First Time Home Buyers in New England

[babyitsyou31]

What mortgage company would be best for first time home buyers in New England? I'm looking for info regarding a fixed-rate, low interest home loan. I'd rather not inquire through a dozen different companies, right away, because they will all run a credit check. And every time your credit is checked, it looks bad on your credit. Sort of.Thank you for any help or leads you can give me.

[Phibnax]

Actually, multiple credit checks within a short period of time don't really hurt your credit. The reporting agencies figure you are shopping for something and it usually only counts as one instance.But to answer your real question: I would recommend Quicken Loans - they are the #1 online mortgage lender in the the country, and have extremely high client satisfaction (they say 9 of 10 clients refer their friends and family). They refinanced my mortgage in August, right when other mortgage companies were melting down, and it couldn't have gone more smoothly. They approved me quickly over the phone, and I closed in under three weeks.You can check them out at quickenloans.com, play with the mortgage calculators to see how much house you can afford, and chat with a banker online. You can also pick up the phone to call them if you want. When my loan was in process my banker even gave me her cell phone, and I used it to ask her some questions when she was out of the office. Their service is great!Check them out, you won't be sorry.

[Ravin_Mad]

check but I think if you go thru a clearinghouse such as lendingtree.com they only check your credit 1 time and they all go off of that initial credit report instead of having tons of checks done.

[Sherry B]

Most loans are based on your credit. NACA.com bases their loans on your character. They will check your credit and spend lots of time helping you fix it and getting you ready so they can give you a loan that is based on your character. They will start by seeing if you can save. Don't listen to heresy, go to one of their 4 hour classes and find out. They will require you to pay a $50 mo fee for 5 or 7.5 years, but they will save you between $100-$300 a month. They only have one loan and one rate and everyone gets the same. Right now the interest rate is 5.625%. Don't look skin deep, study about it and see if it is true. I studied the web site, went to their 4 hour class, did internet research about them and will meet with them tomorrow night. So far, I think it is an excellent deal.

[RealEstateGuy]

The answer to your question is: "the one that will fund your loan."Seriously, get a good local mortgage broker. They can pull your credit once and submit it to multiple lenders. If you can get a referal from someone you trust great. If not just pickup the phone book and look for one. All brokers have access to the same lenders. When you hire a broker you are hiring him or her and their work ethics, knowledge and experience. Don't hire a newbie. Get someone that has been around awhile and has the experience and knowledge to get the job done.Ask about the Fannie Mae "My Community" Program. It's a great program with conforming rates without having to have a rock solid credit history. Just keep in mind that if you are getting more than 80% financing you'll have to pay PMI (mortgage insurance). If your credit is not good the PMI can be painful. Maybe even as high as 20-30% of the payment for low scores (mid 500's)If your credit is marginal ask the broker about the "What-if" program or "Score Wizard". These are credit score simulators that will allow the broker to play around with different scenarios that affect your score. Then they can do a rescore and get your credit score up. Often only a few points can make a world of difference in your rate and terms.Lenders loan based on your willingness to repay (credit), your ability to repay (your income and assets) and your LTV (Loan to Value) Having money to put down (5-30%) can help get your a better loan.