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Posted on: 11th Oct, 2006 01:56 am
Hi;

Please help me, if you can.
After lasting 8 months legal case, I was left without any income, present or future , and what I saved is the condominium in California, $500,000-$600,000 worth, clean and free,
but also this is my only home, where I am living for the last 15 years.

I was talking to 4 different loan agents about my option for the loan .
Local places, chosen random from Yellow Pages.

Knowing my data, all of them gave to me the same loan amount for which I can qualify ($400,000) and more and less similar , very low in my opinion, payments options, basing on 30 years loan.($2200-$2500 range)

However, when I checked with large banks, just filling up the application on line, with the same data , result of payment amount is even twice as much comparing with some of the estimates from places I called.

Please tell me; are these small companies crooks ? Where is the trick, and of what I suppose to be aware ?

I do not have any experience with the subject, what should I do ?
How can I arm myself against cheaters and are these large banks, I checked with BA and CITI, only sure option ?

I am in very bad situation, lawyers sold me short, after consuming close to $50,000 in fees, and I am afraid of any paid consultation like of fire .

Surely I would have many questions, what to do after getting the loan, but this is the subject for another post.
Big, big thanks in advance. I realy need help!

regards
eva
Hi Ewakrakow,

"Please tell me; are these small companies crooks ? Where is the trick, and of what I suppose to be aware ?"
These companies may not be crooks. It is just that their lending criteria differs from that of the banks and that is why you will get to borrow more from the latter.

"I do not have any experience with the subject, what should I do ? "
You should analyze your financial situation and calculate the amount of loan you can afford to borrow. Then you should decide upon the right lender based upon the services you require and your preferable loan program. It can be the companies or the banks but what matters is the services they provide and the assurance that they are not charging more than what you can manage to pay.

Thanks,

Sara
Posted on: 11th Oct, 2006 02:18 am
Hi,

"How can I arm myself against cheaters and are these large banks, I checked with BA and CITI, only sure option ? "
You need to look out for the lender's background first, then collect data from different lenders and compare the costs and interest rates available. It will help you to find out who is charging a comparatively higher amount.

Thanks
Posted on: 11th Oct, 2006 04:35 am
Hi Ewakrakow,

"I am in very bad situation, lawyers sold me short, after consuming close to $50,000 in fees, and I am afraid of any paid consultation like of fire"
It's really sad that you have wasted such lot of cash on consultation. Anyway, life is all about learning from mistakes. So, just cheer up and start shopping with a number of lenders. It will take some time but this is important if you really want not to be cheated with a higher price and get a reasonable interest rate on your mortgage.

You can go through our Guide and browse through the section – Choosing the Right Lender. Here you'll get to know all that will help you choose the right lender and prevent you from being a victim of predatory lending or rather I should say it will help you to stay away from crooks.

Thanks,

Caron.
Posted on: 11th Oct, 2006 04:48 am
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