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76ANTHONY
11-12-2005, 05:05 PM
has anybody heard of them? does anyone use them? the reason i wonder is because they just sent me my first of many mortgage packet and they got the wrong house and the wrong loan amount, yet they sent my realtor the correct paperwork he was supposed to get. just wanna know if this is a simple mistake or they have no clue.
thank you
70 somethin :hammer2:

25Elmn8r
11-12-2005, 05:43 PM
New Century Sucks!@!!!!! :D
Of course they are the Competition so I am biased.
MY understanding is that is commonplace. They are trying to keep the numbers up and push the paperwork thru too fast.

Boatcop
11-12-2005, 05:43 PM
New Century is essentially a Mortgage Broker. I used them for a Re-fi several years ago. As soon as the check was cut, the Mortgage was sold to another servicer. Never sent them one payment. The day after the agreement was closed, the note was sold.
And watch out for junk fees. I had to argue with the guy I was working with to cut down or out a lot of meaningless fees and charges.
The last refi I did was with Di-Tech (GMAC) No junk fees, swift closing and good service.

soupersonic
11-12-2005, 06:56 PM
Its commonplace these days to have a bunch of mistakes from the inexperienced realtor,a bunch of excuses from the loan officer who has a shit processor that makes you close late and almost blows your deal and an escrow officer who cant add and short changes you for some BS fees their company adds for no reason. So your deal sounds pretty normal :D

Daytona100
11-12-2005, 07:28 PM
My wife is a GMAC Loan Officer. New Century is a Sub Prime Lender. Usually
people with marginal credit. If you have good credit, give my wife (Janey) a call. She's doing loans with no costs to the customer right now. She's a family first rep and has special programs. Call her at (951) 834-3445.

76ANTHONY
11-12-2005, 07:47 PM
not marginal credit, just a no doc and alot of over spending at one time, cleaning up the credit and in 4 months refi with no charges, or so im told, they say after 6 months there will be no penalties, so for 6 months am i gonna be ok with them??

76ANTHONY
11-12-2005, 07:48 PM
My wife is a GMAC Loan Officer. New Century is a Sub Prime Lender. Usually
people with marginal credit. If you have good credit, give my wife (Janey) a call. She's doing loans with no costs to the customer right now. She's a family first rep and has special programs. Call her at (951) 834-3445.
give it 6 months and remind me, hahah, i'll write down her info and call her at the 6 month mark.. :D

76ANTHONY
11-12-2005, 07:49 PM
At least they got your name right.
hey thats lookin on the bright side, i thought the same thing :D :D

Boatcop
11-12-2005, 07:54 PM
not marginal credit, just a no doc and alot of over spending at one time, cleaning up the credit and in 4 months refi with no charges, or so im told, they say after 6 months there will be no penalties, so for 6 months am i gonna be ok with them??
Get the no penalty thing in writing. My NCM rep told me the same thing. Then in the final contract there was a 24 month pre-pay penalty. I took it anyway, since the thing was dragging on, and I wasn't planning any refi within that period.

76ANTHONY
11-12-2005, 07:58 PM
Get the no penalty thing in writing. My NCM rep told me the same thing. Then in the final contract there was a 24 month pre-pay penalty. I took it anyway, since the thing was dragging on, and I wasn't planning any refi within that period.
i must have heard that about ten times now, this must be common for them to tell you stuff and renig. well i told them i want the 6 month no penalty in writing and they said they'll see what they can do, so i told them, NOT GOOD ENOUGH, i want it in writing.. whatta bunch of b.s., no doc my a$$.. ive givin them about 20lbs of paperwork and im finally in escrow.. :coffeycup

76ANTHONY
11-12-2005, 08:01 PM
No doc means no docs for them. :D
hahaha, guess i never looked at it like that, dam, so much paper work and no time.. oh well, as long as i get this house, i'll be ok.. what do i have to look forward to know? i have 3 more weeks in escrow..

76ANTHONY
11-12-2005, 08:06 PM
I really couldn't tell you. My wife handles all that crap. ;)
yeah, i could see me lettin the g/f do it, she'd have a new car and a new boat, oh about 300 pairs of shoes. i could here it now.... honey look someone sent you a check today so i got you that boat and truck you wanted, oh and some shoes too. :D :D

76ANTHONY
11-12-2005, 08:12 PM
My wife is a very practical woman. It's like being married to a bank president. :D
hahah, so is mine, she just loves shoes.. she has one problem, i call it theI FORGOT syndrome. shes worth the little things though. and never tell her this...

76ANTHONY
11-12-2005, 08:16 PM
OK, Rockdog, whatever you say. Isn't she a member now?
rocdog, :D yeah, she meet fricken topless and that was it she had to come on here. she wont be on much but she likes to gab..

76ANTHONY
11-12-2005, 08:18 PM
So, she's like a female version of you? :p
yeah but about 15 years younger, oh and she says better

Daytona100
11-12-2005, 08:48 PM
HI! This is Mrs. Daytona, the Loan Officer. New Century always has a pre-payment penalty unless you buy it out. The cost to buy it out is outrageous!
If your debt is high and your going stated you're already paying a high rate. Are you paying off debt? The guidelines are in place for a reason. I've seen alot of people get into trouble because the loan officer is looking to make a check and don't really care if you can make the payment or not. Is it worth putting your money into something you can't keep? If you're buying, find something a little more affordable. If you're refinancing, where is your first at? It may be better for you to do a closed end second to consolidate. If your debt to income exceeds 50% you can't afford it. To figure your Debt to income ratio, Take all your payments and divide it by your income. If the number is higher than 50%, we won't be seeing you at the lake!

76ANTHONY
11-12-2005, 09:04 PM
HI! This is Mrs. Daytona, the Loan Officer. New Century always has a pre-payment penalty unless you buy it out. The cost to buy it out is outrageous!
If your debt is high and your going stated you're already paying a high rate. Are you paying off debt? The guidelines are in place for a reason. I've seen alot of people get into trouble because the loan officer is looking to make a check and don't really care if you can make the payment or not. Is it worth putting your money into something you can't keep? If you're buying, find something a little more affordable. If you're refinancing, where is your first at? It may be better for you to do a closed end second to consolidate. If your debt to income exceeds 50% you can't afford it. To figure your Debt to income ratio, Take all your payments and divide it by your income. If the number is higher than 50%, we won't be seeing you at the lake!
WOW, NO, I MAKE ABOUT 5600 A MONTH AND THE HOUSE IS ONLY 200000. I DONT WANT TO,sorry about the caps, overspend, that was a huge issue with me. my payment will be about 1600 plus taxes and ins. i think i'll be ok. the only debt i have is one car payment. 270.00 a month. i have two credit cards that i use for gas, i owe about 200.00 on both of them. does this house sound like too much?? oh and i think i'll be on the river

76ANTHONY
11-12-2005, 09:05 PM
oh, that last statement sounded like i was being a smart a$$, i was not sorry

Daytona100
11-12-2005, 09:19 PM
Providing you're not in an excessive tax area, you should be fine. Why are you doing a Sub Prime Loan? You can go stated with an "A" paper Bank with good credit scores and save yourself a ton of money on fees! Check with your bank, they know you and you won't have to pay those excessive broker fees. With your income, why are you going no doc? You get a much better rate to go full doc. GMAC brokers to a sub prime lender, however; we control the fees. You can go lite doc, bank statements, and get a better rate. Are you doing a 30 yr fixed 80/20?

76ANTHONY
11-12-2005, 09:24 PM
Providing you're not in an excessive tax area, you should be fine. Why are you doing a Sub Prime Loan? You can go stated with an "A" paper Bank with good credit scores and save yourself a ton of money on fees! Check with your bank, they know you and you won't have to pay those excessive broker fees. With your income, why are you going no doc? You get a much better rate to go full doc. GMAC brokers to a sub prime lender, however; we control the fees. You can go lite doc, bank statements, and get a better rate. Are you doing a 30 yr fixed 80/20?
30yr fixed yes. the reason i went with no doc is i dont use my bank account on about half of my income. i also figured im gonna sell this house after about three years to my brother and hold the paper. so how does the payment sound to you? will i honestly not be on the river?

Daytona100
11-12-2005, 09:35 PM
Just because you do not use your account has no bearing. Underwritters go by paycheck stubs and w-2's. Sub prime lenders do not ask for bank statements. As for your payment, I would have to get back to you after I checked sub prime rates. It's saturday and I've tossed a few and wouldn't want to make a mistake, but I would be more than happy to check for you on Monday. If you have to go sub prime ( which I still am not understanding why) there are 2 great lenders with decent rates. Wilmington and ComUnity.
Call me Monday and tell me your fico score and I can direct you to someone who can close quickly and is not making their mortgage payment off of you!
951) 834-3445

FASTERDAMITT
11-12-2005, 11:51 PM
Damn! I missed another deal! :D I use New Century often for clients in tight situations. They will overlook collections, no matter how many you have you usually don't have to pay them off. Yes they are subprime, but VERY flexible and will get you what you usually can't get.
As for the prepay, just read the contract. Don't sign if it's not right. If you are doing a refi, you'll have a three day right to recission (cancel). :)

totenhosen
11-14-2005, 06:48 AM
Damn! I missed another deal! :D I use New Century often for clients in tight situations. They will overlook collections, no matter how many you have you usually don't have to pay them off. Yes they are subprime, but VERY flexible and will get you what you usually can't get.
As for the prepay, just read the contract. Don't sign if it's not right. If you are doing a refi, you'll have a three day right to recission (cancel). :)
I'm pretty sure he is doing a purchase, so there is no recission period. Many times lenders like this will tell you every thing you want to hear. But than when it comes time to close the situation is very different. My suggestion is to get the loan docs from the lender as soon as posssible so that you are not forced into taking a bad loan and/or lose your escrow deposit. I also suggest to line up another lender in the mean time in case that happens. There are plently of qualified people on the board to help you out, like me.

76ANTHONY
11-14-2005, 07:26 AM
they are gonna send the new docs today. the old ones had the wrong address and price. so i'll check them out. good info everyone, now i got something to go by.. thank you all for your input. :D