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Brent Mendelson's Blog

By Brent Mendelson | Mortgage Broker
or Lender in Bethesda, MD
  • 2011 Predictions-National

    Posted Under: Financing in Rockville  |  February 1, 2011 3:28 PM  |  554 views  |  No comments

    American Banker (01/27/11)
    Lenders will originate $966 billion in single-family loans in 2011, 35 percent fewer than last year, the Mortgage Bankers Association predicts. Residential volume will fall to the lowest level since 2002 due to tight credit, rising mortgage rates and a refinancing slump; MBA chief economist Jay Brinkmann also cites loan-buyback demands that lenders are receiving from Fannie Mae and Freddie Mac. Purchase originations are projected to rise to $614 billion from $473 billion last year, but refinancings are expected to slide 66 percent to $352 billion.
  • What we need to know

    Posted Under: Financing in Rockville  |  August 18, 2010 9:44 PM  |  548 views  |  No comments
    Since I am talking about rate quotes I wanted to share everything that really needs to be known to give an accurate rate quote. Since I can't know everything before we speak I have decided not to quote rates until the following information is shared. I feel that this sets me apart from the bait and switch low rate quoter's.

    1. Loan amount
    2. Value of home
    3. Credit Score- Not what the free sites told you but having a mortgage lender check and verify.
    4. What type of home is it? Single family or high rise condo.
    5. What state is the home in?
    6. What type of loan do you want? FHA, VA, Conventional
    7. Primary home or an investment property.
    8. Term desired-30-25-20-15-10 or an ARM? There are 10,7,5,3 year ARMS. All different rates.

    Out of these # 1,2,3 are the most important. If you have 40% equity you will get a better rate than someone with 20% equity. This improvement is from FNMA and FHLMC and applies to all conventional loans. There can me minor factors as well but this is far and away the bulk of what goes into an accurate rate quote. Now without knowing the following items I ask  do you really believe you can get an accurate rate quote in a few seconds? Take a few minutes and call a few lenders like me and see what we have to offer. Hope this helps, let me know if you have any questions. The more you understand the easier my job is.
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