Financing your purchase is the most important part of the home-buying process. The vast number of loan programs that are available makes it impossible for any Realtor to be an expert in the loan choices that would be appropriate for every client. So, the choice of your mortgage officer is very important. We recommend that you follow these guidelines:
- Contact several mortgage officers, professional who work for the institution that will eventually finance the loan. We do not recommend mortgage brokers — companies that do not actually finance their loans, but who are wholesale customers of several lending institutions. The greatest number of problems we encounter (loans not closing, settlements delayed, etc.) are with loans originated by morgage brokers. Wayne has formed a working relationship with the three excellent mortgage officers mentioned on the home page: Justin Hill of Prosperity Mortgage, Richard Pazornik of Suntrust Bank, and Lisa Marra of Countrywide Home Mortgage. Wayne recommends that you contact them for expert attention to your financing needs.
- Select the mortgage officer who has the best program that suits your needs, and with whom you feel comfortable.
- Be completely open with your mortgage officer. They need detailed, personal financial information in order to do their job and help you get the dream house you want.
- Do not make major changes when you’re in the middle of a home purchase. This is not the time to refinance your existing mortgage, buy a new car, take out a new debt reduction loan, or any other financial transaction that can lower your credit score and make your new lender nervous.
- If your mortgage officer details an action plan for you, either to rehabilitate your credit or fulfill requirements of the loan program, get these things done as soon as possible.
- Equifax (costs about $8)
- Trans Union (costs about $8)
- iCreditReport (costs vary with service requested)
- Prosperity Mortgage (an affiliate of Long & Foster)
- Maryland Home Buying Programs A comprehensive guide to Maryland First Time Homebuyer Programs, Downpayment Assistance Programs and Grants
Recommended Mortgage Officers
We recommend the following fine mortgage officers to help you with your financing. Please contact Wayne today for an introduction!
Justin Hill, Prosperity Mortgage
Richard Pazornik, Suntrust Bank
Lisa Marra, Renovation Specialist, Countrywide
