Home Buying in Randallstown>Question Details

Shannonchugh…, Home Buyer in Glen Burnie, MD

With a credit score of 634, who would be best to use in purchasing a home? A bank? Credit Union? Or a mortgage lender?

Asked by Shannonchughes, Glen Burnie, MD Sun Jun 2, 2013

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Hello Shannon,

First things first! If that is your middle score , you need to bring it up to at least 650 or better. Unless "time is of the essence", put yourself in a better position rate wise and increase your score. It's worth it!. Use a direct lender if you can. Hope his helps.
1 vote Thank Flag Link Sun Jun 2, 2013
Shop around for a mortgage broker that can explore your financing status and see if is possible to obtain a mortgage loan for you. Mortgage brokers have access to many banks, private lenders and different programs.

It is not surprise, that a higher down payment will help you to qualify for that loan.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Tue Oct 1, 2013
Hello Shannon,

I would agree with Keith Parker who recommended trying to see if there are things that you can do to bring your credit score up so that more options will be available to you. This would also result in lower mortgage insurance premiums if you are planning on putting less than 20% down.

I can help you with this and am very familar with the Glen Burnie, MD and surounding areas.

You can reach me on my cellL 202 573-6035 or go directly to my online link and fillin your application so that I can determine which is the best route for you to go as far as financing is concerned.

Generally, credit unions require a higher credit score than most bank programs - and sometimes their processing times for home purchases can exceed contract guidelines - good to check with them if you are a member on the time it takes them to process the loan once a ratified contract is received. A mortgage broker is able to search various banks for you and determine which one can get you the best programs and rates.


Catherine Purcell
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
cell 202 573-6035

Over 25+ years of experience in real estate and mortgage lending - focusing on educating my clients so that they can make the best informed decision.
0 votes Thank Flag Link Mon Jun 3, 2013
Please also consider, every time when lender running your SSN, your credit score bit affected.
If you running few times it is fine but make sure that your are not running you SSN too many times with too many lenders.
With respect
0 votes Thank Flag Link Sun Jun 2, 2013
Hi Shannon,

I would recommend trying all three to see who provides you the best rates and services for what you need. if you need any assistance feel free to contact me.

Good luck
0 votes Thank Flag Link Sun Jun 2, 2013
Hello Shannon!

That's a great question. All three have served buyers well in obtain home loans. It really depends on your unique situation and the terms that each institution/entity is able to offer you based upon your credit history and who you feel comfortable with.

If you have a relationship with your bank and/or credit union, then start there. If you know of someone personally who's had success using a mortgage lender, then set-up an informational meeting/interview with that person.

Most importantly, don't put yourself in the position to feel pressured go with a particular person. In addition, don't feel rushed. This is an important decision, so making an informed decision is the objective.

If you have additional, questions, please feel free to reach out to me.

Bridgette "Kyria" Chase
0 votes Thank Flag Link Sun Jun 2, 2013
Hi Shannon,

If you are working with a real estate agent be sure to ask them who their preferred lender is. They can usually point you to the very best deal. We've worked with Pete O'Donnell at First Home Mortgage for almost 15 years and have found that he consistently beats the competition on rates and terms. You can reach him at (410) 299-2034. He is a credit to his industry!
0 votes Thank Flag Link Sun Jun 2, 2013
It varies; with, YOU!
You should probably apply at all three and compare the GFE's.
0 votes Thank Flag Link Sun Jun 2, 2013
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