Lending Options
A short lesson on the home loan process
Whether you're aiming to buy an older home or a brand new home or planning new construction for your personal dream home, the good news is that the process of applying for a loan has never been easier. But it is a process, and it is best to understand the path and terminology prior to applying for a loan.
The first step is to understand there are many different types of loan programs which are offered to almost everyone and some that are offered to specific types of purchasers. Generally, the process is the same for all loan programs. We encourage you to speak to at least three different lending institutions to pre-qualify yourself and to learn about the options available to your specific situation. Your Buyers' Agent should be able to provide you with a list of lenders that have proven track records of satisfaction.
When dealing with any lender or lending institution, remember: the information you get is only as good as the information you give.
Pre-Qualifying is your first step. This involves approximately 20-minute phone calls to loan officers to get a program quote based on the information you provide.
Here are the questions you need to be prepared to answer:
- Do you know your credit scores?
- What is your gross income? (monthly or annually)
- What debts do you have? (Car payments, medical, school, alimony, etc.)
- Do you have of any judgments against you or a bankruptcy?
- What assets do you have? (these count even if you do not plan to use them for your purchase)
- Are you putting any money down? (down payments are not necessary but help lenders to determine the loan programs of interest to you)
- How long do you expect to own this property?
Pre-Qualifying identifies the price range you will be most comfortable in, the loan program you may use, and if there are issues that will need to be addressed prior to closing on your purchase. All quotes should be provided in writing in the form of a Good Faith Estimate (GFE). If you cannot get a GFE from the person you are speaking with RUN, DON'T WALK away. A GFE will show you the program terms and costs associated with the loan. Be careful of internet lenders. Most quotes do not have all the costs associated with the loan or the monthly payment. If you found a program that looks good, take the program information to your real estate agent to be sure the program includes all costs and payment information before writing an offer.
You do not need to fill out an application prior to getting loan program quotes or give out your social security number ever until you have found your home. If you have concerns about your credit scores, then authorize one lender to check your scores or go to MYFICO.COM to check your scores yourself. As of September 2005, North Carolina residents are able to check their scores once a year for free. (This is a new federal rule which takes effect at different times for different states. Check with your state for their date of participation.)
Below is a group of lenders who have performed well for our clients in the past. Please visit their sites to get their program options, rate updates and profiles.
Mortgage Lenders
OakWealth Mortgage Group
Carl Kiger, President
P.O. Box 5216
Cary, NC 27512
Office: 919-239-2724
Fax: 866-801-6874
Cell: 919-522-6281
ckiger@oakwealthmortgage.com
www.oakwealthmortgage.com
Branch, Banking & Trust (BBT)
Barbara Sykes, VP Mortgage
6659 Falls of Neuse Road
Raleigh, NC 27615
Office: 919-716-9650
Fax: 919-716-9649
bsykes@bbandt.com
www.bbt.com/mlo/bsykes
SunTrust Mortgage
Brandon J. Moye, Mortgage Loan Consultant
3620 Six Forks Rd, Suite 206
Raleigh, NC 27609
Office: 919-785-3565
Fax: 919-571-6345
Cell: 919-649-4888
brandon.moye@suntrust.com
www.suntrustmortgage.com/bmoye
Southeastern Mortgage
Sabrina Schell, Loan Specialist
4001 Barrett Drive, Suite 101
Raleigh, NC 27609
P. O. Box 19805, Raleigh, NC 27619
Fax: 919-571-2503
Office: 919-571-2505
www.sabrina@semnc.com
www.trianglehomefinance.com
First Financial Services, Inc.
Pat Olmert, Loan Officer
2226-G Nelson Hwy NC 54 East
Chapel Hill, NC 27514
Office: 919-489-4949 Ext. 3110
Fax: 919-489-7972
polmert@ffsmortgages.com