5 Tips on Getting a Mortgage in a Credit Crisis

Mortgage Broker

You should check your facts before printing them;

You don't need a 720 credit score to get a mortgage;

In fact, we can finance someone with a 580 credit score for

a home purchase and even lower than that for a refinance;

The fact is, banks are lending and have been; We don't need to cause more problems by printing this misinformation;

You should double check your facts and talk to someone who is qualified;

Nick Galante of MD @ Sep 24, 2009 14:04:59 PM

wrong info

To whomever wrote this article; You are part to the problem with finacial crisis, because you print inaccurate information;

You don't need a 720 score to get a mortgage;

In fact, you can purchase a home with a 580 credit score and refinance with an even lower score than that if you have enough equity and a good mortgage history;

When you print something, you should make sure that you speak to a lot of different sources;

I have been working in the mortgage origination business for 15 years; I wish that someone out there would get it together;

The banks are lending now; You just need to talk to the right people.

Nick Galante of MD @ Sep 24, 2009 14:01:15 PM

Bail Out

All said and done none of this has helped me. I have become involuntarily unemployed (used to be in the Navy but they thought body fat made me a liability) So now i am behind on my mortgage and in bankruptcy. My problem was and still continues to be my problem with no hope in the future of ever benefitting from any of this. I am also a student who was denied unemployment compensation becuase you cannot use any entitlements such as the MGIB in my case. It is considered to be subsistence. What is more disturbing to me is that the law was vague in specifying what type of funds could be considered subsistence i.e. entitlements such as social security either regular or disability, pensions to which one pays into, or other educational moneys i.e. Pell Grants or other college grants.

The laws benefit no one. I could get my unemployment back by quitting school. Thats not the American way. The laws need to be updated ASAP the lawmakers need to be kept up 24/7 to update the laws according to the crisis. As I understand it this is the greatest crash in the economy since the great depression. In my book as it is going now the times will be over before the laws ever get fixed according to times of need, and thats if ever. The rich want socialism followed by communism, the down side is that martial law will go in effect permanently to control the constant revolt of the old American people. No social security, no food stamps, no health care. Unless......you work for the governemnt which now owns all the businesses, in communism as long as you work for nothing you have your home,clothes,medical,food, etc. Quit and you become subject to hunger starvation, sickness, death, homelessness. Wake up before Obama makes us a communist nation like China.

Larry Ligier of FL @ Mar 23, 2009 20:17:40 PM

Bail Out

All said and done none of this has helped me. I have become involuntarily unemployed (used to be in the Navy but they thought body fat made me a liability) So now i am behind on my mortgage and in bankruptcy. My problem was and still continues to be my problem with no hope in the future of ever benefitting from any of this. I am also a student who was denied unemployment compensation becuase you cannot use any entitlements such as the MGIB in my case. It is considered to be subsistence. What is more disturbing to me is that the law was vague in specifying what type of funds could be considered subsistence i.e. entitlements such as social security either regular or disability, pensions to which one pays into, or other educational moneys i.e. Pell Grants or other college grants.

The laws benefit no one. I could get my unemployment back by quitting school. Thats not the American way. The laws need to be updated ASAP the lawmakers need to be kept up 24/7 to update the laws according to the crisis. As I understand it this is the greatest crash in the economy since the great depression. In my book as it is going now the times will be over before the laws ever get fixed according to times of need, and thats if ever. The rich want socialism followed by communism, the down side is that martial law will go in effect permanently to control the constant revolt of the old American people. No social security, no food stamps, no health care. Unless......you work for the governemnt which now owns all the businesses, in communism as long as you work for nothing you have your home,clothes,medical,food, etc. Quit and you become subject to hunger starvation, sickness, death, homelessness. Wake up before Obama makes us a communist nation like China.

Larry Ligier of FL @ Mar 23, 2009 20:14:28 PM

Bail Out is Bull

Is that what the goverment is for folks? Big G will all save us? What world do folks live in Disney? Well it's not Disney, the goverment treats the "masses" like a herd of cows, points them in a direction and when the head of the heard points a certian direction ( being guided by bull) then all follow without knowing the end result. ( i.e a shot in the head and to the slaughter house)

Now with that said, what we all do know about is our own finances, take what is being proposed by the goverment and make it work in you personnal finances, spend more.. LOTS more and somehow in the end your be better off. Do the math. The "masses" got into this mess ( by a house for 1/2 million and think you can pay it back anytime in your lifetime? Extend credit cards past what you can afford? Come on!. My vote is the goverment is not helping us folks, (i.e when gas was up to $4.00/gallon and above where did the close to 400% increase in Fed and State taxes go? If someone can tell me then that may make me a believer. This is no "Bail Out" The Bail Out topic is like throwing a piece of bread to the heard and bringing attention to the things that do not matter while the dirty work is quietly being done behind the scenes. By the way, when "goverment" has control of the banks, big businesses, and media, its not a democratic goverment anymore. So argue where the bailout money should go but the real issue is about how do we take control back from our goverment and not accept this Disney World Politics anymore. It's out of control folks. Thanks goodness we at least have the freedom to voice our opinions.

MJ of NY @ Feb 13, 2009 23:59:57 PM

Catch 22 isn't it?

What about the homeowners whose homes have lost some value but their mortgaged amount is still substantially less than the value of the house itself? If this type of homeowner is current, has good credit but.. has become unemployed or progressively "underemployed" due to economic circumstances related to this economy, how will they be able to refinance and rebudget to make ends meet? Will the banks even care? Or will they look and see an opportunity to make $ in these types of situations? There are those of us who refinanced a few yrs ago and took some equity out in order to make necessary home improvements. We didn't strip our homes value or succomb to the sales pitches. Just tried to take advantage of an opportunity.

Suppose we can provide all the documentation necessary to obtain a lower rate (4-4.5%)- except 2 yrs of decent debt-to-loan ratio W2's? Shouldn't the banks just give us the lower rate automatically in light of the fact of good credit and no delinquent payments?

Are we the one's who are ultimately going to be laughed at???

jet of PA @ Jan 25, 2009 13:08:42 PM

Bail Out

I am in favor of a bailout -TO TAXPAYERS ONLY-. Give the American Taxpayer 4% loans for their homes. Let them re-finance at 4%. Let them borrow at 4% to cover CREDIT CARD DEBT!

If you pay taxes, and can prove it, you should have every right to it! We do not need to bail out Business, we need to stimulate the people that work in the industry! Stop and look at the big picture. We need business to support jobs, and growth. The experience is within the business itself - not regulation! Let WE THE PEOPLE get the loans. We can stimulate our own economy!

Our Government was not established to create business, nor regulate it. The U.S. Constitution was formed to assure citizens they would not be TAXED without being REPRESENTED.

We are not being represented by Government when they dump money (our money) into bailing out the businesses that created the problem in the first place! Government REGULATION - DEREGULATION created the problem!

Step one: Deny any campaign funding to anyone holding a public office. (Now they can focus on their job instead of a lobbyist).

Step two: Demand Elected Officials work 40 hours a week, just like everyone else! I am sure they understand their is alot of work to do!

Step three: Public Officials cannot vote themselves pay raises, allowance increases, more benefits etc..,

Step four: If you use the resource, yes indeed you shall pay taxes to support the resource! Use the highway - pay a tax - use the Border - pay a tax -,

Re-Unite IN GOD WE TRUST back into our schools. Spend more money on education, and establish more of a system of punishment when you do something wrong! The Jail system in Arizona should be available to all of the states. We do not need to spend money on building more jails, we need to educate the public and let them see what their options are!

Send the money directly to the taxpayer, avoid the "PAPERWORK, and FORGING POLICY", we do not need GOVERNMENT CONTROL.

Marc A. Miller of CA @ Jan 06, 2009 15:15:31 PM

houses and auto

why if we lose the car for the economy who is going to help us i see no one is everthing expencive house loane car lone but company loans are open how is that ,that companys that have billiones are gathing loans and we cant i have a disable baby and i cant get a morgage why a lost my car my cready off 7.5 or more who have that score the companies and the banks who is going to help us

miguel of NJ @ Jan 06, 2009 15:15:30 PM