Century 21 Gawen Realty
You've received some excellent advice. So I'll just add my two cents worth. Ask any loan officer about all the loan programs for which you may be eligible. For example, there are 100% loans available with BB&T (and other banks), 2% down loans, and others. But you must ask. And watch out for any lender who is not local. I try my best to get my clients to use only local lenders because that relationship is invaluable when things go wrong. You want a lender who responds quickly to your questions and concerns, one who you can reach when you have an important (and not so important) question. A lender who is working for your best interest is worth more than an interest point or two.
All the best,
Licensed in DC and VA
Keller Williams Realty
6820 Elm Street
McLean, VA 22101
703 636-7300 (office)
When you are comparing make sure you are checking total bank fees, points, rate, etc. Use your gut and recommendations from friends or Realtors, as a super low rate that doesnâ€™t ever close doesn't mean anything, and ends up costing you money compared to a bank rate quote that can close you in 30 days.
If you would like to comparison shop I would be happy to answer your questions over the phone after knowing all of the details.
If you need assistance..let me know. Your Realtor however, if they are professional and have been in the industry successfully doing deals..should have a quality mortgage lender for you. In 20+ years..I have not used more than 3 different lenders and I have never had a loan fail to close or a settlement delayed. That is what should be expected from a loan officer.
Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Re/Max Distinctive Real Estate, inc.
You can more info on what to ask at my site at; http://www.northvirginiarealtor.com/finance.html
Best of luck.
As a Realtor I like to leave the loan and mortgage questions up to the Lenders. They are the experts in the financing field and can give you the best information regarding rates and any other questions you may have. If you have real estate related questions or need a Realtor to assist you in purchasing the Oak Hill/Herndon property in 20171 I'd be happy to help you.
I agree with Vivian and Chris and would like to recommend you speak to one of the lenders my clients frequently use, Terry Schenck with Prosperity Mortgage. Terry's a great guy, very knowledgeable and quick to respond. He will run many scenarios to find you the best options. I encourage you to give him a call.
Prosperity Mortgage Company Tel 703-968-7000 x 3252 | Cell 703-408-3978 | eFax 866-471-9752
I can suggest other lenders as well so if you'd like more names please let me know.
All the best, Sherry
You have some good advice from the realtors above. I am a lender and here is what any lender needs to quote you an accurate rate.
Is this for a purchase or a refinance?
We need credit scores, equity position, type of home (ex. SFR or condo) If a refinance is there a 2nd mortgage to the property and do you wish to have just a lower rate or need a cash out? There are other minor factors as well. Do you wish to have a zero point quote or buy down the rate? These types of questions would allow a loan officer to provide an honest accurate rate quote for your situational needs. A different set of criteria will lead to an approval but some of these factors discussed lead to an approval status. I hope this was helpful and please contact me tomorrow if you would like more information.
I would also say since rates are pretty consistent, work a loan officer you like and trust. He's got to be a pro because lending is so tight these days - yes, even with a 787 credit score - that you need to be with someone who really knows what they are doing. If you only spend 20 minutes with a loan officer and he tells you you're absolutely qualified without asking to see your documents or without thoroughly going over your credit report, you're with the wrong loan officer.
Whatever you do, stay away from online lending especially the likes of lendingtree.com. If you apply there, they will shotgun your application to 4 different lenders and if you apply to a 5th (or 6th, or 7th) it will cost you 4 points off your credit score each additional credit pull.
Jason will work hard for you - he handles almost half of my clients. I trust him so much I've referred all of my military buddies to him for purchases and refinances. They have all been very appreciative of his efforts.
The mortgage loan interest rate does NOT depend on credit score alone. The type of loan you use (conventional, FHA, VA, etc), the size of the downpayment, your debt-to-income ratio and debt-to-equity ratio, the points you prepay, the lender you use are also very important.
I suggest that you contact several lenders and compare their loan products.
KELLER WILLIAMS REALTY