Virginia Mortgage News and Views

So how do you find the best mortgage rates in Richmond and the Commonwealth of Virginia?

The lowest rate is not always the best rate for your situation. The rate is a vital component of your mortgage...the total cost approach to acquire the rate for your mortgage is the correct approach for you to determine what is right for you.

You need to have a high level of trust with who you are working with and that they are true mortgage professionals. By choosing a Certified Mortgage Planning Specialist (CMPS) , you are on the right track. Below is a list of data that is needed, at a minimum, before an accurate rate can be quoted to you. 

The 17 pieces of data needed (at a minimum) to quote a mortgage rate:

1. Purchase or refinance
2. Loan amount, prepay penalty? (if you are refinancing)
3. Source of down payment (purchase)
4. Credit score
5. Type of property (condo, town home, single family, etc.)
6. Cash out or no cash out (refinance)
7. Source of income (w-2, self-employed, etc.)
8. Address
9. Escrows (with or without in your payment)
10. Appraised value or purchase price
11. Primary residence, second home or investment
12. Type of loan (adjustable, interest only, etc)
13. Term (30yr, 20yr, etc)
14. How long you’ve been on your job (very important for self-employed folks)
15. Any bankruptcy in last 7 years
16. Have you had your property listed for sale in the last 6 months (if refinancing)
17. US citizen

Run, don’t walk and don’t look back.

If you are talking with a loan officer and after just a couple of questions, he or she blurts out a rate or rifles out Good Faith Estimates, hang up the phone. They don’t have enough information to give an accurate mortgage quote…so their intentions are now clear…they either don’t care about you and only care about themselves…or they do not have the experience…or they will tell you want you want to hear. Either way….run, don’t walk, and don’t look back!

Better yet, learn how to locate, interview, and hire a local, ethical, competent mortgage provider whose Good Faith Estimates you can trust. A professional mortgage banker will guarantee their Good Faith Estimate as to all costs and fees that they are in control of. I know I do all the time.

Jamie Lee Chafin is a Certified Mortgage Planning Specialist (CMPS) and was awarded the 2008 Lender of the Year by the Sales and Marketing Council of the Home Builders Association of Richmond.

It’s that simple…

Jamie Lee Chafin