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Lois Said:

Mortgage Lender, 1098 documents, Foreclosure?

We Answered:

Unless the advice came from your attorney, don't ignore them. Once you let them know you aren't making anymore payments the calls will reduce if not stop.

realtor.sailor

Brittany Said:

questions for mortgage lender?

We Answered:

you must find the lowest rate avalible to you without having to pay a discount fee! rate sheets are given daily in alot of cases and can change often some times during the day.
the ones that do send you a rate sheet will tell you that.
you need to find the lowest fixed rate, period!
without having to pay insane inflated fees. It really is that simple!

most wont give you a rate sheet your best way of seeing if you have a good rate is looking at the APR! brokers are required to show YIELD SPREAD
simply defined: raising the rate to get a rebate or fee from the bank or lender to give you a higher rate! (banks are not requred to show yield spread) the best way to see it is the APR found on your truth in lending statement it is the page behind the legal good faith estimate.
most brokers will explain the higher rate away saying it includes all your fees ( what they dont say is that its calculated over 30 years) a few thousand dollars wont change your APR 1/4 -1/2%

as far as someone sending you a rate sheet you may get a few who have thier rates in thier computer systems but these have been manipulated to get the companies thier margin they want on the back! its a way of keeping control of thier brokers.
If you do get someone to show you a rate sheet what you might not see is the yield always on far right of rates they will go from in many cases you paying 3% to get the best rate to them getting 3% or more from the bank

the higher the rate the more they make. the best rate you can get without paying is called a PAR rate.
it means you pay nothing to get the rate and they get nothing from the bank.

Crystal Said:

I need to find a Hard Money/ Sub-Prime mortgage lender.?

We Answered:

Talk to a bunch of brokers in your area. That's the best way to end up with a good rate, no matter what your credit, but subprime makes it more so.

Have conversations of at least half an hour with at least six. Tell them your situation completely. Don't try to get cute. Listen to what they all tell you before making a decision. And be aware that there are essentially no penalties for lying in order to get you to sign up, and sign up at least two different places. Gives you a way to hold their feet to the fire thirty days on when they have the loan and you need it.

Joyce Said:

Is your FICO score different when you apply for a mortgage rather than the generic one you can see?

We Answered:

Your FICO score is a snapshot of all of the variables that make it up. It can change throughout the month depending on if information has been updated or added to.
Also, depending on the variables that the institution looks at the score can vary.

Laura Said:

Which lender we should choose for mortgage loan in Tacoma WA?

We Answered:

APR depends on YOU more than the bank.