Comments for Ask a Loan Officer | Maryland, Virginia, D.C.

Comment on Subject*REFINANCE HRP by Brent-Mendelson

Brent-Mendelson — Fri, 03 Feb 2012 23:27:33 +0000

Thanks for inquiring on the site and the live chat today. Rates did rise as I mentioned so if you like I recommend calling or emailing one of us to compare apples to apples on Monday.
If the rate is locked you may wish to stay with Chase. They are generally a little more plodding than smaller banks like us but if you have gone a certain distance it could make sense. Either way happy to look and make sure you have the best deal possible.

Thanks,
Brent Mendelson
Monarch Mortgage
nmlsr#111407

Comment on Subject*REFINANCE HRP by Stuart-Hall

Stuart-Hall — Fri, 03 Feb 2012 22:30:56 +0000

Thank you for your inquiry. Based on the info you provided, the proposal seems to be a fairly good one. Today, the bond market closed in the wrong direction (i.e increasing rates), so you may wish to take advantage if the rate still exists.
Thanks,
Stu Hall

Comment on Construction Loan by skip

skip — Thu, 02 Feb 2012 22:07:15 +0000

Thank you for your question. Do you currently own a home that has some equity in it? If you do that equity could possibly be used as the down payment. Outside of that lenders are requiring 20% down. I haven’t heard of a 10% down construction loan, but if there is that will be your best option.

Skip Kittleson
Access National Mortgage
NMLS# 658891
301-252-7924

Comment on Construction Loan by admin

admin — Tue, 31 Jan 2012 19:55:55 +0000

The lowest down payment requirement I’ve seen is 10% through Brent Mendelson at Monarch. More details here:
http://www.choicefinance.net/blog/2011/10/construction-to-perm-loan/

Comment on FHA Loan by skip

skip — Wed, 25 Jan 2012 22:31:44 +0000

With your loan size you will have to use a jumbo mortgage product, not FHA. The rate will be slightly higher but will probably be worth refinancing anyway. Jumbo loan products usually require 20% equity in the property as well. Some lenders I know will go up to 89.99% loan to value however. What is the approximate value of the property?

Skip Kittleson
NMLS #658891
301-252-7924

Comment on FHA Loan by skip

skip — Wed, 25 Jan 2012 22:30:37 +0000

Comment on FHA Loan by Brent-Mendelson

Brent-Mendelson — Wed, 25 Jan 2012 19:24:56 +0000

You should be able to refinance. Are you currently in an FHA loan now? Well I checked something. The DTI should be fine. But the limits for FHA in Randolph county is $271,000
NC limits are much lower than the DC area. Sorry but I don’t see a way around that. Conventional limits won’t go that high either.

Comment on State transfer tax by Eric-Strasser

Eric-Strasser — Wed, 18 Jan 2012 15:39:05 +0000

Tejas – thank you for your question and for reaching out to me directly. As we discussed, in Montgomery County Maryland it is normal and customary to split transfer taxes 50/50 between the borrower and seller unless negotiated differently in the contract. As a 1st time homebuyer, your 50% share of the state transfer tax (.25% of the sales price) is waived by the state. If the contract was written with you the buyer paying 100% of transfer taxes as many builder contracts are, then the credit you are receiving from the builder will cover all the remaining transfer and recordation fees attributed to both you and the seller on the HUD1. It comes down to the way the contract was written and it is the settlement agents responsibility to make sure that your credit is applied in accordance with the written contract. Good Luck today with your settlement. Should you ever need any mortgage help in the future, please give me a call.

Eric Strasser
NMLSR# 111971
301.517.5434

Comment on Subject* Refinance by Brent-Mendelson

Brent-Mendelson — Tue, 17 Jan 2012 20:40:37 +0000

Harford County,

Based on the numbers you provided it could be as low as 3.375% to 3.75% based on the equity and type of loan you choose. The 15 or 20 for example. This is not a rate quote just a range of possible rates with no points attached to them. For exact rates you need to contact one of us. There are three parts to closing costs. Bank fees, attorney fees and escrows.
I can walk you thru each one and try and get them as low as possible. Taxes may apply also based on the type of loan. I am a former Choice Finance employee as well and would be able to talk via email or phone whenever you have a few minutes to compare. If you like you can fill out a no cost, no obligation application so I can give you more accurate numbers. The site is http://www.monarchmortgage.com/bmendelson

Thanks,

Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
http://www.monarchmtg.com/bmendelson
nmlsr#111407

Comment on Subject* Refinance by Eric-Strasser

Eric-Strasser — Tue, 17 Jan 2012 17:19:47 +0000

Dear Hartford County – Craig Coleman retired from Choice Finance at least 4 years ago if not a little longer. Rates are much lower than your 5.75% currently. 30 year rates are just under 4% with 0 points and 15 year rates are in the mid 3% range. We would need to learn more about your specific situation to determine where your rate options are. My lender fees are $714. I’m guessing if your equity is still in the 75% range and your credit score is at 800+, an appraisal will most likely not be required saving you that additional fee. Call me at 301.517.5434 to discuss your situation. I have access to Craig’s old files hopefully making the process more streamlined for you. Hope to hear from you soon.

Eric Strasser
3015175434
NMLSR#111971

Comment on Construction loan reques by skip

skip — Wed, 11 Jan 2012 15:21:08 +0000

Finding construction financing for a Church can be somewhat difficult. Your best bet is to reach out to a community bank or the commercial side of a larger national bank. With that said, your best options will probably be with a bank located in your community or within your regional location. Depending on your location Access National Bank may be able to help. Please contact me with questions.

I hope this helps and best of luck.

Skip Kittleson
Access National Mortgage
301-252-7924
skittleson@accessnational.com
NMLS #658891

Comment on No $ down VA construction by skip

skip — Fri, 06 Jan 2012 16:49:01 +0000

Hello and thank you for your inquiry. It is very unlikely any lender or bank would consider a 100% VA construction loan currently. If you had some assets to use as a down payment, or if you had equity in a currently owned property, that equity could be used as collateral during the build phase. If you do own a property with equity it would be required that this home be sold at the end of the build period and that equity be used in the permanent loan.

I hope this helps.
Skip Kittleson
Access National Mortgage
301-252-7924
NMLS #658891

Comment on No $ down VA construction by admin

admin — Fri, 06 Jan 2012 02:27:31 +0000

How about a no money down VA loan, but buy a home that is already built? You can still buy a newly built home this way. Otherwise, start saving for your downpayment while you continue to look for your land & county permits, , & hire someone to draw up your plans.
With a construction loan, you will need a minimum of 10% down. Most lenders require 20%, but I know one of these loan officers to the right has one that will let you put 10% down. A no money down construction loan doesn’t exist..
Good luck..!

Comment on wanting to refinance by Michael-Parsons

Michael-Parsons — Thu, 05 Jan 2012 22:52:19 +0000

Thank you for your refinance inquiry. Much like my colleagues above have stated, there are a number of cross referenced checks that are done to confirm a property is in fact ones primary residence. Any discrepancies can be grounds for an immediate credit denial and possible insinuation of loan fraud. Obviously in today’s environment, any misrepresentation are severely frowned upon.With regards to which lender you work with, rates and price should be very consistent. A great way to confirm is by comparing the APR from competing firms. My personal recommendation would be to work with someone your are comfortable with, who has been recommended by someone who has already conducted business with that person and/or someone that can furnish references immediately upon request. I certainly encourage you to move forward sooner rather than later as rates have already begun the assent up. I would certainly appreciate the opportunity to be one of those competing for and ultimately earning your business. Best of luck.

Michael C. Parsons
Chairman
Apex Home Loans, Inc.
240-268-3053
NMLS # 13403

Comment on wanting to refinance by Stuart-Hall

Stuart-Hall — Thu, 05 Jan 2012 22:40:11 +0000

I agree with the comments made by Eric and Skip. Anyone of us on the website can provide you with all the detailed information/rate info you might want. Feel free to contact us directly.

Stu Hall
301.526.8612
nmls #137009

Comment on wanting to refinance by skip

skip — Thu, 05 Jan 2012 22:27:29 +0000

Hello and thank you for your inquiry. You don’t usually have to prove a property is your primary unless it appears as if you’re renting it to someone. Is there a specific reason you’re asking the question? I assume you live in the property currently.

I would talk to several mortgage companies and choose the one which answers all of your questions and takes the time to explain the application process. Choose someone that you feel is treating you well and provides a competitive quote. Following your bank from years past is not in your best interest. The mortgage landscape has changed over the last three years and some banks and mortgage companies are more competitive and more competent than others.

You shouldn’t have to talk to very many Loan Officers and I would be happy to speak with you.
Skip Kittleson
Access National Mortgage
301-339-7816 xt 252
skittleson@accessnational.com

Comment on wanting to refinance by Eric-Strasser

Eric-Strasser — Thu, 05 Jan 2012 22:26:41 +0000

Thank you for your questions. Your primary residence is documented through a varity of means. It is traditionally the address printed on your drivers license, bank statements, paystubs, and tax returns. There are also verification methods utilized by the banks during the processing of a loan application that might identify a property as other than a primary residence when the borrower is suggesting it is. In these rare instances, you would have to provide supportive documentation as evidence it is in deed your primary home or the loan would have to be underwritten as an investment property (if the lender didn’t out right deny the application for misrepresentation). Staying with you current bank is no less a “hassle” than starting over with a new lender. The mortgage industry requires new updated documentation on all loan applications. There aren’t any shortcuts your current bank can take to make your life easier other than having your previous application on file with your social security number, birth date, etc. that you have to now provide to a new company. You’ll still have to give your old lender new paystubs, bank statements, lender fees, and escrows to set up a new loan just as you would a new lender. Unless you have a great relationship with a particular loan officer at your old company, test the waters on a new relationship. You might have a better experience and possibly better terms as well. Rates are great – you should move on starting your refinance now. I invite you to give me a call to learn what options you have.

Eric Strasser
301.517.5434
NMLSR# 11971

Comment on foreign national loan by skip

skip — Thu, 05 Jan 2012 22:16:35 +0000

Hello Mr. Kloppers and thank you for your inquiry.

A B1/B2 visa is acceptable in this situation and there are lenders that can help you right away. However, are you a US Citizen living and working in South Africa or are you a South African Citizen? The difference between the two is big.

We can provide financing for Foreign Nationals as well as Resident Aliens with certain types of Visas, but before I go into further detail it would be nice to have clarification.

Please feel free to contact me directly.

Skip Kittleson
Access National Mortgage
301-339-7816 xt 252
skittleson@accessnational.com
NMLS #658891

Comment on preapproval va loan by Brent-Mendelson

Brent-Mendelson — Thu, 05 Jan 2012 21:47:59 +0000

I specialize in both credit repair and VA loans. You have two options at this point. My bank requires a 640 credit score. Most others do as well. I have a partner bank that allows a 600 VA loan. There are some hoops to jump thru and the rate is higher. Either way you need to bring that score up either a little or a lot. Again the more you raise it the better the rate so it’s worth it to you to try. to get that score up. Here’s something that might help.

http://www.examiner.com/residential-real-estate-in-national/lender-advice-for-first-time-homebuyers-about-credit-scores

Let me know if you would like to chat.

Thanks,

Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
http://www.monarchmtg.com/bmendelson
nmlsr#111407

Comment on quick questions! by Michael-Parsons

Michael-Parsons — Wed, 04 Jan 2012 16:48:20 +0000

This always seems to be the hardest question to answer. However and without knowing all of your information I would recommend holding onto your cash. Putting $500.00 or so towards your existing credit card balance is not likely to have much of an affect to your credit score. Additionally, the $500.00 would not go very far at all towards buying down your interest rate. You would be surprised to see how little of an effect .125% has to your monthly payment. I certainly hope this has helped you with your decision. If you would like to discuss your situation further, I can be reached at any one of the numbers mentioned below. Best of luck and Happy New Year.

Warmest Regards,
Michael Parsons
Chairman/Mortgage Banker
Apex Home Loans, Inc.
3204 Tower Oaks Blvd., Suite 400
Rockville, Maryland 20850
(Direct) 240-268-3053
(Cell) 3010-440-3864

Comment on quick questions! by Brent-Mendelson

Brent-Mendelson — Wed, 04 Jan 2012 15:03:08 +0000

You need to ask the same questions of your loan officer. It’s smart to get a second opinion on here but like Eric said we don’t know quite enough. We can make some guesses though. How close to closing are you? Where in the loan process are you? The scores are good and I can tell you if it’s an FHA loan raising the score won’t get you a better rate. Conventional loans will but you have to consider risk versus reward. If you are going conventional you need reserves in the bank to get a loan so keep that in mind. At least two months. Again talk to your LO and ask these types of questions. Again Eric nailed it for you. All points should be considered by cost versus savings and length of time to recoup investment of funds. If it takes 8 years and you’re gone in 5 then don’t do it. Hope this helped and good luck.

Thanks,
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
http://www.monarchmtg.com/bmendelson
nmlsr#111407

Comment on quick questions! by Stuart-Hall

Stuart-Hall — Wed, 04 Jan 2012 14:57:47 +0000

Thank you for your inquiry. It’s difficult to give you direction without having knowledge /understanding of your complete financial picture along with short term and long term financial plans and goals. That said, I would certainly recommend comparing the benefit you are achieving by buying-down the interest rate (my surmising) to the cash you would be saving by paying off the credit card (i.e. eliminating the carry-cost of the credit card). A certified accountant and/or financial planner would be excellent resources to consult with time permitting. Short of that, you should certainly address the question to your loan officer.

thanks again for your inquiry and vest of luck!

Stu Hall

NMLS #137009

301.526.8612

Comment on quick questions! by Eric-Strasser

Eric-Strasser — Wed, 04 Jan 2012 14:53:57 +0000

Your question is a hard one to answer as I don’t know your entire situation. Any payment to your husbands credit cards will not affect his credit score immediately. I don’t know what bank you are working with so I can’t speak to their credit score requirements and if a score higher than 710 for your husband will make any difference in your rate. You should talk with your loan officer to better guage if this is going to make a difference. My guess is it won’t be a big difference on your rate either way. In the long run, paying down your debt might be wise if your credit card interest rates are higher than your savings account rate. You should always keep some amount in your savings for emergencies but might look at paying down your cards as well. You should talk to a financial planner about this. Mortgages usually require money in the bank for refinances to act as mortgage payment reserves in the case your income is interrupted after settlement. They want to be sure that you have the means to continue making your mortgage payments while finding new work. Again, you should talk with your loan officer to determine if your CHIP loan has such a requirement. Lastly, paying points might make sense as long as the monthly savings you are getting from the lower rate offsets the cost of the points to get the lower rate in a reasonable time period. For instance, if it costs you an additional $1000 for $10 monthly savings, your break even point is in 8.33 years. If you are moving in 5, this doesn’t make sense. In contrast, if the cost is only $100 and you save $10 per month, your break even is in less than 1 year giving you 4 years of savigns. Hope this is helpful.

Eric Strasser
NMLSR# 111971

Comment on HARP LOAN by Brent-Mendelson

Brent-Mendelson — Wed, 04 Jan 2012 14:52:44 +0000

Yes we can probably help you refinance and work thru all the numbers. First step as Eric mentioned is to determine if Fannie or Freddie own your loan. This is the Fannie site. http://www.fanniemae.com/loanlookup/
Here’s Freddie’s-https://ww3.freddiemac.com/corporate/
I have seen these be inaccurate a few times. You can also call your lender unless it’s Bank of America and ask rather easily. There are a few more conditions/hoops to jump thru.
If you call me ALL options will be reviewed both HARP and non HARP. Hope this helps please let me know if you have any questions.

Thanks,
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
http://www.monarchmtg.com/bmendelson
nmlsr#111407

Comment on HARP LOAN by Eric-Strasser

Eric-Strasser — Tue, 03 Jan 2012 17:18:34 +0000

HARP loans are available for many homeowners. Your LTV, Credit Score, and zip code all fall within the guidelines for HARP. The big determing factor if your particular loan can be processed through HARP or not is if your current loan is owned by Fannie Mae or Freddie Mac. If you reach out to me directly, I can walk you through the HARP eligibility tools and discuss with you your refinance options. I look forward to hearing from you.

Eric Strasser
301.517.5434
NMLSR# 111971

Comment on HARP LOAN by skip

skip — Tue, 03 Jan 2012 16:54:55 +0000

Thank you for your inquiry. Yes, we offer help with HARP loans. I would be happy to help you at your convenience. Please call me at 301-339-7816 xt. 252.

Skip Kittleson
Loan Officer and Sales Manager
Access National Mortgage

Comment on refinance transfer tax by Brent-Mendelson

Brent-Mendelson — Fri, 30 Dec 2011 20:43:15 +0000

Eric is right. We ALWAYS over disclose just in case because we are liable for items like transfer taxes even though it’s not up to us. Anyway the only thing that would matter on this is if it’s an investment property or second home. Is that the case? Give us the loan amount currently and the new loan amount and we can ballpark it for you. Or it may be the loan officer is not familiar with MD recordation taxes? If you have a GFE then we can take a look also and see if it all makes sense as well. Hope this helps and have a Happy New Year.

Thanks,
Brent Mendelson
Monarch Mortgage
240-403-1970
bmendelson@monarchmtg.com
nmlsr#111407

Comment on refinance transfer tax by Eric-Strasser

Eric-Strasser — Fri, 30 Dec 2011 18:03:23 +0000

My friend Stu Hall’s suggetion to check with a title company is a great idea. He is also correct that lenders often over estimate the closing costs. You pay transfer taxes (actually they are recordation taxes on a refinance) only on new money in Maryland on your primary residence. If you currently owe $100,000 and your new refinanced mortgage is $105,000, you will only pay taxes on the $5,000 difference between your old loan and the new one. In Charles County, the tax rate is $10 per $1000 of new money. Your recordation taxes would only be $50 in this scenario. There are other closing costs associated with refinancing which might be lumped into the $3100 number you are inquiring about. Appraisal, credit report, underwriting, processing, title examination, settlement agent fees, and recording fees would also be charged amoung other potential items. $3100 might include your total closing costs rather than just your recordation taxes. Please let us know if we can share any further information or give you a competitive quote of refinancing. Rates have improved today from yesterday.

Eric Strasser
301.517.5434
NMLSR# 111971

Comment on refinance transfer tax by Stuart-Hall

Stuart-Hall — Fri, 30 Dec 2011 15:51:12 +0000

Thank you for your inquiry! There very well may be a transfer tax that will apply. Much of it will depend on the specific type of refi you are performing. My suggestion would be to check with a local title company or settlement attorney for verification. You may also want to check with the title company that handled your settlement 2 years ago. It’s important to note, however, that most lenders/banks tend to over-estimate the anticipated charges these days due to regulatory concerns. The feds now hold mortgage comapnies responsible for under-estimates even on items they do not have any contropl over, such as transfer taxes. Sign of the times….

Best of luck and feel free to call me to compare rate offerings.

Stu Hall
BB&T Mortgage
NMLS #137009
301.526.8612
sahall@bbandt.com

Comment on ARM rates by Stuart-Hall

Stuart-Hall — Fri, 30 Dec 2011 14:10:21 +0000

Thank you for your inquiry! Our rate would be approximately 2.375% on a 5/1 ARM using the same assumptions that Eric stipulated above. I, too, would welcome the opportunity to discuss your specific situation. Feel free to call me at 301.526.8612 .

Thanks and best of luck!!

Stu Hall
NMLSR# 137009