In your post, you don’t say what you need the money for?
The loan that you have described that the broker is getting you,
is a Sub-prime loan. Paul, this broker is going to move slowly.
Because of the size of the loan, he will have to do a section 32.
It would not surprise me if the broker calls you back and tells you that
the only way he can do your loan, is if you borrow more money.
Paul, you’re dealing with a broker who will be using a National Mtg. Co.
Paul, if you’re not to busy tomorrow, call me at (909) 944-0199.
I want you to know that I’m not asking you to call because I’m
soliciting you for your loan, what I want is, to see if you would be a
candidate for a small credit line. One way or the other, you spend the dime,
I’ll take the time. I don’t think it will hurt to get a second opinion.
I own a 3 family property free and clear which is worth about 80K. I am applying for a loan of 25-35k. The loan will be non-income verification (NIV). My credit is A+.
I’m working with mortgage broker from Ameriquest Mortgage Company. He has not given me the rate yet, but told me 3 things:
1)Expect a higher rate since the loan is small. When the loan amount is below a certain figure, an interest rate (a bit higher than normal) is mandated.
2)The rate will be fixed for the first two years, then change to a variable rate. (I’m worried about future interest rates)
3)A prepayment penalty will exist for the first 3 years of the loan (not a major concern since loan amount is small), but I prefer a year or less.
What interest rate should I expect to pay on a loan as such?
Is Ameriquest Mortgage Company respected in the field?
Is there a national company making the loans directly that I could work with to develop a long term relationship?