Heather Spar…, Other/Just Looking in Virginia Beach, VA

Attention Realtors, What is the #1 thing you look for when choosing a mortgage referral partner?

Asked by Heather Sparrow, Virginia Beach, VA Tue Aug 25, 2009

Help the community by answering this question:



I am looking for a lender currently. I agree communication and a local presence are important, but the deciding factor for me will be the lowest possible total costs & rates. Im not going to pay more than about $500 in extra total costs to get a local presence.

Although I hate to do it and I hear the warnings, this may make this an online lender transaction. I will give local folks precedence, but it's not worth more than $500 (or a little more) to me.

I also would beware of depending upon a realtors "in house" lending. Although this would be convenient, I can't see how you would get the best overall package costs. And you would still have to go to other lenders and provide all your information to get the quotes and GFEs.

Just be aware the effective APR estimate is only a part of the overall costs you will face at closing, and the GFEs can vary by $3,000+
2 votes Thank Flag Link Wed Sep 16, 2009
Can't really give a number 1 but I would say rates/fees, dependability, communication and gfe's that are realistic and don't have low ball numbers in them to make them look cheaper than other gfe's.
0 votes Thank Flag Link Wed Oct 28, 2009

When a lender is good and has a reputation of being efficient, quick, and has great communication I want them on my real estate referral list.

In this market, its about using a lender who can close a loan NOT a lender who gives a pre approval then 3 days before closing gives a denial. I tend to use only experienced lenders with a great reputation.
0 votes Thank Flag Link Sun Oct 18, 2009
We have not owned a principal residence in the past three years.

The 8,000 tax credit is not any real concern or reason for us to make any fast decisions. I also believe that when the the tax credit prop is removed the market will compensate and home prices and or concessions will decline somewhat in response. Likewise, if a 15,000 tax credit were to materialize, home prices would actually be propped up. It's the same relationship as between interest rates and pricing.

Thanks for the 60 day expiration information.
0 votes Thank Flag Link Thu Sep 17, 2009
Are you and your wife 1st time home buyers (have either of you owned real estate in the past 3 years)? If so please keep in mind that the 8k 1st time homebuyer's tax credit is due to end Nov. 30th.

The expiration date on application items such as asset information, credit scores, etc is now 60 days and appraisals can be used for 90 days. With 800 credit scores (good job) you really won't take much of a hit with credit inquiries. A good rule of thumb is 1 to 2 points per inquiry every 90 days - but it is not a perfect system due to creditors reporting at different times every month!

I hope this helps. And I look forward to talking to you soon.
0 votes Thank Flag Link Thu Sep 17, 2009
Thanks, and Im sorry I sidetracked your thread. I will certainly be calling you in the near future. Very nice website.

How far out is too far to start the application process? I know the lock is 30 to 45 days nowdays, but what if you want to be prepared but may not need the money for, say 90 days? When does the app package go stale? And how much credit hit will multiple inquirys make to refresh data? My wifes & my credit is currently over 800 (by myfico.com) for each of us & I want to keep it that way.
0 votes Thank Flag Link Thu Sep 17, 2009
FHA - and yes it is required now that the customer gets a copy of appraisal within 3 days.
0 votes Thank Flag Link Wed Sep 16, 2009

Can I pick my appraiser out of the pool (HVCC)? Or only on FHA?

Do you email the borrower a copy of the appraisal as soon as it is available?

0 votes Thank Flag Link Wed Sep 16, 2009
Applying for a mortgage online can be risky. I am a local loan officer in Virginia Beach my Mortgage Rates are extremely competitive and I have not seen a good faith estimate yet that had lower closing fees.

Please feel free to contact me to compare rates and fees to the online lending company that you are currently with.

Heather Sparrow
(757) 748-6779
0 votes Thank Flag Link Wed Sep 16, 2009
Hi Heather. I hope this finds you and yours well. Are you a lender, and if so, good for you! I no longer sell, but I do manage the Long and Foster Office in Norfolk. We have an in-house lender who has an office within my office. The agents find this to be exceptional as they can always find him if they need him. As all have said below, communication is essential. But communication is needed with both buyer and agent, keeping all on the same page througout the transaction. I also feel it is important to have local underwriting. It cuts down on the time to process a loan and get it to settlement. That being said, a calm demeanor and warm people skills are a must. During the stressful time of purchasing a home, the professionals involved need to be very understanding, helpful, and willing to do whatever it takes to get their CLIENTS goals accomplished. Best of luck Heather.
Candy C. Dennis
Sales Manager Long and Foster Real Estate
0 votes Thank Flag Link Tue Aug 25, 2009
Well I guess you cannot say it enough COMMUINICATION. I also want someone who will work digitally with me. I dont need phone calls as much as written documentation. I also want a lender who will be willing to help me with lead calls. and follow up on Drip campains. Someone who not only support them self but me too !
Web Reference: http://www.bzibee.com
0 votes Thank Flag Link Tue Aug 25, 2009
I agree with Susan, communication is one of the most important things. I expect my lender to keep me in the loop. Let me know what is going on with the buyers, the underwriter, processor, etc. The more informed I am the better I'm going to feel about how things are going, even if they are going bad. Silence is not golden in this case.

Another very important thing, be available. I don't expect you to be available 24/7 but realize that many realtors work non-traditional hours. If the only time I can reach you is between 9-5:00 M-F, chances are we aren't going to be able to work together. I have met new clients on a Friday evening, gotten them prequalified, shown properties over the weekend and got a ratified contract all before Monday morning. If you're not available, you didn't get that loan.

But the most important thing.... Treat my clients like gold! My business is based on referrals, in large part because I connect my clients with other service providers (lenders, contractors, inspectors, etc.) who all take good care of their needs. If my clients are happy with you, I'm happy with you.
0 votes Thank Flag Link Tue Aug 25, 2009
Communication!!! If your lender doesn't (or can't) communicate so that you understand exactly what you are signing, what you are paying and why you will not end up a happy person. It also never hurts to get a good Faith estimate from a couple of lenders to compare.

I have a great lender if you would like me to put you in touch.

Susan Klein
Prudential Towne Realty
757 615-9093
0 votes Thank Flag Link Tue Aug 25, 2009
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