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First off, How can I start a Lending Tree mortgage broker business.? Thanks in advance for any answer or 2. Second question of mine... 2428.1. |
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That's a good question. I'm not sure what is the right answer. I'll do some research and get back to you if I find an answer. You should email the people at Lending Tree as they probably could give you an answer..
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I would agree with Trout. From everything I have read, 680 will get your foot in the door on most things. Now, 680 with a bk reporting will automatically kick you out with any that use bk screens. It really depends on what you are trying to purchasesome cc are harder than others, mortgages may make you clear up any negatives that are still reporting, car loans (your guess is as good as mine on this)...
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I've played around with some Lending Tree mortgage rate generators, indymac.com I think is one, and it seems the floor is 620 where really bad things start happening to the rates..
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That makes sense620 being the floor. I have a long time friend who is a Lending Tree mortgage broker. She had us approved for an FHA with 3% down ONLY if scores were 620 or over. She told me that was FHA's bottom...
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The local newspaper recently had an article on credit. They said 620 was the dividing line between those with good credit and those with bad..
(sigh) one day I'll pass that 620 mark.... Luke. (currently 537).. |
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Holy SHI*!!!! This means I might have good credit!!! Well, on 2 of my reports, at least, lol. You guys don't understand why I'm thrilled. I finally feel like the Scarlet Letter is starting to fade!.
6 months ago, my credit median score was 540ish. We did manage to buy a house with this score...FHA @7%, no $ down. Now...come to mama.... Nikki. EQ 653 12/02. TU 561 01/03 blah. EX 633 01/03.. |
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Let me know what lender you went through for that 540 score mortgage! I could use a refi right now, and I'm 580-620 for scores. I'm still cleaning up after CHOD, got a few stragglers here, hoping to make all 620+..
So, no money down? What was LTV? Thanks for the info... |
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To talkgchng:.
We live in TX. Bought a new house, so I don't know if that is why it was so easy. We used a company called SD mortgage. I guess one of the builders has interest iin this Lending Tree mortgage co. Anyhow, SD transferred it to Chase the month after we closed. We knew that SD would sell the note, so it was no surprise. Our Lending Tree loan to value was supposed to be 97%. Our appraiser was hired by SD Mortgage, so it came in over what it needed to. We were able to use the equity to avoid any money down. All our closing costs were rolled in, as well. SD was awesome to work with. Also, don't know if they work out of state. Good Luck!. Nikki. EQ 653:12/02. TU 561: 1/03. EX 633: 1/03.. |
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TakingChg:.
There ARE ways to accomplish what you want!. Email. |
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Just curious, how much do you charge for your "BIG INCOME" opportunity?.
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Hi, ZeroDown:.
Thanks for the question....we'll be 'hijacking' this thread if we pursue this here....my email is enabled here on CN...drop me a line and I'll respond?. Thanks/Mark.. |
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They said 620 was the dividing line between those with good credit and those with bad..
Luke. ==================. Where does that leave us when they decide to make the dividing line 670,700 or what ever else that suits their whim?.. |
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Sooner than you think, if you listen to vets on the board. I had a 561 (or somewhere near) in Oct....
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