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Maraisondetre
Joined: 17 Oct 2008
Posts: 9
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| Posted: Tue Oct 28, 2008 10:34 pm Post subject: Is this too much to ask? Was my request unreasonable? |
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| Guys, this is my 1st time, and I am just trying to calculate all scenarios so that I know what to expect during negotiations and what an offer means to my bottom line. I have asked a few LO's for some scenarios (GFE's based on different sale prices and different percentages down) and one replied quite miffed at it verbally, the other sent me an email saying that is not how he works and he wont provide me all the GFE's. I find this to be odd. Is my asking wrong? Are the market's so great that someone can refuse to let me know what I can expect if the parameters change? Please let me know... |
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Steve Ching
Joined: 01 May 2008
Posts: 29
Location: Bellevue, Washington
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| Posted: Sat Nov 01, 2008 12:06 am Post subject: Loan Shopping |
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When shopping for a loan you need to have a property, loan amount, loan to value, and credit analysis, and income analysis done to be properly informed.
Property location and type determines if mortgage insurance is available and if the property is in a distressed area and determines loan limits, down payment requirements, and interest rates.
Loan amount should be specific. Credit analysis and income analysis take time. Have a single person do it and preapprove you.
Double check when you start the actual loan process that the rates and fees that single person is offering is reasonable. Don't waste 20 different loan originators time by having them each analyze your situation.
Otherwise...if you really want in depth mortgage counseling and education and scenario analysis simply approach a loan originator and offer them $100 to educate you for an hour or two. |
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Allen_B
Joined: 01 Apr 2009
Posts: 16
Location: California
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| Posted: Fri Apr 03, 2009 2:14 pm Post subject: |
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| It is understood that since you are going for a loan, that too, for the first time you want to know all the pros and cons of the system. But before looking for any kind of information make sure that you do your homework completely so that no one can take you for a ride. And as far as approaching a loan originator for all the information is concerned try to give him your own original scenario so that he can advise you the best possible manner. |
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