topic Burned by a subprime lender in the past - are there any good mortgage companies out there?? in Mortgage Loans

Burned by a subprime lender in the past - are there any good mortgage companies out there??

Anonymous — Wed, 30 Jul 2008 18:35:24 GMT

Well, we didn't know at the time of closing that the lender we were dealing with was considered "sub-prime" - this was back in 2003 and had never heard of the term before. Plus we were naive and stupid, lol.

So, we were burned - the company didn't tell us crucial information about many many things and as a result we ended up selling our home in 2006 after repeated adjustable rate increases that resulted in a 12% mortgage! We are in the midst of a class action lawsuit now and our lawyer feels good about it.

As a result of getting burned, I am having anxiety attacks about applying for a new mortgage. We make excellent money, have a little negative credit from 2003, (besides the 2 year old issue with the mortgage because we became late the last few months before the sale - but weren't foreclosed on or bankrupted.) We have an extremely low DTI ratio. Our monthly gross income is approx $7750 and our expenses are $340.

We are looking to find a house for about $150000. Financially, we can well afford the mortgage, I'm just afraid to apply for one. Can anyone offer any encouragement?

Re: Burned by a subprime lender in the past - are there any good mortgage companies out there??

Anonymous — Wed, 30 Jul 2008 18:53:05 GMT

Navy Federal Credit Union.

Re: Burned by a subprime lender in the past - are there any good mortgage companies out there??

Anonymous — Wed, 30 Jul 2008 21:27:06 GMT

I would suggest if you are leary, go to a local credit union or talk to the loan officer at your local bank. They may not always be the lowest rate, but at least you kow who you are dealing with and can have a little more confidence in them. Otherwise, check references with any friends you know that have bought a house in the last 5 years or so and see what expereinces they have had.

Re: Burned by a subprime lender in the past - are there any good mortgage companies out there??

DallasLoanGuy — Thu, 31 Jul 2008 01:36:20 GMT

ask you realtor for a referral. got a cpa? maybe he/she knows one. has a family member bought a home recently? ask them for a referral.

a very low % of loan officers hid stuff from their clients...... and they are selling used cars now.