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I would like to see some reviews of mortgage lenders.
I can find a couple on Google or Yelp -- but not enough to trust.
Zillow has lots of reviews of some banks -- but I don't trust them Obviously, lenders (and real estate agents) pay to get on there. Looking at the lenders, there is not a single major bank. Looking at the agents, I can see that all are near the bottom in accomplishments. People with one listing for instance., And all the banks and agent get an incredible number of perfect scores and practically nothing else. I also know from my experience with a real estate agent that Zillow resists bad reviews. I had to rewrite my evaluation to show that he had actually shown me a house. This has been going on a week now with nothing up. In the meantime the agent delisted the property -- a coincidence of course.
So where can I find a set of reviews I can trust?
Why don't I just go with the best deal? That can set off a nightmare of bad loan service.
FGMC-
This lender does take FICO scores less than 620. They use nontraditional credit lines if necessary. Overall, so far the purchase process has been ok with them. They do require a lot of documentation once in underwriting... and when you give them that documentation they will probably wan t more documentation or give u a few more conditions. lol. I was pulling my hair out. But for a loan that many other lenders won't touch (below 620 FICO ) it wasn't bad at all. I have locked in at a decent rate of 4.750 and I am scheduled to close today at 3 pm.
Congratulations!!!!! ( It gets easier after the first one)
Thanks for cueing me into that lender. But I am at this point wondering about which lenders screw up after you have the loan. Like losing your payments and giving you late fees -- that sort of thing can be a nightmare..I'm looking for reviews that cover that sort of thing.
Congratulations!!!!!
I think no matter what company you look up they will have a few bad reviews....especially about late payments because that's when most people complain. (I'm no credit expert as you can see by my scores but I have been reformed!! lol)
I am going with an online company & that makes me a bit nervous but I'm sure they'll sell my loan (like most do) and then who knows who I'll really end up with. I just think that once I get this loan closed, as long as I make consistent, on-time payments (which I will do ACH thru my online checking) then I will have a paper trail, won't worry about anything getting "lost in the mail", and there should be no reason to worry!
If I end up getting it sold, I will keep working on my scores & then try to refinance in the near future.
Hoping all goes well for you!!
*** I look up a lot of different companies at RipOffReport.com
I refinanced with Wells Fargo about 3 months after I bought my house with a bridge loan. I went from a 5 year interet only at 5% to a 30 year fixed at 4.5%. I found their rates and fees competetive, but the process was exhausting. It literally took months. Granted, this was right smack in the middle of bank bailout credit crisis time....
Part of the problem was we barely hit the credit threshold; it was an FHA just at the max LTV, and a non traditional original purchase loan. I ended up having to write about 6 letters, provide tax returns, cancelled checks showing payments on the old loan, and a letter from the bridge loan holder releasing the lein upon repayment. The loan salesman was not very good about returning my calls, but he is no longer with that company. At one point I had to use up some favors from connections to reach higer ups at Wells Fargo and light a fire under them to call me back and tell me what was going on.
Following that, it has been simple. I pay the loan online through my Wells Fargo checking, which is fee free thanks to the fact I have a mortgage with them. It posts next business day, and they have been regular about escrow rebalancing and refunds. After over two years of payments, I have never had an issue with them.
I contacted the new loan officer this week about a streamline refinance, and he got back to me right away with an analysis of my account. He told me we would qualify for 3.875, but because the FHA PMI rates have gone up it would actually be a net increase of ten bucks to our monthly payment, reset us at 30 years, and reset the clock on the PMI to 5 years again and he advised against it.
Overall I am satisfied with my experience, however in the future would definitely look at my credit union as a competetive option.
3.5 out of 5 stars.
Mocha where did you find a lender who would loan finance you with a medium score of 597? I am in the process of searching for a home and my current scores are close to yours
Post your rates/fees and lender info.
The loan officers who post here know many of them.
First Guarantee Mortgage Corp goes down to a 580 score and the rate was around 5.25 back in May.
I used Academy Mortgage and they were WONDERFUL. I would refer them to anyone, especially my loan officer in Oregon. If you need her contact info, PM me.
Five stars!!!!! - got approved at 4.5% == we took it up to 4.75 to be able to take less into closing.
They sold the loan to Wells Fargo and so far Wells has been fine.