Re: OT Any mortgage smarts people out there?

Posted by KEB on August 11, 2007 at 08:42:01 from (72.19.170.5):

In Reply to: OT Any mortgage smarts people out there? posted by Dave H (MI) on August 11, 2007 at 07:33:15:

Find an independent mortgage broker. In my experience (I'm on my 7th house), the big companies are OK when you have good credit, a large down payment, and no glitches such as a low appraisal. An independent broker works solely on commission and is a lot more motivated to make something work if there are issues such as yours.

We just took some equity out of this house to build an addition, and it appraised for less than what we paid for it a couple years ago. Fortunately we had rolled enough equity in from the last house to have enough to work with even with the decrease in value. One other thing to check, some companies will allow higher loan-to-value ratios than others, although you may have to pay a little higher interest rate.

You sound like you're putting your current house up as collateral to buy the farm. Any way to get a mortgage on just the farm? Again, a small independent company can often be a lot more flexible than one of the nationally known mortgage companies.

Good luck, looks like you got caught up in the fallout from the sub-prime lending thats been in the papers a lot lately.

Keith

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