Re: Good mortgage/lender Co.?

Posted by scott (65.25.99.145) on March 26, 2003 at 11:17:54:

In Reply to: Good mortgage/lender Co.? posted by Bry on March 26, 2003 at 07:02:13:

We had one mortgage lender who I suddenly forget the name of and with 1 week left it suddenly fell through. They tried to bump the interest up and forgot about the points. Yes I know it is illegal but I did not have the time as we had given our 30 day notice and the sellers had already moved out. I called countrywide and they will awesome. They did the entire loan in 4 days. Of course we busted our butt getting the info over but they put us on priority. We had only the cash for closing and no down payment so we get an 80/20 loan. They required us to have a middle score of 660 for that. The 80% is fixed at 6.5% and I think the 20% is around that % also. Granted we have 2 mortgage payments but together they added up the same anyway. Also, the 20% is a LOC so the money becomes available as we pay it down. Finally, the 80/20 loan removes any pmi so that saves us 60 a month. The downside is the 20% is reporting as revolving which counts towards your cc balance and we lost 80 points when it hit as it looks like a giant maxxed credit card. Most painful.

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