Any MORTGAGE LOAN OFFICERS Out There???HELP!!!!?

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If you have good credit does that help if youre montly income is border line where it needs to be to qualify for a mortgage??? I f any mortgage loan officers would like to answer a few more questions contact feliciaw2004@yahoo.com. PLEASE!

6 Comments
  1. Reply
    KayAlley
    April 30, 2011 at 12:16 am

    avoid JMR Lending. Sit on here as I take it you have contact to internet. Do some research. Check out Fannie mae, United Neighbors, etc. other places such as that. Check with your bank if you don’t have a bank call a realtor and sometimes they know of FHA loan houses that will be able to be done. A lot of times they will even find the lender for you.

  2. Reply
    ALEGNA
    April 30, 2011 at 12:21 am

    Yes! Those are just guidelines…not written in stones!

  3. Reply
    jon g
    April 30, 2011 at 1:09 am

    YES I HAVE A NUMBER OF DIFFERENT TYPES OF MORTGAGE THAT WOULD BE GOOD FOR YOU. WHAT IS YOUR DTI? WHAT YOUR CREDIT SCORE? WHAT IS THE LOAN AMOUNT? PLEASE EMAIL ME AT JOHNG@OLDMERCHANTS.COM

  4. Reply
    Barbara R
    April 30, 2011 at 1:47 am

    Stay away from Mortgage Companies! They are unregulated by the FDIC and their main object is to lie to make money off innocent people!

    I was a mortgage loan officer for several years until I found out that they raise the interest rate on you just to make a larger commission from the investor.

    See all the foreclosures from Mortgage Companies in the paper every week, vs. Bank foreclosures. That should give you a clue.

    They have no money of their own, they are only the “paper chasers” and get paid for what they do, royally…and it comes out of YOUR pocket. Stick with banks and credit unions, so you won’t get shafted.

    Believe me, this is true.

  5. Reply
    mortgageguy
    April 30, 2011 at 2:13 am

    Barbara R,

    I’m not sure why you believe that “mortgage companies” are such ripoffs. Perhaps you worked for an unethical company. A study by Georgetown University found that mortgage brokers actually have lower rates when compared with direct lenders. This only makes sense since mortgage broker have dozens or even hundreds of lenders to shop around for the best rate daily.

    The FDIC doesn’t regulate all banks. The FDIC is the primary federal regulator of banks that are chartered by the states that do not join the Federal Reserve System. Other regulators include the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision, or the state regulator.

    By the way, I work for a “mortgage company” or mortgage broker that is a bank and federally chartered. We are requlated by the OCC.

    There is no question that if you use me, you’ll get a better rate than any credit union or direct lender will offer and better service. Mortgage brokers are paid on commission only, so they care if your loan closes. They do a better job and 67% of consumers choose a mortgage broker because they also have the better rate. You can shop 1,000 different lenders on any given day and when you finally find the lender that had the lowest rate, it’ll be a different day and another lender will have a lower rate. That’s why you need a mortgage broker. Not to mention the fact that I know in real time where mortgage rates are headed and whether it makes more sense to float or lock your interest rate. A bank or credit union can’t do that for you.

    Even Suze Orman on CNBC tells everyone to use a broker so I’m not sure why you feel the way you do, but it isn’t based on fact.

  6. Reply
    Beeny
    April 30, 2011 at 3:00 am

    I am a state mortgage regulator and a bank examiner. Mortgage brokers have the ability to “shop around” for your rate; however, they also have the ability to tack on some pretty hefty fees that increase your total loan.
    You have the option to go straight to the lender (either someone like Countrywide or a bank). Banks are going to be a little stricter with lending because they usually don’t sell the mortgage on a secondary market.
    Shop the lenders, just tell them your score (so they don’t pull credit again) and see what they have to offer. If you decide to go with a broker, please, please, please look at at every document and keep all of your copies! Don’t allow the title company to tell you “that’s normal:”. Ask questions. Sometimes (depending on the state) you can call your state regulator and they will help you answer some tough questions. Every state has different laws so make sure you know yours.

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