i swear everyone and their brother is a mortgage broker

[befsquire]

the dr and i were out driving around, and found a house that we absolutely loved as soon as we looked through the windows. (it's vacant, so that makes it ok.) anyway, we mentioned this to a few of our close friends. our concern is that we don't have 10% to put down, and that no one will give us a mortgage even though we could easily make the payments.

anyway, i have been given several leads for mortgage brokers from my friends, and i feel like if i choose one over another, someone is going to get mad at me. we chose to use our neighbor's connection, since our neighbor is in the real estate business and he took us to view the house, but that guy has yet to call us. and i don't know that it's a good idea to go to every one of these brokers to see what they can come up with.

another part of me doesn't want to get in touch with any of them, because i'm afraid to hear the word no, thus dashing our dreams of owning that home.

the kids even love the house and want it really bad.

maybe i should set up one of those sob story paypal accounts, asking everyone on the internet for a dollar.

[BangkokB]

Make sure you don't let every Tom, Dick and Harry run your credit or you can't get financing on a Schwinn much less a house. At least that's the way it was 7+ Years ago when I lived in the States.

Be very cautious on the types of financing you're approved of. Variable Rates are for smucks, Baloon is a loss leader as well. Get a Fixxed if you can: If you pay for it you should be able to get it unless your FICO is shit. Regardless of what he/she tells you. Let he/she earn their $ and let them get their points on the Front~ Shouldn't be no more than 2% total. Make sure you don't get fucked on the back. Example: If you qualified for a mortgage at 6.5% 30 year~ If I sold it to you for 8.5% I would get paid on the backend. Speaking as an exMortgage Broker I'll tell you that most real estate agents are twats. They get their 3.5-7% but want to grind a Mortgage Broker to work for free. If your credit is spotless then fuckit go to a bank. Giving the circumstances: It might be best to apply for the mortgage alone. The playing field has changed drastically since my hat was in the ring but I remember having to supply 2 year tax returns for Fannie Maye mortgages. FICO 700 score was the magic number I remember but times might have changed.

But seriously, why don't you guys wait it out: the housing market is ready collapse soon and you should be able to buy at firesale prices when it does. Florida is one of the spots that's huge for foreclosures now. Because the subprime loans are fucking up the whole economy right now

[befsquire]

bobby's concern is that if we don't buy now, the market will change and the housing prices will increase in early '08.

i gotta tell you, i'm starting to get pissed at my friends with their texts and voicemails telling me that so-and-so mortgage broker said i need to call RIGHT NOW. i refuse.

our neighbor does real estate investment, so he's not a broker or an agent, which is nice, and he's the one that let us into the house. and if we get the house, we'll have him help us, and he's going to give us part of the money he gets as a fee, because $ will come to him anyway since he's logged in as the person who let us into the home.

anyway, mortgage brokers are starting to hurt my head.

really, everyone on the internet should just give me a dollar. forward this to all the suckers.

[marsdaddy]

My sister in-law and good buddy from college are mortgage brokers...:o

Alright, here's my $1.50: remember that when it's all over, and you've invested in the best savings plan money can buy, you'll feel in control again. Until then, don't worry about it too much. As long as someone you trust recommends someone else, you won't get screwed. And if people's feelings are hurt, they either aren't really friends or poor business people -- in which case, better to not transact with them.

As for the Dr. having a feeling about real estate prices going up, do tell. I need a good investment.