This is a whole story by itself. Abbreviate story.Went with a mortgage broker thinking he would help us find the best mortgage. That was the wrong assumption. He quoted between 8-10% in summer 1998 and six months with no late payments. We were debating on whether to wait another year and risk interest increase or go with this. He sold us on the fact that it was a higher chance to be 8%. He knew from the start that all we had was 5% for the down. This was a nightmare because at closing it was 11.5% with 2 year prepayment penalty. None of which was disclosed before closing. We got one year knocked off the prepayment and refianced with Norwest (Wells Fargo) one year later at 8.25%.Our debt/income ratio is better good for a mortgage. I think with the new laws and changes in the formula to calculate credit scores you can look at several lenders. If you want more information about my refiancing in one year I can send it to you.momEE(Jen)P.S. I don't recommend using the 401K either. The mortgage companies do consider this an asset when processing your loan.
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