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lender: Really tough spot - any advice welcome - 04/14/07 10:45 AM
So, I have some friends in Northern Virginia that bought their new construction condo in September 2005. They paid $373K (full appraised value) and got a 2 year, interest-only ARM (I did NOT do their original loan...I was new in the business and they got a "better deal" with the builder's lender). Well, as those of you up in NOVA no doubt know, the condo market up there sucks right now.
My friends need to refinance to get out of their ARM, which will start to adjust later this year. Of course, they haven't done great things w/ their credit since … (5 comments)

lender: Rock, Meet Hard Place - 04/13/07 11:15 PM
I really hate going up against other, unscrupulous lenders who will quote someone a ridiculous rate just to keep them on the phone. It is so frustrating to be on the other end of this conversation:
Borrower: My score is a 600 and another lender told me they could give me a 5.75% rate.
Me: That is certainly possible, depending on your credit history and the current value of your home.
Borrower: The other lender told me that was my rate, period.
Me: Mr. Borrower, with a 600 credit score and no idea of the details of your credit history or the value of your … (4 comments)

 

Ian Fregin

Virginia Beach, VA

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