Mortgage help

Everyone in our industry values customer loyalty however, you are shopping for a loan and have never used this broker's services in the past. Therefore, it wouldn't be frowned upon to get a 2nd opinion. as long as you can detail your exact situation (credit, employent, income), you would be able to get a real time quote from another lender. Another thing to consider when purchasing a home is making sure you go with someone that can actually close the loan on time due to in house processing and underwriting. Thsi is ahuge advantage in today's market and you want a loan officer with enough experience doing purchase loans that is local. There are a lot of nuances that an out of state lender may never have experienced or known about with a purchase transaction. With putting 5% down you have a couple options depending on your credit score which you could explore. I would certainly help you out with no obligation if you'd like. My information is below:Todd Mummert | Mortgage ConsultantNMLS#395236Primary Residential Mortgage, Inc. 1609 Eastern Ave | Baltimore, MD | 21231443.384.3903 office410.404.4875 cell 410.205.2808 faxtmummert@primeres.com | BaltimoreLoanOfficer.com

Answer to question 1 would be, NO... you are not committed until you actually close... but my question would be why would you want to use anyone but him. He's obviously put in several hours on your file, and is familiar with it. You can shop, but what are you shopping for??? better rate?? any LEGITIMATE rate that another broker gives you, your guy can match. Any fees that another broker says he will waive, your guy can match.. if you want to shop, that's fine, but give the guy that's been there for you in the beginning the last shot... 2) I tell this to people all the time, but none the less, it gets questioned.. when you shop for a Mortgage broker, you should be shopping for a person your comfortable working with.. some one you trust is giving you the best advise and the best options for your scenario. What you don't shop for is price or fee's... Assuming you found the right person to begin with, you wont question the rate and fee's.. Shopping for a mortgage is not like shopping for a car, were 10 other dealers have the same car and they own it for the same price. Mortgages are different... rates change daily, and costs can be included in the pricing or paid by 3rd parties, and a hundred other things that could throw off the numbers... That's why it's best to shop for a PERSON, rather than a Loan... 3) There are several problems with this scenario.. do you have equity in that home or are you upside down. If you have equity, then it's possible the lender will consider the potential income from renting the home and include that income to lower your ratios.. if they don't allow it, you would have to qualify as if you have no income from it at all.. If the loan on that home is an FHA loan, then you cannot do another FHA loan.. FHA loans allow you to purchase a Primary Residence for 3.5% down. If your current home is conventional, then you can purchase FHA. If you go conventional, then there are programs out there that allow for 5% down, but the mortgage insurance becomes expensive.. But really... these questions are best answered by your Mortgage Broker, he already knows your file and your scenario to properly give you the best advise... WilliamAcres.com