I’m a first time home buyer and i would like to get pre-approved on a home loan, but i have no idea where to begin. I want to only pay the 3% down (if any). What banks should i apply too that won’t charge me a fee for completing the loan application? What should i look out for? Any information at this point to get the ball rolling would be helpful!
Thanks !!!
According to a Senate Report released today, Washington Mutual, one of the largest originators and purchasers of adjustable rate mortgages, did the following things during the "boom years" of 2006 and 2007:
*Sales associates in WaMu offices in California fabricated loan documents, cutting and pasting false names on borrowers’ bank statements.
*Two top producing offices — in Downey and Montebello, Calif. — had levels of fraud exceeding 58 percent and 83 percent of the loans.
*Extra bonuses went to loan officers who overcharged borrowers on their loans or levied stiff penalties for prepayment.