Your best place to start is with those banks who have a history of investing in the community through home mortgages and small business loans. The are the "A" and "B" graded banks. Citi, Bank of America, Wells Fargo and Chase will have "F" grades.
Go to: http://www.BankingGrades.com (al)
Enter you zipcode or city and start calling.
Make sure you ask the lender, "Do you sell mortgages or bundle them in other financial or debt instruments.
Best of Success to You.
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041 - http://www.RealEstateMadeEZ.us (al)
Just like shopping for a car, you meet and shop around for the best professionals and financial programs.
Sylvia Morrison Keller Williams Princeton NJ
Please, explain what difference it makes to YOU the borrower if (and in 99% of the cases it is when, sometime even before it is even completed) the lender "sells out"/ Whether it be their entire ebusiness or just your loan? You have gotten the loan, the money, you asked for...you have made a promise to repay it...and nothing changes. In fact most of the time, you won't even know. the one "servicing" it - that is who you send your payment to and does all the accounting and adminstration on the loan - frequently stays the same. And in fact, it may well change if the lender decides to change "servicers". Not your business, not your concern.
What would make one safer - more secure - than another? If they go out of business, the day you got your loan, it doesn't change anything to you. YOU still owe the money to whomever takes over the business or whomever (even the bankruptcy judge) sells the ability to collect that DEBT (your promise) from you. Safe, secure? YOU are the one that has to be....they just give the money.
Yes, some lenders have an advantage to some buyers...those are generally (not always) the lenders who actually have their own funds, rather than borrowing themselves to give to you. But it makes little difference.
Why not do everyone a favor - do the safest thing possible FOR THE LENDER and all involved - don't borrow any money - don't get involved with anyone's business. You should concentrate on your own: You borrow money from someone or thing, you pay it back as you agreed to...thats it. YOU ARE THE ONE THAT HAS TO PERFORM AFTER THE CLOSING.
NMLS # 6395
Financing Kentucky One Home at a Time
Chad Barris nmls 69237
Senior Loan Officer
Heritage Mortgage Banking Corp.
25 Lindsley Dr. Ste. 209
Morristown, NJ 07960
(917) 439-7336 Cell
(973) 270-2442 Fax
2011 and 2012 NJ Monthly Five Star Mortgage Professional Award Winner
IF you would like the name of a few of their reps, just contact me via Trulia or my website below.
What matters is the interest rate, fees and terms of the mortgage. No matter who your mortgage note gets sold to during the 30 year term, they can never change those original terms.
Best advice: Shop rates, fees and terms of 3 lenders and request a Good Faith Estimate (GFE) and compare the numbers side by side from each GFE.
My Personal Tips & Tricks: http://www.RealTerrific.com
I have some potentially great news. Hopewell is an area that is eligible for a no money down USDA mortgage. In addition to that, the program will allow you to roll your closing costs into the loan, as long as the appraised value supports it, and the monthly mortgage insurance is substantially less that an FHA or conventional mortgage.
The program does have county income limits based on the total number of people in the household. For 1-4 people, the maximum is $93,450.00.
Please feel free to contact me for more info or help. You can also find more information by clicking the link below.