Real Estate Home Mortgages/2 questions

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Question
Hi Tom,

Glad to have discovered you on allexperts! Coud you assist me with these questions?
1)  My fiance does not have much of a credit history. Currently, she's been making use of a credit card for less than 6 months.  My understanding is that our credit scores both have a factor in lowering/raising the interest rate in a lender's offer.  Would having our parents co-sign with their strong credit scores have any effect?

2)  I've read that it is recommended for buyers to hire an attorney to review all documentation when it comes time to sit down with the seller and sign for the home purchase.  The reason was that agents and lenders may try to sneak something in to the contract at the last minute.  Is this a typical concern?

Thank you!
VR/ Roger

Answer
No. The non-occupant co-borrower with stellar scores can help the file approve, but we use the lowest mid score of all borrowers to 'price' the loan.

Most real estate contracts are pretty cut and dried. I have never had anyone come back to me after closing with a complaint. The quoted product was on the final papers.
In my opinion, it is an unneeded service with an extra expense.
One thing you could do is make sure the lender and realtor aren't buddies.... don't take their referral. They can keep an eye on each other.

About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Tom Burris

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I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA & Conventional Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.

Experience

7 years experience as a Mortgage Broker and as a Mortgage Banker

Organizations
NMLS# 335055

Publications
http://activerain.com/blogs/dallasloanguy

Education/Credentials
Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.

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