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Getting a Mortgage Borrowing money to buy a house. Let’s face it - it’s top on the list of concerns for most home buyers. Actually, it’s easier now than it ever was. Besides the standard 30-year fixed rate mortgage, and FHA and VA programs, lenders now offer many loans which allow buyers to comfortably afford not only their monthly house payments, but the down payments and closing costs, too. And if you are a teacher, police officer, nurse, or fire fighter, for instance, you may qualify for some special programs to help you buy a house where you work. Renting now? Here’s a great link to help you compare the benefits of home ownership with the costs of renting! MORTGAGE CALCULATOR Here’s the BIG word of caution. Choosing your mortgage lender from the Internet is, while convenient, a big gamble. Why? Well, sometimes people who say they are lenders really aren’t - they’ve set up a scam to get your personal information for identity theft. And sometimes, the loan officers are legitimate, but don’t quote closing costs correctly, resulting in you learning 2 days before settlement that you need thousands of dollars in cash more than you expected to complete your purchase. Web sites that promise to have 5-to-10 lenders compete for your business are genuine. However, the form you fill out to start the process allows each of those lenders to run your credit, and each time that is done your credit score drops - meaning you may no longer qualify for a mortgage with one of them - or any other lender. So, here’s Nellie’s list of lenders we’ve allowed to live. When you contact any of them, please tell them Nellie referred you. There are many other excellent lenders available - these listed are the ones we work with most frequently. We also encourage you to work with the lender who holds your existing mortgage, if you have been happy with them, or your bank. Feel free to ask us Nellie@MarylandHouse.com questions - often we know a loan officer at your lender or bank if you need a contact person. Kathy Malone - MetLife Home Loans -- 410-499-2900 Pam Evans - Prosperity Mortgage 410-715-2780 Prosperity Mortgage is a partnership between Wells Fargo Mortgage and Long & Foster Real Estate, Inc. Chuck Maggio - Signature Home Loans 410-715-4086 Of course, contact us for more information about coordinating the sale of your existing home with the purchase of your new one. |
NELLIE ARRINGTON, CRS |
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