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Financing in New Smyrna Beach : Real Estate Advice

  • All154
  • Local Info12
  • Home Buying34
  • Home Selling4
  • Market Conditions11

Activity 3
Thu Mar 12, 2015
Brian Martucci answered:
We require 620 credit scores so we cannot help directly. All parties on a loan need to meet the minimum credit score requirement, not just one of you. I do know there are lenders that will do loans down to a 580 score. But the terms and down payment may be higher. It may be worth it for you to take the time to raise your score to 620 to get the best terms. I think you need to find an experienced lender, well reviewed, who earns your trust, and go through a pre-approval process to see exactly what you can do now with your current score, and then ask what they could do if your score was 620, and you can decide if you think its worth waiting. But a lot of times there are things on your credit report that got your score so low in the first place, like collections, judgments, liens, etc; that may have to be resolved with any lender, even one who will accept a score as low as yours. So waiting may end up being your best choice for several reasons. Good luck. ... more
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Thu Mar 12, 2015
Brian Martucci answered:
You can check here for highly rated lenders:
http://www.zillow.com/directory/New-Smyrna-Beach-FL/mortgage-lenders/
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Sun Sep 6, 2009
Sylvia Barry, MAS,CIPS,SRES answered:
Hello J.P.

Just like purchasing everything, shop around to get the best deal that fit your requirements and constraints - Find mortgage brokers who can and will take the time to explain differnt loans and terms to you so you can understanind all options in order to make an educated decision on the best deal that suits you.

However, a best deal, when it is in close competition, can mean different things to differnt people. Can you pay points to buy down? Do you want to keep payment low and refinance in a few years because you expect your earnings to go up? Do you want to have a fixed rate mortgage for 30, 40 yeras due to comfort level?

I have a buyer who started out very conservative and wanted nothing to do with variable rate loan. After talking to a few mortgage brokers, he decided on one which totally surprised me. Both he and his wife are very smart, savvy and well educated, so I am assuming they found the best deal for them.

Talking to different mortgage brokers who either work directly for a lender or represent several lenders also allow you to get the best deal for the option you choose. Lenders come up with different programs with new incentives all the time. The one with the 'best deal' today might not have the best one tomorrow.
Keep shopping until you find the one that works for you.
... more
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