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Novastar is a good company? Do you think it is wise to that of the mortgage market comes volitilty?
I own a house that I bought in 2000. I’m looking to buy a new house this summer. Is it much harder to get loans now? My father keeps telling me that now buying a house and a loan is einviel difficult than it was then. Is this true? I know esscheint really a buyer’s market, and esgibt many bargains there. Is there strengereLeitlinien obtain a loan or are they dependent vonwohin go for the loan? Thank you

8 Thoughts on I am considering a mortgage with New Star Financial what you all know the company? Well? bad?
  1. Reply
    Christian Rollindo on the ground
    February 17, 2011 at 4:08 pm

    I thought they were gone. Novastar is on the imploded lender list:

    http://ml-implode.com/imploded/lender_NovaStar(Wholesale),HomeviewLending_2007-08-17.html
    http://ml-implode.com/

    It says they finally shut down on Friday. They have been on the ropes for over a year.

  2. Reply
    beachlover
    February 17, 2011 at 4:44 pm

    dont know much about them but the bottom line is simple who is going to get you a great rate without alto of junk fees

  3. Reply
    Aaron R
    February 17, 2011 at 5:36 pm

    I believe it’s a great time to get a home loan but that’s my belief. Interest rates are at an all time low, and could drop even further. In Austrlia there is a first home buyers grant. JUst ensure your job is safe before taking any risks.

  4. Reply
    LIL Jigsaw710 aka gangsta wangst
    February 17, 2011 at 6:29 pm

    well it depends if ur in usa then hell ya cuz of the economic problem but i think its a really good idea to buy a house. TIP try to buy a forclosed houses as some houses that r worth more then 20 grands r selling for 2 grande

  5. Reply
    Hopefull
    February 17, 2011 at 7:27 pm

    It depends on your credit score and how much you want to borrow. There is money out there for qualified buyers but you will have to work a little harder to be a qualified buyer. Good Luck with your new house!

  6. Reply
    Rico
    February 17, 2011 at 7:27 pm

    If you have a good credit score and a good down payment then the rates are the best ever. If you plan to try to buy before you sell your old house then it’s going to be tough, unless you have a high income. If you plan to buy the new house as a second house, rental or spec house then it will be tougher.

    When people say “loans are harder to get” then they mean harder than the last 5 years. But before that people got loans and it won’t be any harder than that.

    Also, why sell your house this summer? Are you being transferred? The real problem with our real estate market is there was too much speculation in the last few years and people wanted new, larger homes when their old home would do just fine. Something to think about.

  7. Reply
    Emily Dew
    February 17, 2011 at 8:11 pm

    Yes, loans are much more difficult to get these days for a couple of reasons. For one thing, banks are holding onto more of their money. They are in trouble or trying to ward off trouble, so they’re hanging on to what they’ve got as closely as possible. One interesting thing I noticed months ago is that my bank (who is not in the news and actually bought one of the national failing banks) is taking my mortgage payment a lot sooner than it used to. I always make my payment online before its due date and for years, they would take it out of my checking account 2-3 days after I actually made it. Now they take it out immediately. I told a friend of mine about that and she said she’s noticed the same thing with her mortgage and credit card payments.

    Secondly, the guidelines for getting a mortgage have tightened up considerably. Some places want squeaky clean credit. Other places want you to put down a 20% down payment now. I read recently that a lot of young couples are dismayed because the amount of money they are getting pre-approved for now is quite a bit less than they were getting pre-approved for just a couple of years ago. It all depends. You might trying calling around and asking before you do anything. Good luck!

  8. Reply
    Noneya
    February 17, 2011 at 9:10 pm

    While it is true that conventional loans are harder to get now the government insured loans are still available.
    FHA loans are being done with 3.5% down and scores as low as 580 (sometimes less!)
    Here is where things get tricky. FHA guidelines do not have a specific minimum score but the lenders are setting their own. I have 2 lenders in the last 2 weeks that raised the minimum score from 580 to 620 on their FHA loans. This means that it does matter where you go to get a loan. If you go to a bank you will get what that bank has to offer at their price and under their conditions. Your best bet is to use a broker who will shop around for the best deal for you.

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