Posted by john on May 09, 2005 at 05:36:44:
Do you know your credit score? I would suggest you get that. www.myfico.com is a good source. Also correct any misinformation you see there.
Pros and Cons
A mortgage lender can do a loan quicker and cheaper, but has limited programs to work with. Most you need a 620 or better to work with.
A mortgage broker has a wider range of products available. They are alittle more expensive than a lender and take alittle longer to complete. A broker can find programs to work with a 475 score.
With a bad score don’t expect low rates could be as bad as 8-10% but it can be done. Closing costs will be 3-5 points. Don’t expect 100% LTV and plan on brining $$$$ to closing table.