foreclosure along with your bad credit.
Have your real estate agent recommend someone they have used in the past. That way the loan rep is loyal to the real estate agent, who will bring them more business. They can’t afford to screw it up. The real estate agent will fight for you to get a good loan so that you’ll come back and use them again too.
Do not go mortgage hunting alone. Let your Realtor find the right lender for you.
But in the meantime you can learn a lot at
Bankrate.com that is a good reliable source of info.
hunter2 | Jul 5, 2009 | Reply
what you can do is first…. know what your fico score is (have a copy of your credit report, so you dont have to pull it again)
second…. shop for the loan you want, not for the one they think is the right for you.
and third…. always ask questions regarding your loan
further questions
I AM FREE FOR CONSULTATION
Sergio S | Jul 6, 2009 | Reply