Mortgage Lenders

Da0419 · January 2011

Hey! My husband and I are in the process (long, drawn out process, apparently) of purchasing our first home. We've got the house picked out (paint colors too), but the financing from our mortgage guys just fell through. Is there anyone that you can recommend as a mortgage lender? Basically what happened is that my husband quit his job as a mechanic 2 years ago to go back to school for business (he was tired of feeling hurt and sore all the time at the tender age of 25). He looked for a year and a half for part time work while he was going to school & finally found a job with a tire company. Since he is back working in the car industry, the bank denied us a mortgage since he's in the same industry. I'm not sure if they're unaware of current economic conditions and/or the fact that the unemployment rate stands at about 9%, but he took the first job he could get, not because he loves working with cars but because he likes to be able to eat, put gas in his car and have a roof over his head. And because I'm fresh out of grad school with a bunch of student loans, they won't finance me because my debt to income ratio is too high (no kidding...MBA degrees are expensive). So we were pretty much told "tough nuggies". Any advice/leads would be much appreciated.

megs3084 · January 2011

I don't know what area you're looking in, but we're using Crown Mortgage in Oak Lawn. Our realtor recommended them. They're a private company that houses it's own mortgages, so they were able to get us a better mortgage than a huge company. (Bank of America was only able to give us an FHA loan, but we can get a conventional with Crown) I just finished my BSN, & have huge student loan debt. IDK if you're with more than one loan holder for yours, but it's helping for our mortgage to consolidate my loans. 1-2 loan payments a month looks better than the 11 or so I originally had. I also just started my nursing job when we started the process & had previously worked in healthcare & didn't get a hard time about being in the same industry. I just need to give them 3 months of recent paystubs. If you call them, we're working with Jeff Coole. He's so great to work with! HTH, GL!

Da0419 · January 2011

Thanks for the suggestion! I will definitely bring it up with my husband. What I really need to do is consolidate my loans...call it laziness, but I haven't gotten around to it yet. Def. this weekend though.

PattyOGreen · January 2011

We got our first mortgage last year through Wintrust, and had a great experience, but the office I worked with was in the city. I really don't know much about what it takes to qualify, but the guys we worked with were very helpful when explaining everything to us. Let me know if you want their info!

Shell24 · January 2011

We used a guy at a place called First Switzerland Financial. It's at Clark and Belmont but he'll come to you for the loan app and stuff. His name is Matt and his number is 773-443-6495. This guy is a fireman and this is his side business. My DH is also a fireman so that's how we know him. No matter who you go with you want to make sure you trust them. It's a scary and nerve wracking process!

newstart710 · January 2011

We were first time home buyers too. We both graduated in 2008 and didn't have a 2 year work history either. We used an awesome guy Named Mark, and while his office is in Addison he is willing to drive to you.