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NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

Regular Contributor

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

Teresa...

In my opinion, I'd HOLD OFF going too far with NationStar right now. After all their talk about "let's get you out of that bad ARM with Countrywide and get you into something you can afford"... NationStar came back with an incredibly high "predatory" type interest rate combined with very, very expensive closing costs.

I'm extremely disappointed in them, but will give them another chance to do the right thing.

I'd hate to think that instead of "running scared" right now, mortgage companies are actually ratcheting up their rates and bending people over a barrel just because they can. But after talking with NationStar today, I'm starting to suspect that's what's going on.

For right now, I'd be very careful about going too far with them. I sure hated to bring this bad news because I thought I'd truly found a decent group of folks to work with at NationStar. I'll know for sure over the next 24 hours.
Message 11 of 31
Member

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

Credithawk,
Any updates on Nation Star?
Message 12 of 31
Established Member

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

I am going with home america mort. My loan officier is giving me 7% interest rate on 100% financing. That is not bad. Well try them out.
Message 13 of 31
Moderator Emeritus

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!



Teresa wrote:
I am going with home america mort. My loan officier is giving me 7% interest rate on 100% financing. That is not bad. Well try them out.



What are your scores and DTI?
Message 14 of 31
Regular Contributor

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

Nice going, Teresa. You certainly got yourself a much better deal by going with your chosen lender. It just goes to show us that things can change rapidly... our scores, our finances, and yes... even lenders' stories. I started this thread by posting positive things about NationStar but in the end I had to come back and share some bad news about them.
Message 15 of 31
New Member

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

Watch out for Nationstar.  They ran 4 separate inquiries on me, even though I had clearly stated that all I was interested in was a 15 year, fixed.  I guess they're separate departments, but they ran me for HELOC, home equity, 30 year mortgage and 15 year mortgage.  I am not happy.  And to top it off, they came back 3% higher than anyone else.  My experience has been stay away from them.  They try to smooth talk.
 
poor girl
Message 16 of 31
Frequent Contributor

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

Truefully if you can refi via FHA that seems to be the best route to take if your under the 620-640 median score. Im looking to refi as soon as I can even though I still have 4.5 years left before I get hit on the adjustable rate.
Message 17 of 31
Regular Contributor

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

Good comment about going the FHA route. You'll need at least 12-18 months of on-time mortgage payments and no open charge-offs within the past two or three years from what I understand. Or perhaps enough equity to pay them off at refinance. Check with your loan officer, as long as he or she isn't with NationStar.

Seems those "predatory" lenders are at it again...
Message 18 of 31
New Visitor

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

I've shopped around and have been "bait and switched" at signing.  I actually went back to one of the original brokers who quoted me a rate (not the best one until I found out the other ones were not legitmate) and finally closed a hassle free loan.
 
If anyone is concerned with honesty while getting the best rate out there I would recommend Cedar Tree Financial.  877-970-1700.  The gentleman I used was at x16.
 
Message 19 of 31
Established Member

Re: NationStar Mortgage aggressively doing sub-prime loans, better than Countrywide!

My rescoring should be done in a few days. And she is trying to get it to 640. Then I will be able to close on the date I want to close on. And that is the 2nd week os Sept. 2007. I will let everyone know what is going on here when I here from her.
Message 20 of 31