Sandra Smith| Guild Mortgage Company
Senior Mortgage Loan Consultant
NMLS #255924| NMLS ID #3274
Metro Bay East Branch - Kaiser Center
300 Lakeside Drive, Suite 130
Oakland, CA 94612
Cell Phone 510.301.0198
APPLY ONLINE: http://www.guildmortgage.net/sandrasmith
Download my new mobile website: http://m.guildmortgage.com/officers/sandrasmith
#kimblodgettrealtor http://#www.kimblodgett-realtor.com #mret #guildmortgagesandrasmith
I'm not going to try to sell you on any one bank/broker over another. There's no way, unfortunately, to save you from that research on your own. I just wanted to tell you that I host a free, 30-min homebuyer webinar once a month and the next one is May 7. If you want to learn the basics and go over some of the topics that are most requested by first-time buyers, think about stopping in and joining us. We'd be happy to have you! Registration/info link is below:
Some of these locally are Fremont Bank, Residential Pacific Mortgage and First Cal. There are many others but here are the things to ask for.
1) Do you underwrite your own loans? Some lenders farm out underwriting to the big banks then sell the mortgages back to them. If they do not underwrite their own loans, keep walking.
2) Does your bank have their own appraiser network? The large banks do but some of the smaller mortgage companies do not so the risk that you will get an out of area appraiser who knows little about your buying area is increased. This is one of the more common problem with buyers getting their offers accepted. Put differently, agents are worried that if the property doesn't appraise then the buyers will have to come up with the cash to make up the difference. If you don't have the cash, your offer gets sidelined for someone else.
3) Ask what sort of problems do see with your underwriters? This is a golden question because you will quickly know an honest answer when you get one. If someone tells you that they don't have problem or downplays the issue, walk away! You should get an answer something like there are many challenges in the market, (a) (b) and (c), some of which are market related some of which are buyer specific whatever the answer you should ask your relator of choice if the response makes any sense. This is area specific because what is a problem in Walnut Creek may not be in Santa Clara.
I started off my RE career as a Mortgage Broker/Banker. Once you read the post below you will appreciate why you would do yourself a BIG FAVOR by skipping past the Retail Banks you have listed above:
"Retail Banks vs. Mortgage Broker/Bankers"
Additionally, the following link will inform you of the very important distinctions between the three available "Pre-Approvals" you can obtain - I'm sure you will be able to select which is best for you:
If you would like a personal recommendation feel free to contact me.
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can raise fico scores within 3-4 days in most cases. You may qualify for 3% down conventional with a minimum 700 fico score and minimum 620 fico score for 5% down conventional with NO Mortgage insurance (Lender paid MI). You may also qualify for FHA 3.5% down or as low as half percent down with a minimum 580 fico score up to 417k and minimum 600 fico score up to $729,750 loan amount. Here is a needs list to gather for processing a loan approval, DU Approval or pre-approval letter to get out shopping for a home of your choice. http://tinyurl.com/9m2rsb2
Here are some links to study and consider that I offer.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
If you don't have a realtor, you can check this site for the realtors who have the most/best contributions/recommendations. Talk with at least 2-3 of them and see how we can help.
I usually recommend to my buyers to speak to two lenders: one with a bank like Wells Fargo, and one who is an independent mortgage broker.
There a re a number of Mortgage Lenders who you can use. I am with Prudential and our in House Lender is
Sr. Loan Consultant
NMLS# 346987 | DRE# 01873321
Cell 925.487.2354 | eFax 636.533.9643
He has great programs that suit everyone's needs and wants. Please email him and tell him I referred you.
In this market, you want the best loan program possible and someone that will fund your loan in the shortest period of time.
We are a broker/banker and have recently rolled out a solution that has been providing great resultst to our buyers...We call it "Keys on Time Guarantee".
This program guarantees to close the transaction on time, or the borrower gets $795 refunded to them. (we have never had to pay that money out so far)! We are the 27th largest non-depository Mortgage Bank in the United States, so we are closing our fair share of transactions.
We are closing these loans so quickly that we feel confident that we can help you write a contract that will stand out from the others; from reduced escrow days to the one of a kind "Keys on Time" Certificate that we provide to submit with your offer, and stand out from the crowd of offers.
Contact me if you want to learn more?
Mortgage companies are also a good choice. Large Mortgage companies. Also the loan officer you choose is a critical choice. Experienced and ethical working for a lender that offers all of the loan types. Very critical if you are a first time home buyer. Read Consultation Interviewing Loan Officers, on Your-Road-Home.com.
Trulia is also a good source of information. Gather up all the information you can carry. Than select the loan officer and lender. You will find agents and loan officers from your area offering their services on Trulia. A good source. If you are a first time home buyer be sure to read article #9 about the MCC tax credit for first time home buyers. Best tax credit ever. A first time home buyer is someone who has not owned their primary residence for the past three years.
Best of Luck, Stephen
John J Dutra, Sr. Loan Consultant
RPM | MORTGAGE
39644 Mission Blvd.
Fremont, CA 94539
CA DRE License # 00823740
NMLS # 248841