exclusive resident loans

[45408]

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I just got a flier in the mail for Exclusive Resident Loans which claims to be a $0 down, doctor mortgage, up to $1 million, with no PMI. Has anybody ever heard of these guys? are they legitimate?

The fine print on the back says they're a referral and relocation company, NOT a lender.

 

[emeddo]

Be very very careful with these companies, as they stated they are a relocation company. What they want you to do is have you either use their realtors who have already signed an agreement with them or force your realtor to sign an agreement with them that gives them a portion of their commission for selling you your home before they will ever let you know who you can get a loan through with them.

My realtors did a bunch of calling around about them to major banks that still offer or used to offer physician loans and they knew all about these people before my realtor even named the company.

Don't take my word for it though, call up any reputable realtor and ask them what they think about a mortgage broker that takes part of THEIR (the realtor's) comission for finding you the buyer a loan and they will have plenty to tell you about it.

We were able to get a great loan with a great rate by calling up a couple of banks on our own through leads provided by our realtor. Local banks seem to be the way to go this year as their lending rules are a little different then the big guns since they finance the loans themselves more often then the big names do. Find a good realtor and they will find you a good loan - they have an invested interest in doing so.