The First Step In Buying Your New Home...Loan Approval!

Try to make an offer on a home for sale in Alexandria, Arlington, or Washington DC without a loan approval and you'll get the 'deer in the headlights' look...from everyone! Sellers are savvy 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 approval letter has become a standard.

You may see explicit instructions in the MLS pertaining to loan approval. If you're looking at a foreclosure or short sale property, your loan approval may have to come from a specific bank in order for your contract to be considered.  Properties here sell quickly, and often receive multiple offers, that a loan approval is a must in order for your offer to be validated and deemed credible.

It's always best to get pre-approved for a mortgage so you 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.

We 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:

	Abdi Hirsi, Senior Loan Consultant Office: 703-538-4000 Cell: 703-713-1687 Email: AHirsi@MyFundingAgent.com
Banks only want the “perfect” borrower with the perfect credit, and barely put up with the rest. We specialize in opening the homeownership opportunity to as many people as possible. With access to over 100 mortgage funding sources across the country, we strive to formulate a home loan to fit your particular needs. Flex funding allows us to help as many people with as many different borrowing challenges as possible. If you have a ding or two on your credit, don’t despair. Call me for free consultation. I will help you improve your credit and rescore for better results. And ask me about these products and offers: 100% and over 100% loans immigrant loans • 100% interest only loans for stated income. • 40 year loans with scores down to 520. • Adjustable mortgages including Option Arms • High income-to-debt ratios (to allow you to buy more house) • And finally, ask me about our specials for Tamara’s clients only. ~
	Tom Stewart, Senior Loan Officer Office: 703-891-4532 | Mobile: 703-967-3041 Email: TStewart@JDMtg.com
With over 10 years in the real estate and finance business, I am a financing expert. If you are looking for a low/no money down program, please call me first. I specialize in these programs. Whether you’re buying your first home, your vacation home, or an investment property, I will help you secure the mortgage loan that will suit your long-term and short-term financial goals. My pledge: If I cannot find a loan program that works for you, I will work for you as long as it takes to get you on track to purchase in the very near future. ~
	Meghan Corbitt, Loan Officer Suntrust Mortgage Office: 703-813-4025 | Mobile: 571-344-1700 E-mail: Meghan.Corbitt@Suntrust.com
I believe that buying a home should be one of the most rewarding experiences of your life…that’s why I’m committed to helping you get home with less stress. My philosophy is to listen to my customer’s needs, and respond to those needs efficiently and effectively. I strive to build long-term relationships, so that as your lender, I will be with you each time changes in your life necessitate a home change. Many lenders can ‘get you a loan.’ My goal is to ‘get you the right loan.’ Suntrust is an award-winning mortgage lender with branch offices across the country. When you choose to work with me, you can look forward to the flexibility of a lender who offers over 450 mortgage products, plus the individual attention of an experienced loan officer. Be sure to ask about our 100% financing products, interest-only options and first time homebuyer products.   ~
	Timothy Curtin, Mortgage Broker, Vice President Office: 703.860.AMSI (2674) Ext. 222 Cell: 703.930.1765 Website: http://www.americorp-homemortgage.com Email: t.curtin@americorp-homemortgage.com
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¡¦ll 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; Hundreds of loan programs to choose from, including 100+% financing (no down payment loans), interest only, adjustable and fixed rate programs, less than perfect credit loan options, investment loans, etc.; Education, communication, and follow up throughout the loan process; Attendance at every closing to answer any remaining question; and, Special Offer: Mention Tamara's name and I will give you 25% off the cost of your appraisal. ~

* 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 a $7000 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 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 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 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 game of real estate, there are many obstacles for the buyer. Little or no cash, credit report discrepancies, misunderstandings of the process, and so on. It is imperative that you have a 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. They all disclose ALL fees pertaining to your loan UP FRONT. They all give 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. They all help you decide which loan program suits your needs.