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Oscar Said:

Home loan lenders are crazy?

We Answered:

Assumedly the offer is contingent on you getting a loan from the lender you put on the contract, which you have been unable to do. However, the seller will probably happily let you use the other lender (I mean do you really think they care where the money comes from as long as you can get it).

So, I'm sure you can use the new lender but you better have your agent write up an addendum to the offer changing the contract to be with the 2nd lender (you and the seller will have to sign it).

As to whether or not the pre-approval is good, its hard to say without knowing the specifics on the deal (ie whats your income, what the sales price, etc). Preapproval letters kinda just mean the lender thinks you can get the loan and everything seems ok to them. They are no guarantee, however, so its possible they are being overly aggressive to get your business (and its also possible the first lender is being overly cautious - again impossible to say).

Anyhow, you have a lender who is willing to preapprove you. Assumedly if they are not able to get you the loan by closing you could still cancel the contract for lack of financing, so it may be worth it to go ahead with the new lender and see if you can close this. There is a chance though that this will fall apart at closing for the lender being unable to come up with the loan.

Best luck

Morris Said:

Anyone know of any good lenders for a mobile home loan?

We Answered:

Generally local banks are your best bet, as they normally have the better interest rates, and are willing to work with down payments, credit, etc. Whereas most big banks just have a cookie cutter form.

With that said, most banks want to loan on both the home, and the property it sit on(or is going to sit on). This is tricky with mobile homes, since some banks will actually loan it as a vehicle loan, instead of a home loan if no land is involved.

I would recommend finding property for the mobile home and affixing it. This is a form you do, that says this mobile home & property are now connected, and can never be separated. It will require you to remove the wheels/hitch from the home(if it has it). And you can never sever the two. This way you own the mobile home, along with the property, which is called "Real Property".

Banks like this better, because it gives them less risk on the loan. I would contact a few local banks, and see what they can offer you. If never hurts to walk in and ask them.

Rosemary Said:

Which credit bureau is the most popular to use by home loan lenders?

We Answered:

You were misinformed. Mortgage lenders use all three. Typically they take the mid score, but some do an average. They also will be using FICO scores. Equifax will sell you FICO, but TransUnion and Experian sell Vantage (different scale). You can get FICO scores for TransUnion and Equifax at MyFico.com. Consumers cannot get FICO scores for Experian anymore.

You also want to review each report and resolve any errors. If you have derogatory items, mortgage lenders will require you resolve them before you are approved.

Ellen Said:

what company is the best home mortgage loan lender?

We Answered:

No matter what lender you choose there is always a chance that that bank will sell your loan to another Bank. The Lending world is very competitive and the answer to that question is Which one will save you the most money? And give you the best service. As a broker our job is to save you money and offer the best service no matter who the actuall lender is.

Deborah Said:

What are some home loan lenders in Arkansas for people with bad credit and what score do you need?

We Answered:

You can apply for an FHA loan with a credit score of 620. Otherwise, you will not get a mortgage.

Rose Said:

Who is the best home loan lender?

We Answered:

Go with a Mortgage Banker, not Broker. A Broker is just a middle man who has to be paid - by you. A Mortgage Banker funds at the table with their own money.

Just wait & see how many thumbs downs I'll get from Brokers!!!