First post here on the mortgage forum, please bare with me as I am new to this. Would like any feedback. Quite a few different questions and need to get my barings on the following topics:
Yesterday, I applied online for a Motgage loan with 2 of my credit unions, and one of my banks. I recieved an email document stating approved and to use that document for the realtor from the bank, other than the printable approval letter, they have not contacted me, but wanted me to send in a signed tax form release.
I was also approved with one of my credit unions, however, the CU contacted me last night to discuss different loan types, conventional 20, and brought up the 7/1 Arm, I really do not know much about the ARM, but the spreadsheet she sent shows overall payments would be less.
This is is where I need some consult, I am looking into a condo, apparently condos are different as far as interest and I was quoted 4.25%,for a conventional. 3.6 for the ARM.
I can see their point, as condos have some different qualifications where I live, although I don’t understand the rate difference. The CU lady, as nice as she was, sent me a spreadsheet to “play” with on different loan types. I’m in my mid 50s, don’t think I will actually have the condo for 30 years, but plan on staying through retirement. What opinions are out there regarding the two different types of loan programs.
I am mortgage illiterate, although I’ve followed the boards for at least two years now, but the CU lady said SO much, my head was spinning. Apparently, it might be better to go with the credit union? Than a bank? I’m only following this frame of thought because I haven’t heard from the bank that Internet approved me. And the CU lady sent me a list of forms to submit back, and some other information, and seems very interested in me securing a mortgage.
I do not know what my scores are, the lender did not tell me, my mortgage scores run here, last night were eq 765, tu 756, exp 790. Not sure how accurate these are on the paid fico forum, but wanted an idea of what they were going to pull.
I also have some closed accounts on my Experian only credit report that states disputed, and I was in the process of beginning to sue them. Then I was approved. At this point, what would anyone recommend regarding these Experian tradelines. Back story on that: Experian and OC reaged the tradelines, I’ve filed complaints with everyone possible, which is why my next step was to sue. however, just recieved a letter from Experian, and the tradelines (which should be deleted) Experian won’t delete, although I have a boatload of documents that they illegally reaged the accounts. Well the accounts are reporting in the good status as closed and paid, but in comments it states sold to another lender and disputed by consumer. At this point, my EX (790) is not that bad with these remaining, should I give up the fight with Experian and just continue throughout the mortgage process? Any help here is really needed.
Also, wife won’t be on loan, she doesn’t contribute to finances, is disabled, can I get a mortgage loan in my name only, and add her to the deed later on?
thank you for reading,