The First Step In Buying Alexandria Virginia Real Estate...Loan Approval!
Try to make an offer on a home for sale in Old Town, Del Ray, Kingstowne, or Manchester Lakes without a loan
approval and you'll get the 'deer in the headlights' look...from
everyone! Sellers are savy enough to ask for it. It's even likely
that a purchase offer without a loan approval will not even be entertained.
Yes, the competition is that fierce and the mortgage approval letter has become an industry standard for showing homes and submitting an offer.
You may see explicit instructions in the Multiple Listing Service (MLS) pertaining to loan
approval and qualifying. If you're searching for Alexandria VA foreclosures or Alexandria VA short sales, your loan approval may have to come from a specific bank in order for your purchase offer to be considered.
It's always best to get pre-approved for a mortgage so you'll know
exactly how much a financial institution would be willing to lend
you before starting your home search.
A loan pre-qualification simply won't do anymore. If you've been
pre-qualified, you only know how much you might be able to afford,
but you won't know how much you can afford. Also, a pre-qualification
is a BIG red flag that your financial information has not been verified
by the lender...that's why you should continue with the full loan
approval. Sellers want to feel reassured when taking their home off the market, and making it unavailable to other ready buyers.
I work closely with a team of superior local mortgage lenders. We call them 'Our Lending Superheroes.' Please feel free to contact
any or all of them to find out how much house you can afford when buying a home in Alexandria VA:
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pATRICK CUNNINGHAM, VICE PRESIDENT
home savings & trust mortgage
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I grew up and still live in Fairfax County, Virginia. I attended Centreville High School and then proceeded to James Madison University on a baseball scholarship. At JMU, I studied Business with a concentration in Finance. Since graduating from JMU I have been involved in the lending, mortgage banking, and finance industry with a focus on residential home loans. My wife Krista also grew up locally and attended James Madison University. In 2010, Krista and I welcomed a new addition to the family and are now proud and still learning parents. I love to read and I play golf as much as I can. I look forward to meeting you and hearing about your goals.
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mark ellmore,
senior loan consultant
bank of america
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Mark is a veteran home mortgage consultant. Working from the Bank of America office in Kingstowne, his office is conveniently located for home buyers looking in the Alexandria area. Bank of America is a premier lender and offers a wide variety of options for buyers in various stages of life.
Bank of America offers mortgage loans for first-time buyers, VA loans for active duty and retired military, FHA insured loans, investment property mortgages, and more.
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Timothy Curtin, Mortgage
Broker, Vice President |
| Tim's Services: I have
every resource at my disposal to help you find the financing
option that best fits your needs and situation. Give me a call
to discuss your interests and I will develop a loan
program specifically for you. Selecting the right loan program
can save you thousands of dollars over the life of the loan.
Tim Offers:
- A single point of contact throughout
the transaction
- A free and easy pre-approval process
that will enable you to begin your home search immediately
- Education, communication, and
follow up throughout the loan process
- Attendance at every closing to
answer any remaining questions
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* TOP MISTAKES BUYERS MAKE WITH LOAN APPROVALS!*
1. Using an out-of-state lender for
your mortgage approval. Want to open a big, overflowing
can of worms, then this is the way to go. Many out-of-state lenders
and some internet ('Instant Loan Approval') company lenders are not willing to give you a Good Faith Estimate of your closing costs.
They'll give you a 'great rate', but won't disclose the fact that
they charge 3 points, a pre-payment penalty, plus an additional fee at closing to get that rate.
(Note: Not that there's anything wrong with that...but you should
know up front and not 15 minutes prior to closing!) And if you're
using a lender who is located on the West Coast, keep in mind that
you'll have to wait until 12 noon Eastern time before you reach
someone because of the three hour time difference. Think about this
if you have a morning closing, and your closing loan documents are wrong,
and you have your furniture on a moving truck waiting to move into
your new home!
2. Refusing to get approved with
a reputable local lender. Sometimes referred to
as #1. Smart sellers have smart, experienced listing agents representing them.
An offer submitted with an approval letter from an out-of-state
lender could send up a red flag. It may be a condition of contract
acceptance that you are approved by a specific lender. It's also
in your best interest to have a responsive lender working on your
behalf. If we (or the listing agent) would like to verify information,
it would be better to speak with someone live.
3. Not getting a Good Faith Estimate of Closing Costs. This is very important. You have
the right to know all of the fees that the lender expects you to
pay. You should shy away from any lender who refuses to provide
this information to you or to me as your buyer's agent. Your total payment includes PRINCIPLE, INTEREST, INSURANCE, TAXES, AND HOA/CONDO FEES. This breakdown should be included on your Good Faith Estimate of Closing Costs so that you know your estimated monthly housing expense. In addition,
any knowledgeable local lender will also have the current recording
fees and title insurance fees included in their estimate. Out-of-state
lenders will have this one wrong 99% of the times, which could cost
you thousand$$$ more unexpectedly at closing. Any lender who does not offer to provide you with a Good Faith Estimate of Closing Costs may be suspected of predatory lending practices. Bottom line, any type of failure to disclose fees and costs to secure a mortgage should raise an eyebrow.
In the homebuying process, there are many obstacles for today's buyer to overcome.
Little or no cash, credit report discrepancies, misunderstandings
of the process, and so on. It is imperative that you have a top Alexandria, VA REALTOR® supported by trustworthy, reliable, competent, and responsive loan
officers. (I CAN'T STRESS THIS ENOUGH!)
You can choose ANY mortgage company, and ANY loan officer to service
you and your loan. However, there is a reason why we have selected
these exceptional loan officers. They are all honest, ethical, and
will provide first class service to you. They all use technology
to help make the process easier for you. All have online services,
check email daily, and are responsive to your questions and concerns. They all disclose ALL fees
pertaining to your loan UP FRONT. They all provide you a GOOD FAITH
ESTIMATE of your closing costs UP FRONT. After your contract has
been accepted, they all give you an UPDATED GOOD FAITH ESTIMATE
to reflect your sales contract. Each of these lenders can help you decide which loan
program best suits your needs. |
