I would like to apply for Loan to buy a single family home less than 100,000. what will be a good place to apply (bank, mort broker etc)?

Asked by Hferreiras, Brooklyn, OH Sat Feb 27, 2010

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Carol Cei, Agent, Maple Glen, PA
Sat Feb 27, 2010
Hello, Hector,

I would strongly advise that you speak to your bank or a direct lender. Mortgae Brokers are middle-men. Typically they will charge fees or higher rates so that they can get paid. A direct lender, like Cardinal Financial, Gateway-Funding, etc. has money to lend you and also deals with many different sources. They won't load you up with fees and your closing costs should be lower.

Please note that when you borrow less than $100,000, there is typically an extra fee because it is considered to be a "small" loan in today's world.

Good Luck,

Carol Cei
ReMax Millennium
215-379-1100 x1720
Web Reference:  http://www.carolcei.com
1 vote
Bob Smith, Agent, Warrington, PA
Thu Nov 1, 2012
Hi Hector

My advise to buyers is to begin before you are ready. Sure you want to have enough money saved or you want to wait for the big income tax check. Or whatever the reason. This is great but by delaying you may have to wait even longer. When you get the itch to buy contact your local bank or credit union and look into getting pre-approved for a mortgage. It not always a bad idea to get more than one quote. Be advised though this could lower your credit score a few points. This way you will know if you can even qualify for a mortgage. If you have any credit issues you can begin to correct them before you begin the process of buying a home. You cannot only shop interest rates.I recommend that you get a copy of all the lender fees they charge and make a comparison. In the long run you could be getting a lower rate but still paying more. As long as the mortgage is above $50,000.00 you should be ok. Many lenders will not give you a mortgage under that amount. Be advised that even though you are pre-approved with one lender you may still use a different lender to purchase your home if you find a better deal later.Not everyone will tell you this. I work with my buyers so they understand what they are paying. As a Buyers Agent I give my clients an education in buying a home. It's not about the sale. It's about having a satisfied buyer and knowing what is going on every step of the way. So Hector applying for a loan is easy. It's who you work with to buy your home that can make the difference. I am always available 24/7 by cell phone or e-mail to answer any questions you may have.

Bob Smith - Realtor Cell - 215-327-5856 (Best Contact Number)

E-mail - Bsmith@homestarrinc.com
Homestarr Realty Office - 215-355-5565
0 votes
David Zucker…, , Frederick, MD
Sun Feb 28, 2010
Hector don't forget USDA no money down financing which is avaible for parts of Montgomery County. With USDA assuming the seller pays your closing costs you can literally move in for the price of the appraisal report of $450. If the property isn't in a USDA eligible area then you can go with FHA with a 3.5% down payment and the seller can pay all closing costs as well. I am a Pennsylvania licensed direct lender and can be reached at (866) 552-5912.
0 votes
, ,
Sat Feb 27, 2010
Hi Hector, I'd be happy to assist you and to earn your business. I'm a mortgage banker. We lende our own funds. I'd be happy to analyze your credit, income, assets, etc. What area are you looking to buy? Have a good weekend! Feel free to give me a call or email me. 610 622-2212 or cbahnsen@mortgagenetwork.com
0 votes
Gita Bantwal, Agent, Jamison, PA
Sat Feb 27, 2010
Talk to more thank one lender. You can go on http://www.hud.gov and look up resources for buyers and learn about the home buying process. You can also look up hud approved lenders in your area. not all mortgage brokers do Fha loans and if Fha suits you best , you need to find someone who can do them.
Mortgage brokers work with different lenders so it is also a good idea to talk to one.
Web Reference:  http://www.gitabantwal.com
0 votes
Mitchell Hall, Agent, New York, NY
Sat Feb 27, 2010
A mortgage broker deals with many lenders and can find a lender/loan for your specific needs. A bank will sell you one of their loan products. In either case you should work with a local mortgage broker or mortgage banker. It is important to have a loan officer that will be there for you throughout the transaction.
0 votes
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