another mortgage question
#1
Just Joined
Thread Starter
Joined: Oct 2008
Posts: 7
another mortgage question
sorry if there is any similar thread already.
moved to US with L1 Visa a few months ago.
need a mortgage but i have no credit history here yet.
BOA said no. can you suggest any other bank that may be able to help. I'm in NJ btw.
cheerio
moved to US with L1 Visa a few months ago.
need a mortgage but i have no credit history here yet.
BOA said no. can you suggest any other bank that may be able to help. I'm in NJ btw.
cheerio
#2
Re: another mortgage question
the mortgage situation is changing by the minute. I would use a broker to help you find the best deal ( we have done this ourselves).
#3
Re: another mortgage question
Browse the forums, it's a question that has come up loads...and there's also a lot of info in the wiki to get you started.
Join a credit union though would be the best advice.
Join a credit union though would be the best advice.
#4
Just Joined
Thread Starter
Joined: Oct 2008
Posts: 7
Re: another mortgage question
i was thinking of credit union actually.
is the hurdle lowered ? is the rate very high compared to main st. bank ?
I want to be very careful before applying as there are some dubious ones.
cheerio
is the hurdle lowered ? is the rate very high compared to main st. bank ?
I want to be very careful before applying as there are some dubious ones.
cheerio
#5
Re: another mortgage question
The following link may help you decide who is lending in your area. I don't know if it will help but at least it is a start. When you select mortgage from the tab, answer questions on the left (stay away from the middle/right since those are ads). Maybe you can find a regional bank that will work with you.
I think most of the major banks are selling their loans to Freddy, Fannie, or FHA and those paper requirements are very high now.
http://www.bankrate.com/
I think most of the major banks are selling their loans to Freddy, Fannie, or FHA and those paper requirements are very high now.
http://www.bankrate.com/
Last edited by Michael; Oct 4th 2008 at 10:35 pm.
#6
Re: another mortgage question
Get Credit History first before applying - that will make the process easier. Chase recently pulled out on us as our Credit History was not showing on their system. Although doing a Credit Check ourselves through Experian we do have a Credit Score. HSBC are processing an application for us at present and they seem to think we will have no problems as their credit people will talk to UK credit people to ascertain credit score. Strangely BOA have said yes to us and Wells Fargo are processing an application for us too but we don't have a yes from them yet.
N.B. to get our credit score all we had to do was make one payment to a credit card. We obtained a Visa from Chase (with a $500 limit) once we had our SSN's and also obtained an Amex by doing a golbal transfer of our UK Amex Card.
Good luck - it is a minefield out there !!
N.B. to get our credit score all we had to do was make one payment to a credit card. We obtained a Visa from Chase (with a $500 limit) once we had our SSN's and also obtained an Amex by doing a golbal transfer of our UK Amex Card.
Good luck - it is a minefield out there !!