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Megan and Bi…, Home Buyer in King of Prussia, PA

My partner and I are looking to buy a home and need to apply for a mortgage

Asked by Megan and Bill, King of Prussia, PA Mon Sep 3, 2012

I have a 670 credit score and he has a 715 score. Neither of us have debts, with the exception of some student loans on my part. We have about $20,000 saved and are looking to buy for no more than 200,000 if we get approved for that amount. My question is where is good to start with applying for a mortgage? What credit unions are best? I have read credit unions are the way to go for a lower interest rate. Thank you in advance!

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Congrats on your high credit scores and the money you have saved! You've put yourself in a great position so I doubt you will have any problem finding a great rate.

The first step is choosing an agent that you are comfortable with and that knows the area. That agent should be able to help you with your mortgage process as well. The next step is getting a pre-approval and that should be done with a mortgage company that is known as reliable in the area so the Seller's agent recognizes it and feels secure.

You don't have to use the same company you got the pre-approval from to get your mortgage so that gives you the option to shop around for the best rate. I tell all of my clients to try Trident Mortgage Company, their bank and their credit union if they have one. When you are comparing mortgage companies make sure that you are not only looking at their rates but their fees as well. You need to ask for a Good Faith Estimate so you can see all the fees and compare the companies apples to apples. Even if the companies call their fees by different names a good agent will help you know what they are AND sometimes calling a fee by a certain name will help you write it off later.

I would be more than happy to help you with the entire process. Please feel free to contact me if you have any other questions.

Best of luck,
0 votes Thank Flag Link Tue Sep 4, 2012
Hello, I would love to be able to answer all of your questions in person. You and your partner are in an excellent position to buy your first home. You have many options regarding applying for a mortgage and you should extensively look into all of them. I use several different mortgage brokers to compete to get my clients the best rates and I use Franklin Mint Credit Union, which I highly recommend too. The bottom line is see who is going to give you the best rate! Please call me directly so I can answer all of your questions honestly! Check out my referrals on Trulia and Zillow to see what my past clients have to say about working with me.

Bill McCormick
0 votes Thank Flag Link Tue Nov 19, 2013
There are many local credit unions that you can apply at, however, working with a mortgage provider who is local can give you alternatives to just the credit union. I have a list of several local mortgage providers that I can send you, all will attend settlement and make sure that the funds are available on the date of settlement. They can also compare rates for you as well as fees, because the mortgage is not only about the rate, but what other fees are being charged as well. Some mortgage providers will waive ceretain fees or give you a lender credit to reduce them.

If you have more questions feel free to reach out.
Nick Vandekar
Long & Foster Real Estate Inc
92 Lancaster Ave, Devon, PA 19333
Cell 610-203-4543
Office 610-225-7400
Check out my contact details:
Read our blog at

PA License AB067198
Web Reference:
0 votes Thank Flag Link Tue Sep 4, 2012
Citadel is open to everyone. Many others credit unions are available only to specific groups. They have a branch on Route 113 in Chester Springs near Redner's (and soon to be Limencello!) It's a great time to buy. Enjoy!
0 votes Thank Flag Link Tue Sep 4, 2012
Hi, I love working with first-time home buyers. My partner and I were there once, so I love lending my expertise. Credit unions are fine, but I wouldn't rule out getting another quote as well, or two. I have a mortgage banker who I have recommended in the past to great results. I would love to put you in touch if you will allow me. Please feel free to email me in the morning so we can begin a dialogue.

Regarding a 15 year mortgage, I would give that much thought as your payments are going to be substantially higher. While it's true you will save much interest over the years, unless you are 100% comfortable with the payment you are quoted, I would consider the standard 30 year as you do not want to be house poor and gosh forbid something changes in your financial situation (eg, one of you are laid off from work, etc).

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
267.507.2287 direct
856.979.5967 text

Member, National Association of Gay and Lesbian Real Estate Professionals (NAGLREP)
Web Reference:
0 votes Thank Flag Link Tue Sep 4, 2012
How does 15 year fixed at 2.75% sound? 2 separate lenders quoted that rate to my buyers. I will be happy to connect you with them.
Great way to start looking for your first home - getting clarity on the numbers and what to expect. That is one of the most important parts of my buyer consultation meeting. Let me know if I can be of assistance in helping you find the right house.

Bela Vora
Coldwell Banker Preferred - Exton
Office: 610 363 6006
Cell: (484) 947 3127
0 votes Thank Flag Link Mon Sep 3, 2012
It looks like you are in good shape to purchase a home with your credit scores, and with the money you have saved. I help many first time home buyers - beginning with a free informative consultation that will answer your questions - even those you don't know you have! I will guide you through the process and discuss every aspect, including mortgages. I have recently had 2 clients use credit unions and would be happy to share the information with you. I am a full-time Realtor and can work around your schedule. You can contact me at 610-220-7145 - I'm happy to help you make your first home purchase a great experience!

Mary Robins, Keller Williams Realty
0 votes Thank Flag Link Mon Sep 3, 2012
You have a number of different options (credit unions, mortgage bankers, mortgage broker, etc). I specialize him helping first time buyers and would love to speak to you. Please give me a call/email and I can point you in the right direction. In addition, if you are looking for current homes for sale, check out my website at

Stefanie Crea
Keller Williams Main Line Realty
720 West Lancaster Ave
Bryn Mawr, Pa 19010
Preferred: 484-459-9504
Office: 610-520-0100
Fax: 610-265-2089

Your Local Real Estate Expert
Providing Comprehensive Real Estate Services to Home Buyers and Sellers
0 votes Thank Flag Link Mon Sep 3, 2012
Hi there,
I actually have been helping a few first time buyers this summer with finding a great home for them. I would like to get in touch with you tomorrow if that is ok with you so I can get a better understanding of what it is your looking for. I'm an agent at Coldwell Banker Preferred in Exton, and we actually have a great in-house mortgage rep that works for us. He could be a really good starting point for you. Your credit score shouldn't be a problem at all, and a low student debt won't be a big problem either. Please email me when you get a chance with other questions you may have, and we can set up a time to talk about how I can help you into your new home !! Hope to hear from you soon, Take care
0 votes Thank Flag Link Mon Sep 3, 2012
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