I had a heck of time in 2004 buying a house in the states. I earn about 70,000 a year and virtually debt free and have a 770 FICO score. Got an offer accepted on 102,000 house to pay 10 down and finance 91800. Plus before bugging any real estate agents got myself a pre-qual letter from Waterfield Mortgage. The problem is I earn 70,000 a year as a foriegn lecturer at Universities overseas. Consequently, I guess that makes me self-employed. But for land sakes, I have signed stamped contracts 18 months months ahead from my employers. I spend nearly 1000 dollars having them translated into English. We are also required to file IRS claiming the 80,000 foriegn income tax exclusion. So we do have records. So all is peachy until 24 hours before the scheduled settlement Waterfield begins having second thoughts, all the requested documents are in, the apprasial is back etc. The postponement goes into one week, then two. I finally decide to switch lenders since some country hick local bank in Freeport , IL called Midwest Bank says oh yeah, we can do that. All is going on smoothly and 48 hours before settlement my 5.875 rate all locked in, the guy says hey look we cant swing it unless you take a subprime rate at 7.5 percent. I say well G.D!!! fine. the sellers are climbing t he walls wondering whats wrong with me, have i been telling the truth to lender etc. So Midwest refers my mess to Countrywide and we settle at 7.5 percent on a Friday. That very next Monday I apply for a mortgage at National City Bank. Bam Boom, settle in 15 days. No problem at a normal interest rate. Im thinking my God what the heck is wrong with these people! No wonder they have so many foreclosures. They lend money to the WRONG people!! Im as squeaky clean as they come. I later found out that the previous lenders never bother to send my signed 4506 IRS tax return transcripts to verify. Both Waterfield and Midwest Bank .

To the credit of the Real Estate company and agent, they performed just fine even though they were beginning to have doubts about me. However, I was appalled by the fact I had to call 5 companies and several agents before I got one to return my email. I had a limited time to househunt and these people were too "busy" to get back to me. Finally the lister worked with me and Im happy she got both sides of the commision.

Its the wrong motivation perhaps, but I decided to get back into either real estate again or finance. Simply because I thought, Wow I was so much better and had my act together back in the day than these people do. If idiots can make a living, Im gonna be awesome then. Its frustrating though repeating all my courses again. Salesperson 45 in IL, Salesperson in Maryland, Broker in Maryland and now Salesperson and Broker in IL again.

Wish me luck on Brokers test in August, 2006. I got me my house. Now Im going to help other folks get theirs.

Kebun-Rockford, IL

Hey that is how I started in the business since my Realtor and Mortgage Person screwed me. Know I understand the business and helping out friends and family. Hope you refinance your property and get a better rate for yourself. In todays market you should get under the 7.5. Good luck

Cardinal rule #1: Never make a promise unless you are 100% positive you will be able to deliver.

If that LO told you they could do the deal before even taking a look at the file, it is obvious they would say just about anything just to get the deal in.

I hear these guys are hiring... http://www.fantasylandmortgage.com

AZ I rate shopped them next to Senor Mortgage and Senor Mortgage was way better. Check out their very informational short on the web at http://www.homestarrunner.com/senormortgage.html

ROFLMFAO!!!!!!!!!!!!!! That is classic! That made my day, thanks Adel.

I thought youd get a laugh out of that....

Enjoy the weekend

You too buddy!