Recommended Mortgage Broker in Virginia Beach?

Asked by Jeff, Virginia Beach, VA Mon Apr 25, 2011

Can anyone recommend a broker in VA Beach that is reliable and trusted? I may get an online mortgage, but I want to give the local guys a chance at meeting online rates also.

Also, what is the current minimum down payment requirement?

FYI, we are looking at a $400K max loan and buying within 90 days near the 23455.

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Answers

28
Robert H. As…, , Virginia Beach, VA
Sat Mar 2, 2013
Jeff,

Julie mentioned me and Nick in her recommendation... And yes I would also recommend myself, but to be of service to you please consider searching for a local lender that works for a firm that will take your application face to face, process, underwrite and close your loan locally and start your search at http://www.vhda.com for an approved mortgage lender. Yes I am on that list and I work for a local firm that will take your application face to face, process, underwrite and close your loan locally. If you are looking for an agent I also would recommend Julie Butler http://www.williamewood.com/juliebutler and her Team members Don Maclary http://chooseahomenow.com/ and Tabatha Evans http://www.williamewood.com/tabathaevans . To your question what is the minimum down payment - painfully it depends. If you have eligibility for a loan program guaranteed by the veteran’s administration you would not be required to make a down payment. Many factors will determine what loan program will be best for you and what sort of pricing you will receive for each respective loan program such as your cash available for down payment and closing cost, credit scores, total proposed housing payment (Principal, Interest, Property Taxes, Homeowners Insurance, Mortgage Insurance, any Association Dues or Special Assessments) divided by (total net effective gross monthly income) better known as the Front Ratio. Lenders will also take a look at (total proposed housing payment and add that payment to all of your monthly contractual obligations) and divided that figure again by your (total net effective gross monthly income) to arrive at your total debt to income ratio better known as your Back Ratio. In general a VA loan does not require a down payment within conforming county loan limits, FHA loans requires a minimum of 3.500% as a down payment, Conventional loans can be obtained with as little as 3.000% for a down payment depending on credit scores, front and back ratios restrictions and availability of private mortgage insurance. I hope this helps

Robert H. Ashburner, Jr. – Loan Officer
NMLSR 607856
Monarch Mortgage
2809 South Lynnhaven Road, Suite 200
Virginia Beach, Virginia 23452
(757) 390-2235 Direct Line
(757) 652-5851 Mobile
(757) 390-2335 Direct Fax
http://www.monarchmortgage.com/rashburner.php WEB
0 votes
Douglas Allen…, Home Owner, Suffolk, VA
Fri Mar 1, 2013
Tony Reese of Stellar One
0 votes
Julie Butler, Agent, Virginia Beach, VA
Thu Nov 29, 2012
I can highly recommend these two mortgage brokers:

Nick Russo with Towne Mortgage. He can be reached at (757)241-0858

and Robert Ashburner with Monarch Mortgage. He can be reached at (757)652-5851.

Both of them have worked very well with my clients.
0 votes
Jeffrey Bagd…, Agent, Virginia Beach, VA
Fri Nov 2, 2012
Mark I would absolutely recommend Rich Kunze at First National Bank of Layton, over 30 years experience, great rates and he helps eliminate a lot of the confusion in todays market.

In the price range you are loooking at an FHA loan would require 3.50% down, however Rich may have some products that are better suited to your needs. Give him a call at 757-270-1346, I'm sure he will give you great service and clear up any questions you may have.
0 votes
Mark Edwards, Agent, Suffolk, VA
Wed Sep 26, 2012
Jeff,

Our company has had great success with Val Parnell and TowneBank. Her contact info is:

Val Parnell
TowneBank Mortgage - Your Hometown Mortgage Lender
Vice President
600 22nd St.
Virginia Beach, VA 23451
(757) 417-6478 Office
(757) 749-2181 Cell
(888) 637-1321 Toll Free

Hope this helps!
Mark
0 votes
Diana Vargas, Home Owner, Orange Park, FL
Wed Jul 11, 2012
I can personally recommend Priscilla Small Peaks,
Wells Fargo Home Mortgage Consultant, 860 Greenbrier Circle, Chesapeake, VA 23320
Tel 757- 361-5007 | Toll-free 866-788-7093 | Cell 757-717-2224 | Fax 866-639-0192
She is very diligent, honest and trustworthy and looks out for your best interest. I purchased with her and refinanced not too long ago. She did lots of research of my options before I decided which loan to choose for my 23455 home. 100% recommended. I just don't get a good feeling about the "online sites". You never know who/what your dealing with and there's so much room for fraud.
Diana Vargas
0 votes
Kevin Monette, Agent, Virginia Beach, VA
Fri Jul 6, 2012
Jeff,
You will love it here in Virginia Beach and I would love to assist you and your family. A local loan officer is very important to be able to sit in front of them and handle any details, during this process. I have a great loan officer, that works hard to ensure that every deal works as smooth as possible and I must say, he beats everyone's rates.
I know and work that zip from THOROUGHGOOD down to CHESAPEAKE BEACH (Chick's Beach). So contact me and I can arrange showings for you and make this a simple and easy transition. Thanks for the question.

Kevin Monette
William E. Wood At The Mall
757-735-2628
monette_55@yahoo.com
0 votes
Russell Brya…, Agent, Virginia Beach, VA
Sun Jun 17, 2012
Jeff, I use many different lenders in my daily real estate deals, however, I would with great pride recommend, Toby Harris with New American Mortgage. The company was a local company that has grown by leaps and bounds throughout the US in recent years and provides its customers with unprecedented service and fast closings. I have had them personally close some loans within less that 15 days. This is unheard of in the industry. I hope that this information helps and should you have any further questions, feel free to give me a ring.
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Sun May 20, 2012
Jeff,

Congrats on the upcoming purchase. If you would like to compare rates, programs and fees just let me know. I am not a net lender per se just not local to VA Beach. Just be wary of the net companies to a point. My example is say I quote you 4% some local guys say 4% and 3.875% etc. All around the same range with similar costs and Abc Mortgage from far away says 3.5% that's a red flag to me. Specify you want zero points to try and keep them honest. Good luck.

Thanks,
Brent Mendelson
1st Mariner Mortgage
Nmls#111407
0 votes
Lori Jeltema, Agent, Suffolk, VA
Sun May 20, 2012
Hi Jeff, welcome back to your buyers' market. I've seen your posts for some time now. There are plenty of great places like Ocean Park, Baylake and new homes in Sajo. If you are thinking about including short sales in your search, you'll wan to give yourself some wiggle room around those 90 days. I've used T. Rutherford at Wells for my own purchases recently - 286-6009 cell. I'm very picky when it comes to rates/fees and have been happy with the results. If you are looking at new construction, the builder may offer incentives for using the preferred lender (i.e. cc incentives ) so you I would have a couple local people that you can bounce some quotes off. I've prefer local since it's easier to get ahold of them and get last minute help on a transaction.

Your down payment will depend on what type of loan you get and will vary so you won't get a clear answer unless you talk with a few people. Good luck, I know you've been following the market for a while. We recently moved from the Peninsula to Southside - prices are really good. If you need help, drop me a line. If not, best wishes!
0 votes
Holly Fisher, Agent, Virginia Beach, VA
Sun May 20, 2012
Hey Jeff,

You have received some really great responses from many great, local real estate experts. Have you picked up the phone yet to schedule a time to meet a Realtor in person? It's the perfect opportunity to interview them - find out how they work, what their scope of knowledge is, if they can make time for you and how well they communicate. You'll know in the first few minutes if you have made a connection. Trust your instincts and then hire someone soon. Inventories are dropping and great houses are selling quickly in our area. Like I said, hire an advocate and then take advantage of the opportunities that are in front of you.

You can reach me at 757.404.5387 if need my assistance.

Best wishes!

Holly Fisher, Realtor
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon Apr 25, 2011
Jeff,
Sorry didn't really answer your question. Min down payments.
VA- Zero down payment
FHA- 3.5 down
Conv-3 to 5% depends on your credit and a few other things.
Hope this helps
0 votes
Jacob Orbach, , Virginia Beach, VA
Mon Apr 25, 2011
Hello Jeff,

I'll make it very short... I use Lisa Wynkoop from Atlantic Bay Mortgage. She has given my clients outstanding service during my 9 years of servicing my real estae clients.

Jacob Or-Bach
Asociate Broker
William E Wood and Associates
Web Reference:  http://www.jacoborbach.com
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon Apr 25, 2011
Jeff,

I am perhaps a little of both local and online. I work for Monarch Mortgage a division of Monarch Bank. Our HQ and banking interests are right there in VA Beach. I work in Rockville MD though. All aspects of your loan from start to finish will be done right here in Rockville. That's a good thing and not all lenders do it that way. It's a question you should probably ask prospective lenders. Take a look at my site on Trulia and also on Monarch. I highly recommend googling any loan officers name and also the company to see a history and any complaints lodged. References are available upon request. I work locally and also over the net and I treat my clients the same whether I meet them or not. My advice is talk to 2-3 lenders and see the following. Rates, fees, general feeling of trust and similar goals. Also make sure you compare apples to apples. Some lenders charge points give rates based on unrealistic timelines etc. Bottom line, trust but verify what we all tell you. I hope this helps and please feel free to contact me if you would like to take the next step. Thanks
0 votes
Kevin Monette, Agent, Virginia Beach, VA
Mon Apr 25, 2011
Well Jeff,
As you see you have asked a question that has created a frenzy.
I work as an agent for William E. Wood At The Mall and I have been using a loan officer here locally, that is really kicking everyone's rates. His name is Matt Beckwith and he repersents New American Mortgage. His cell number is 757-752-1759. He is beating everyone's rates as I said. Tell him you are calling because of Kevin Monette and he will ensure that you are taken care of.
I would also love to earn your business. There are ton's of homes on the market to choose from and it's still a great time to buy. Let me know how to assist you through this process and let me take on all the stressful issues. My cell number is 757-735-2628 and my email is monette_55@yahoo.com.
Thanks for the great question.
0 votes
Heather Hope…, Agent, Southern Pines, NC
Mon Apr 25, 2011
Jeff,

Hello again. We talked a couple months ago about the prices dropping in the 23455 zip code. Guess what?...they are still falling... If you want to stay of away from Mortgage Insurance or MI then you need to put at least 20% down on a conventional product. If you don't mind paying MI then the answer is 3.5% for FHA and 5% for some conventional products. Since prices are still dropping then putting down a small down payment on a loan that size can prove to be dangerous. You buy now and by next year you are already underwater. As you know from our previous discussion I am pretty methodical. I've used just about every lender over the years...my colleagues have all recommended some good lenders. I like to use

Paul Murdock
New American Mortgage
757-971-2244

and

David Burchett
Wells Fargo
757-773-8545

Don't go the online route...those are usually the bait and switch...they lure you in with ridiculously good sounding terms and then change it up at the 11th hour. I also recommend getting 2 - 3 different quotes and make sure you get a Good Faith Estimate (GFE) so you can compare apples to apples...never take a verbal quote. Get it on paper. They are required to send you a GFE within 72 hours of application. Remember though that it's called a Good Faith ESTIMATE for a reason. They can't lock you into a rate until you have an accepted offer on a property. Most can lock you in for 60 days and I think Wells Fargo can lock you in for up to 120 but it costs a little money. The 30 yr fixed is usually driven by the 10yr Bond yield and it's down today...It's all about the cost of money...prices could drop another 10% this year but rates could increase by 1% at the same time. Over a 30 year period you are better off getting a low rate based on the amount of interest you'll save over the life of the loan. For example:

Getting a mortgage now for 400,000 @ 4.75 over 30 years you will have a pre-tax payment of 751,172 and a post-tax payment of 621,238

If you bought the same house next year for 360,000 at 6.00% over 30 years you would have a pre-tax payment of 777,017 and a post-tax payment of 693,614

That's a post-tax savings of over 72,000 over 30 years...need I say more. Hope this helps!
0 votes
Julia M. Bel…, Agent, Williamsburg, VA
Mon Apr 25, 2011
Hi Jeff,

I work for Prudential Towne Realty. I recommend you give Lauren Ferrer a call of Monarch Bank. You can reach her on 757-407-4500. We both work 7 days a week and evenings.

Lauren can give you all the answers you need over the phone, so no need to make a special trip. She is a Senior Loan officer, very well experienced and Monarch Bank has many different loan packages to offer right now. the minimum down payment is going to depend on the type of loan you qualify for. Lauren will be able to advise you on this also.

If you need an experienced agent, please call me anytime on 757-567-1937 or email me for free listings julia@virginia-homes.info

You can search my website at http://www.virignia-homes.info too

I hope to hear from you.

Julia Bellucci REALTOR, IRSP
0 votes
Robbin Faval…, Agent, Virginia Beach, VA
Mon Apr 25, 2011
Whoops! James Ballou with Advance Mortgage can be reached at 757-672-1151. Good luck! Robbin
0 votes
Robbin Faval…, Agent, Virginia Beach, VA
Mon Apr 25, 2011
Hi! Your minimum down payment will depend on what type of loan you are getting, but I can recommend a great loan officer, James Ballou with Advance Mortgage. James' gift is that he is very patient and will review many different scenarios with buyers to find the loan product that best suits their needs. All of my buyers who have met with James have used him and all have been extremely satisfied. He writes for Wells Fargo and will get you a great rate! If you would like references from my clients, please give me a call at 757-572-1390, I'd be happy to help. Good luck!! Robbin
0 votes
Bob Reid, , Virginia Beach, VA
Mon Apr 25, 2011
Patrick Steele, with Wells Fargo, I have been working with him for the past 9 years, very satisfied with his knowledge of the ever changing lending regulations.
Of course if you qualify for a VA loan that would be least down payment as it is 100%, unless you are a first time buyer then possibly the VHDA program which can be 100% financing and no down payment.
He can be reached at 757-287-9082 at his cell or patrick.w.steele@advancemortgagecompany.com.

Bob Reid
757-407 3642
breid@roseandwomble.com
0 votes
Carlos Cardo, Agent, Virginia Beach, VA
Mon Apr 25, 2011
I have used Lori Donnelly for over 4 years now for the majority of my clients, my own refinance and my daughters home purchase. Whether you are looking for a conventional loan, FHA, VA, or have a specific question give her a call. Her direct line is 757-677-6768. Her website is http://www.LoriDonnelly.com
Let her know you are shopping around and she is great with the competition. She will not low ball the interest rate, nor the closing cost estimates. There are far too many borrowers surprised at the actual interest rate and closing costs after getting an initial low ball "Probable" statement!

She is with Atlantic Bay Mortgage is easy to speak with and excellent in explaining terms and conditions. Remember surprises are great for holidays and birthdays, NOT for loans.
Good luck!
Web Reference:  http://www.LoriDonnelly.com
0 votes
Rhyan Finch, , Virginia Beach, VA
Mon Apr 25, 2011
We have many Fannie Mae properties available right now that are offering 3.5% closing cost assistance to all owner occupied buyers if closed by 06/30/11. Give one of our agents a call for details or if you are already working with someone, ask your agent to call our team for a list of our Fannie Mae properties!

Thank you !
Rhendi @ the Finch Team! 757-255-8289
0 votes
Kathryn & Ga…, Agent, Virginia Beach, VA
Mon Apr 25, 2011
Your down payment depends on the type of loan product you go with. If it's an FHA loan, then your minimum down payment is typically 3.5%. If you're military and qualify for a VA loan, then you will have a $0 down payment. If you decide to go conventional, then the minimum down payment is typically 10%.

Kathryn Sharpe #757-692-1964.
0 votes
Tammy Hopkins, Agent, Virginia Beach, VA
Mon Apr 25, 2011
Hi , my name is Tammy Hopkins, Realtor,ASP,GRI, STAGER wth Long and Foster in Va. Beach. I can guide you in the right direction for financing. I can assist you with finding your home along with providing excellent service. Please call me at 757-348-6128 at your earliest convenience. Regards, Tammy Hopkins, tammy.hopkins@longandfoster.com Licensed in the Commonwealth of Va. Equal Housing Opportunity.
0 votes
Anthea Thomas, , Virginia Beach, VA
Mon Apr 25, 2011
I am an agent and I am recommending Kevin Warren with McLean Mortgage Corporation. His direct number is 757-237-4920. Very straight forward person! Good luck!
Web Reference:  http://Www.homesbyanthea.com
0 votes
Brian Duncan, Agent, Virginia Beach, VA
Mon Apr 25, 2011
Local is the way to go. Online brokers/out of state bankers work only certain hours and sometimes are not as reliable. Go with a local mortgage rep that you can meet in person, get a cell phone # for, and who will give you the same rate as the online guys. Aaron Giarrana closes loans for many of my clients. Good Luck!

Aaron Giarrana
Union Mortgage Group, Inc.
A Union First Market Bankshares Corporation Member
582 Lynnhaven Parkway, Suite 300
Virginia Beach, Va 23452
Office - 757.351.6364
Direct Line - 757.636.1171
Fax - 757.351.6471
Aaron.giarrana@union-mtg.com
0 votes
Kathryn & Ga…, Agent, Virginia Beach, VA
Mon Apr 25, 2011
I would recommend Mary Beth Bracken at Advance Mortgage (Wells Fargo) #757-306-8695. She's been in the business for almost 20 years and if very knowledgeable about available loan products. I also recommend Brad Schloss at Towne Bank #757-589-8872. I'm a Realtor and have worked with both for the past 6 years.

Do you have a Realtor that's helping you with your Home Search? If not I would love the opportunity to help!
(View reviews at zillow.com)
0 votes
Rhyan Finch, , Virginia Beach, VA
Mon Apr 25, 2011
We have two local mortgage brokers that we recommend to our clients!! James Walrod at Union Mortage Group & Nathan Techanchuk at New American Mortgage. I've added the link with their information so you can contact them to see which one could meet your needs. If you need assistance with finding the right home please call us - agents are on duty 24 hours a day, 6 days a week ! 757-255-8289.

Thank you so much!
RE/MAX First - The Rhyan Finch Team
0 votes
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