Wilmington Finance Mortgage Loan, Closing with them Monday Evening O'Fallon Illionois

Hey guys thanks for all the info. The lender tried the ole bait n switch with the closing costs and I immediatley canceled the closing and the loan. I am contacting VA to see about a loan through them. I really appriciate all of your help.

hi
steve is right on the money and knows his stuff.
but i would go one step further here. Before you do anything, give us a little more information first.

the first clue is that you are in the service. You should qualify under normal conditions for a VA loan.

second of all, do you know your credit score? If not , we can basically quess what it is like:

have you been late on your mortgage over the last 2 years ? if so -how late and how often.

have you been late on credit cards? same thing.

do you have medical bills unpaid, or a cell bill you forgot about?

how much do you owe on your credit cards?

if your total credit limits on all cards is $5000 -do you owe more than $2500 altogether?

do you have any judgements, liens , or child support outstanding?

if you can answer 'no' to all these questions, you no doubt should qualify for prime interest rate and need a conforming lender. NOT WILLMINGTON.

even if you have a couple of past problems, the VA program should also take you at prime interest rate.

how much loan do you need vs how much is your house worth?

give us more info - and in the meantime DO NOT SIGN WITH ANY SUBPRIME LENDER.

Hi Stephen, I would be happy to review your Good Faith and also, by now, you should have access to the preliminary HUD-1 Settlement Statement.

I am a licensed mortgage broker in California, and I mainly do prime loans, but I also sell a couple sub-prime loans each month. If you had to have your loan through Wilmington, it is very likely a non-prime type of loan.

The ABSOLUTE MOST IMPORTANT concept you must have is this: You must be prepared to get up from the signing table and walk away without signing. If the loan docs are substantially different that what your GFE shows or from what your understanding is, walk away.

You didn't indicate if this is a purchase, but if it is, there is no cancellation period. If it a refinance, you have 3 days to cancel.

There is a form you will see called the HUD-1 or Settlement statement. It is similar to the GFE in that it is basically the final "invoice" for the creation of your loan. The GFE is the Estimate of the final invoice given to you early in the transaction. It may have changed a few times since then.

If you are signing on Monday night, there is very likely a preliminary HUD-1 ready now. It is prepared by the title/escrow company and is usually available within 2 days prior to closing. If it is not ready now, DEMAND that one be made available to you several hours BEFORE the closing takes place. They can FAX it to you, email as pdf file, etc. As a loan officer I ALWAYS have this sent to me steve at mortgage group direct d0t c0m by escrow as soon as it is ready so I can look for errors and have them corrected, or if the costs are substantially different than what we thought, I want to know why.

If you would like me to take a look at it for you, no problem, no obligation. You should be able to figure out the way to contact me if you know what I mean. As 1 Air Force Vet to another, I'll do you a solid and make sure you are good to go.