NLIC.org

Wade Said:

how do i find out what lenders a certain mortgage broker uses without acutally contacting them?

We Answered:

You can't, they will "shop" your loan. You can tell them which lenders that you do not want to work with.

Keep in mind that the deal does not close until you are happy and signed the closing documents.

Jerome Said:

I have excellent credit, and 5% for a downpayment. Why can't i find a mortgage lender?

We Answered:

Try Ditek or Quicken Loans on the internet. Both are FHA direct lenders. That makes a big difference in speed of doing the loan and tight qualifying. They are two of the largest FHA lenders in the U.S.

FHA only requires 3.5% down. If you have a lot of other bills putting your debt ratio high that might be the reason that you are having a hard time.

Also FHA will allow the seller to pay up to 6% of the sales price toward your closing costs. Right now 1/3 of all home purchases are underwritten by the FHA.

Either one should be able to give you a verbal acceptance or rejection within 1/2 hour after they take you application over the phone if you are truthful with them. I've know several people that went through them. Fast and their rates are very low. It's a big mistake to try and go through a big bank.....they are slow and offer poor service.

Jerry Said:

When I apply for a mortgage can the lender find out how much credit I have with other lenders (on cards, etc)?

We Answered:

yes, mortgage lenders pull your credit report and can see your debt to income ratio and from there they can decide if they want to lend to you or if they do how high your apr is going to be and your payment. if you have a high income to debt ratio you have more debt then what you make in a month you may want to pay off some of your high apr cards to lower it.

Kay Said:

What is the best way to find a mortgage company without letting them pull my credit history?

We Answered:

Get recommendations from people you trust.

I personally don't like the BBB - do some research on them online.

If you are honest with a loan officer from a local Mortgage Broker, he or she will be able to predict pretty accurately from experience what your credit score is going to be.

Just remember, a good loan officer is worth their weight in gold.

Gladys Said:

There are so many mortgage lenders, how do I find the best rate without messing up my credit rating?

We Answered:

The FICO scoring process "thinks" you are desperate for money if you apply for too many loans.

There may be a lot of lenders, but there are not that many worth considering.

The big national lenders are # 1 Countrywide Financial and # 2 Indymac Bank. Both of these companies have sub-prime problems. I suggest you avoid these. Their rates will be higher when other people won’t buy their mortgages.

Bank of America, Wells Fargo and Wachovia Bank are good ones.

I have experience with 1 on-line lender, which I like. It is Quicken Loans (URLis below). These folks lend their own money.