Home Loan??

[KillerK]

Anyone know of a good place to apply so you can get pre-approved?

Who also does subprime loans.

Thanks

[2013]

http://www.americanjewelryandloan.com/

[onwebcam]

All I can suggest is use a broker. Brokers can do just that broker your loan to multiple lenders and/or fit your loan to a specific specialty lender. Whereas going directly to a lender you have to fit within a specific set of parameters and if you don't fit, no loan.

Another tip, if short on downpayment be very rate conscious with the broker. Make him/her shoot for a lower rate and when he/she gets your desired rate target lower your upfront cost by asking him/her to bump your rate and decrease your fees and then compensate rate increase by overpayment later if needed (always write a separate check with overpayments stating "apply to principal.". It's very likely he/she is quoting you a bumped rate anyway which pays "points" on the backend.

[onwebcam]

Also never buy down your rate. What I mean by this is often to get that desired rate/payment you are asked to "buy down" the rate. What you are doing is paying 1% upfront to get what is likely one tenth of a percent decrease in rate. The likelyhood you will keep that loan for 10 years is a slim margin. Instead as I said earlier make extra principal payments.

Also put your loan on a 30 year note and if you pay bi-weekly you end up paying your loan off just as you would have with a 15 year. If you don't happen to have the extra funds one month then you just don't make the extra payment. Don't signup for the bi-weekly payment programs offered. The only way they exist is by earning interest off having your money in their account.

[2013]

www.homeloan.co.cz.mg.kk

[KillerK]

Originally Posted by onwebcam

All I can suggest is use a broker. Brokers can do just that broker your loan to multiple lenders and/or fit your loan to a specific specialty lender. Whereas going directly to a lender you have to fit within a specific set of parameters and if you don't fit, no loan.

Another tip, if short on downpayment be very rate conscious with the broker. Make him/her shoot for a lower rate and when he/she gets your desired rate target lower your upfront cost by asking him/her to bump your rate and decrease your fees and then compensate rate increase by overpayment later if needed (always write a separate check with overpayments stating "apply to principal.". It's very likely he/she is quoting you a bumped rate anyway which pays "points" on the backend.

Broker sounds like a good idea, except where do you go to find one who knows his/her shit, and isn't out to fuck you over to make a few extra grand on your deal?

[_Richard_]

Originally Posted by KillerK

Broker sounds like a good idea, except where do you go to find one who knows his/her shit, and isn't out to fuck you over to make a few extra grand on your deal?

you become a broker

[onwebcam]

Originally Posted by KillerK

Broker sounds like a good idea, except where do you go to find one who knows his/her shit, and isn't out to fuck you over to make a few extra grand on your deal?

All loan officers are going to make their nut. In most cases you see what the broker is making out in the open because he is charging a fee upfront so to speak. Whereas the loan officer at the lender is hiding it on the backend via rate bump. Brokers can do this as well but it is disclosed on the closing docs. Also with a lender they break up the fees so it doesn't appear like they are charging you as much and your broker generally charges his points and thats it.