No. of Recommendations: 0
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.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement