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Brent Mendelson's Blog

By Brent Mendelson | Mortgage Broker
or Lender in Bethesda, MD
  • Washington DC SSM VA loan update

    Posted Under: Home Buying in Washington, Agent2Agent in Washington, Military Movers in Washington  |  March 17, 2014 8:08 PM  |  56 views  |  No comments

    Effective immediately, the Department of Veteran affairs will process and approve applications for same sex married couples where legally possible. Please note that the process for loan approval is subject to final approval from VA. Here is what we were told to do in order to gain VA approval of the loan application.

    VA requires

    (1) date and State of marriage; (2) State of residence at time of marriage; (3)State where subject property is located; (4) current State of residence; and (5) estimated date of loan closing. VA staff will then notify the lender if both spouses’ incomes may be applied.

    This next section is EXTREMELY important also.

    After we as the lender forwards the above information to the VARO <VA Regional Office> they then forward to the VA main office in Washington, DC. This could be anywhere from a 1 to 10 business day process- plan accordingly. In the meantime, loans cannot be closed until the VA Main Office sends email that the borrowers meet VA’s criteria. Borrowers MUST be married in a state that recognizes same-sex marriage AND the property is in a jurisdiction that recognizes those marriages.

    I have requested clarification on my following sentence. "If a same sex couple is married in Maryland, moves to Virginia and wants to buy a home in New York can the VA benefits be used as a married couple? My guess is yes but I do not guess on important questions like this. I'll provide an update as soon as possible and if there are any questions or scenarios please let me know. I specialize in VA loans and if I can assist in any way please let me know.


    Thank You,

    Brent Mendelson
    1st Mariner Mortgage
    Senior Loan Officer
    Licensed in all 50 states
    bmendelson@1stmarinerbank.com
    Office 240-235-5314
    NMLS#111407
  • New loan program for DC veterans/active duty

    Posted Under: Financing in Washington, Agent2Agent in Washington, Military Movers in Washington  |  September 11, 2013 6:11 PM  |  368 views  |  2 comments

     I am pleased to announce effective immediately 1st Mariner Mortgage has 100% VA cashout loans available with a credit score minimum of 660. VERY few lenders excede the 90% LTV on a VA cashout.
    1st Mariner mortgage is licensed in all 50 states. My speciality is VA loans regardless of current lender or where you reside. Veteran references available upon request. Please inquire for veteran discounts on title services and closing credits also. Attached is a matrix for maximum loan to value, minimum credit score and information on the VA funding fee. Disability of 10% or greater allows the waiver of the funding fee in most cases. Please contact me for loan pre approval.

    Thank You,
    Brent Mendelson
    VA Loan Specialist
    O-240-235-5314
    C-301-412-0259
    bmendelson@1stmarinerbank.com
    nmls#111407


    100% VA Cash-Out Refinance!

    Make home improvements, pay off high interest credit card debt, fund college education,

    the possibilities are endless! Take advantage of today’s low rates – no mortgage insurance required.

    Maximum LTV 100% with a
    Minimum credit score of 660

    The maximum loan amount is 100 percent of the appraised value, plus the VA funding fee

  • Mortgage quotes online. Trustworthy or not?

    Posted Under: Home Buying in Washington, Agent2Agent in Washington, Military Movers in Washington  |  May 6, 2013 8:30 PM  |  275 views  |  2 comments

    I was questioned over the weekend about my statement of providing a "real" quote as opposed to an internet quote. While I believe the person who asked the question knows the difference it got me to thinking if everyone else did. So here's what I meant.

    To me an "internet" quote is the type that has a rate that seems incredibly low in relation to the competition. Most lenders have generally about the same rates if the criteria quoted is in fact the same. If they just have rates posted that is not a solid quote, in fact that is where the problems can start.

    So when you see one that's far lower either you have;
    A. Found the bank with the LOWEST rate in America.
    B. Found the bank that wants to catch your eye and get you to call.
    <which one is more likely?>

    So what makes up a "real rate quote?"

    1. Credit Score.
    2, Down payment. <LTV> Putting down 40% gets you a better rate than 20% and so on and so forth.
    3. Type of home. Condo? Single Family? 2 unit?
    4. When do you plan on settling? Quoting 30 days for a lock is no good if you can't settle for 60 days.
    5. Type of loan. FHA,VA,USDA, conventional, jumbo etc?

    6. With points or without?
    7. Everyone knows about the 30 year fixed. Did you know there are 25,20,15 and 10 year fixed? Plus 10,7,5,3,1, and 6 month ARMS? All different pricing. I heard someone say on Facebook today talking about his fixed rate 2.5% loan. Could be but not on a 30 year loan. What companies can put in the small print though can hurt you if you don't know whom to trust and how to catch them at their own game.

    Here are just a few games I have seen lenders play in the last few months.

    1. Quote a rate far below industry averages. Either with points, a too short lock period or comparing a 15 year to a 30 year rate. Rates aren't that important, what's the payment is what matters and what does it cost?

    2. Imply that the rate is "fixed" when it's an ARM. It is fixed but not for the life of the loan.
    3. Quoting 15 and 30 day lock periods to show better pricing when they know that they can't actually close the loan in the period advertised.


    These are just a few ways that lenders attract people with rates that while lower might not always be the best deal. I hope this was helpful and I look forward to your feedback.

    Thanks,

     

    Brent Mendelson

    Senior Loan Officer

    1ST Mariner Mortgage

    O-240-235-5314

    C-301-412-0259

    F-240-235-8236

    Bmendelson@1stMarinerbank.com

    Lending in all 50 states

    nmls#111407


  • Free Home buyer seminar May 9th.

    Posted Under: Home Buying in Washington, Home Selling in Washington, Financing in Washington  |  May 2, 2013 2:15 PM  |  282 views  |  No comments

     Brent Mendelson of 1st Mariner Mortgage and local real estate agent Jacqueline Battistini of Keller Williams Capital Properties are hosting a happy hour next week to educate people who may want to buy their first home or offer updated info on the mortgage industry, current rates and options if you are considering your next home purchase. This will be a great topic for a lot of people here in the DC area.  Please come if you have ANY questions or interest.   Not a heavy sell, just some free information on a great spring evening and a chance to get questions answered by local experts!

     

    When: Thursday, May 9th

     5pm – 7pm

    Where: The Beacon Bar and Grill

         1615 Rhode Island Ave Nw, Washington 

     

    What:

    Topics they can cover include:

    · What is the best mortgage for me? How to obtain the most appropriate mortgage given recent industry changes.

    · It's a sellers’ market, so what does that mean for potential buyers AND sellers? 

    · Can I really buy a house? The DC metro area market and how to make it work for you.   

    · What is a pre-qualification letter and do I need one before looking for a house?

    · How do mortgage companies determine how much a borrower can afford to borrow?

    · What are the pros and cons of FHA versus conventional mortgages? Which is more competitive in a multiple offer situation/how do sellers receive each type? 

    · Houses vs. Condos, which is right for me and what are the costs? How does either effect my mortgage?

    · In the age of the internet, what are the advantages of hiring a real estate agent?  

     

      Also, Please let me know if you may attend so they can plan accordingly!

    Brent Mendelson

    Senior Loan Officer

    1ST Mariner Mortgage

    O-240-235-5314

    C-301-412-0259

    F-240-235-8236

    Bmendelson@1stMarinerbank.com

    Lending in all 50 states

    nmls#111407


     

  • Can I refinance using the VA streamline loan?

    Posted Under: Financing in Washington, Agent2Agent in Washington, Military Movers in Washington  |  March 8, 2013 8:02 AM  |  152 views  |  No comments

    If you are a veteran and own a home or know someone who is you should read this blog.

    1st Mariner Mortgage has a streamlined VA loan program that in my opinion is 2nd to NONE.
    Here's what we can do and also listed are the major differences.

    1. Appraisals are NOT required on a VA IRRL no matter which servicer you currently have. Most banks will only refinance their own VA loans with no appraisal.

    1st Mariner charges no processing fees, no origination fees to close your VA IRRL loan. TOTAL fees from us are less than $50. Most banks charge $500-$1,000 to process these loans.

    Working with Brent Mendelson and 1st Mariner can also save you an estimated $750 in settlement fees than other lenders and title companies. One of our national title companies charges NO settlement fee on VA IRRL loans where allowed by law. Your state is one where we can offer no settlement fee and no lender fees. I do not believe you will find a better loan program out there with rates this low and most of the fees waived.

    1st Mariner has a program to refinance VA loans with credit scores as low as 600. Most banks will not touch these loans unless you have a 640 score. The rate is not the same as if you are above 640 but it is still probably better than what you have.

    You do not need W-2's, tax returns, bank statements etc to have your loan approved. It's the easiest loan out there today.

    It cost NOTHING to talk to me and find out if this is the right loan program for you. Don’t wait, rates have been headed up and we want to save you the most money we can.

     

    If you have struggled in the past to find a lender willing and able to help I would be happy to take a look and offer any advice. Again this is a no cost, no obligation phone call.

    I attached a Google search engine thread so you can also find out more about me.
    https://www.google.com/#hl=en&output=search&sclient=psy-ab&q=brent+mendelson+va+loans&oq=brent+mendelson+va+loans&gs_l=hp.3...2328.7062.0.7374.24.22.0.2.2.1.281.2876.6j11j4.21.0.les%3B..0.0...1c.1.5.psy-ab.YFaIuhgQeTc&pbx=1&bav=on.2,or.r_qf.&bvm=bv.43287494,d.dmg&fp=2cc7d514406cf5ae&biw=1441&bih=627

    I look forward to talking soon and seeing how we can save you money for years to come. Please let me know any questions.

    Sincerely,

    Brent Mendelson

    Senior Loan Officer

    1ST Mariner Mortgage

    O-240-235-5314

    C-301-412-0259

    F-240-235-8236

    Bmendelson@1stMarinerbank.com

    Lending in all 50 states

    nmls#111407

  • Higher interest rates and more voided contracts after Nov. 1

    Posted Under: Home Buying in Washington, Home Selling in Washington, Financing in Washington  |  October 8, 2012 4:15 PM  |  145 views  |  2 comments
    24,316 views

    Brent Mendelson's Blog

    By Brent Mendelson | Mortgage Broker
    or Lender in Bethesda, MD

    Higher Interest rates, more problems in Nov for home loans.

    Posted under: Home Buying in Maryland, Home Selling in Maryland, Agent2Agent in Maryland  |  October 8, 2012 3:59 PM  |  2 views  |  No comments
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    At the end of October there are HUGE changes coming again to the way loans are priced. Below is a more technical anaylsis of what will happen and why but in a nutshell the change are as follows.

    If your loan is locked BEFORE the end of October and closes within its projected timeframe there will be no change to the rate and pricing. The danger will be if loans are locked and have to be extended after October 31st it will be VERY expensive, almost impossible to honor the lock pricing as currently structured.  So just to clarify if you lock now and close within the time frame the lock says you are good. If ANYTHING goes wrong, no matter what it is going to be a HUGE problem for all parties. It will mean higher rates, points to be charged or in the case of tight DTI ratios it will kill the deal at the last minute. Short sales and foreclosures are particularly vulnerable.

    You might get a GREAT RATE but you better start asking how long the lock is for or you are going to find out in Nov it will be a different story. There will be a lot of blame passed around but there is nothing the loan officer or even the lender can do. Fannie and Freddie are run by Congress so we all know what that can mean. 

    Last thing and very important.
    FHA/VA would not be affected by the G-Fee increases because FHA collects MIP and insures the loan. VA collects a VA Funding Fee and guarantees the loan.

    I hope this was helpful and please let me know if there are any questions.

    Thanks,

     

    Brent Mendelson

    Senior Loan Officer

    1ST Mariner Mortgage

    O-240-235-5314

    C-301-412-0259

    F-240-235-8236

    Bmendelson@1stMarinerbank.com

    Lending in all 50 states

    nmls#111407


     Congress mandated the FNMA and Freddie Mac properly measure their risk of insuring mortgage securities, therefore, later this month, both GSE’s will be adding 10 bps to their “G-Fee” (Guaranty Fee). The financial impact of this is an increased cost within the transaction of approximately 40 – 80 bps.

    -   The G-Fee is an annual insurance payment made to the GSE’s for guarantying the flow of monthly P&I payments to the investors in the MBS’s.

    -   Since mortgages are assumed to have a life-span of 4 – 8 years (varies by bank and owner of MBS’s), the financial impact is 10 bps x 4 – 8 times = 40 – 80 bps.

     

    Earlier this year, the US Congress made FNMA and Freddie Mac absorb the cost of the Payroll Tax Holiday by adding to the G-Fee in March. This was also a 10 bps increase to the G-Fee.

     

    The financial impact of the G-Fee increases are significant:

    -   Prior to 2007, a large bank would have paid 12 – 15 bps in total G-Fee.

    -   By November 1, this will have increased for three reasons:

    o   The GSE’s no longer show significant favoritism to large lenders, therefore, the base G-Fee rose to 25 bps to most companies from 2008 – 2011.

    o   The Payroll Tax Holiday expense: +10 bps

    o   Added G-Fee risk adjustment: +10 bps.

    -   Therefore, today’s rates have the following additional expense paid to the GSE’s in the pricing:

    o   13 + 10 + 10 = 33 bps x 6 year life = 198 bps.

    o   This equates to roughly an increase of 50 bps of additional INTEREST RATE from 2007 – 2012..


  • VA loan limits set to rise in DC

    Posted Under: Home Buying in Washington, Financing in Washington, Agent2Agent in Washington  |  August 10, 2012 3:28 PM  |  232 views  |  1 comment

    Loan limits have been increased for Washington DC. Please view the link below for detailed loan amount for the entire country.  VA loans are at 100% with no mortgage insurance. If you know a better deal on a loan make sure you tell me!  If you don't see the county on the list that means the max loan allowed is $417,000

     The Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 was signed into law August 6, 2012. Effective with the signing of this bill,(VA) loan limits have been increased and will be in effect through December 31, 2014.

    Updated loan limits for loans closed on or after August 6, 2012 through December 31, 2012, have been posted at http://www.benefits.va.gov/homeloans/loan_limits.asp
    .

    Note that while VA does not have a maximum loan amount, the county “limits” must be used to calculate VA’s maximum guaranty amount for that county.
    .2013 county loan limits will be posted once VA receives median price data from the Federal Housing Finance Agency (FHFA). This transmittal from FHFA typically happens in November. If a loan limit for a county decreases in 2013, VA will guarantee a loan using the previous higher limit if there is proof of a pre-approval based on a sales contract or a Uniform Residential Loan Application (URLA) executed on or before December 31, 2012.

    Thanks,

     

    Brent Mendelson

    Senior Loan Officer

    1ST Mariner Mortgage

    O-240-235-5314

    C-301-412-0259

    F-240-235-8236

    Bmendelson@1stMarinerbank.com

    Lending in all 50 states

    nmls#111407

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