Loan and Credit Guide
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You told me I that could get funded now with an ARM mortgage rate and with some creative financing. That although my credit score wasn't bad. That it would be in my best interest to improve my score first, then I could get a fix mortgage rate.
Well, my Realtor told me that other people were looking at the house, that I needed to make an offer on the house or someone else will buy it.
Man, I really wanted this house and you told me you would not put anyone in a loan using creative financing.
So I went down the street from you to Mr. Broker. He told me about some creative financing that he could put me in, to get me in the house now.
Well, to tell the truth, everything you told me, just went out of my head.
At that time, I thought Mr. Broker was great. He was like sign here, here and here, and gave me a stack of papers and I didn't have to listen to the 10 minute lecture on home mortgage and credit that you gave me.
The first year was good. I made all my payments on time. However, since May 2007 my rates went up, I haven't been able to keep up with my payments.
I'm calling you today to see if you can help. I have a first mortgage that went up $235.00 a month, a second mortgage that went up $175.00 a month and a seller carry back of $27,000 due last May.
I bought the house 16 months ago for $168,000 and my payoff total is $181,000, with the per-pay penalty.
A house is a great investment only if you can afford it. And if you pay rent on a home, then you can afford a house. However you need to use your head. If you pay $800 a month on rent, you want to keep you’re Mortgage Payment with tax and insurance at $800 or less.
The best way is learn what it takes to get funded.
Set back, take your time, read and learn. It’s free, and it may save you $100's if not $1,000's over the life of a loan.
On Mr. NOW the only advice I could give him. Build a web site; tell your story,
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