any good mortgage lenders you know? (Virginia Beach, Newport News: real estate, 2010, loan)

[jainva]

hello folks,
i'm in the process of buying a new home. Can you recommend any good mortgage lenders in Hampton roads area?

thanks in advance for all the responses..

-jay

[Erma]

There are some real estate people on this forum. You should hear from them soon.

[chesapeakesim]

I had a great experience with Lending Tree. I know they aren't "local", but really it doesn't make any difference, as long as you are comfortable with doing transactions online. They give you the best rate available for that day out of all of the national banks they do business with and I think it came out to about 1/4% cheaper than anything local. Most of the time your bank sells your mortgage anyway so in the end it really doesn't matter.

[citydweller]

I have a friend in the lending business. Sort of a like a broker but he works for a bank. I can messsage you any info you may need.

[Erma]

Originally Posted by chesapeakesim

I had a great experience with Lending Tree. I know they aren't "local", but really it doesn't make any difference, as long as you are comfortable with doing transactions online. They give you the best rate available for that day out of all of the national banks they do business with and I think it came out to about 1/4% cheaper than anything local. Most of the time your bank sells your mortgage anyway so in the end it really doesn't matter.

I had great experience with them as well and was lucky to get a local realtor with the same lender I had with my old property.
Lending Tree is a hit or miss. They get the best rate through other lenders/brokers and depending on who contacts you, will get your rate low. Just recently a woman was contacted by a company through Lending Tree. After she had her home assessed and paid for the appraisal, the individual handling her loan dropped the ball and she lost the rate. She is currently fighting with them to get her appraisal money back.

There are some great home mortgage companies in the area.

[Mr Williamsburg]

I would highly recommend Ginny Philips at BF Saul Mortgage in Newport News. 757-599-2827 B.F. Saul Mortgage
Best rates and service around ! I have personally referred many clients to her in the last 6 years. All have been very happy. She does what ever it take to make things happen. I can share many horror stories from people who used brokers or Internet lenders that don't have a physical office in the area. Delays, added fees, lack of communication, the list goes on and on. Be sure to look at the total cost of the loan. Not just the interest rate. When you get your HUD Statement before closing make sure the fees on the HUD Statement match what your were given as an estimate in the beginning.
I had a home buyer recently who insisted that he would use his friend. The estimate he got from his "friend" had a reasonable interest rate , but it also had almost $4,000 in various add on Application fees, admin fees, junk fees.

[Irab]

Originally Posted by jainva

hello folks,
i'm in the process of buying a new home. Can you recommend any good mortgage lenders in Hampton roads area?

thanks in advance for all the responses..

-jay

Call to Bill Davis, Wells Fargo, Virginia beach
Office # 222-1400
He help us a lot.
good luck.

[jhrichmond]

We were very happy with Bay Mortgage in Virginia Beach.

[Erma]

Originally Posted by jhrichmond

We were very happy with Bay Mortgage in Virginia Beach.

Virginia Home Mortgage is good as well. They are a subsidiary of National City Mortgage.

[Trevor92]

My advice would be to go through the process with at least 2 lenders, perhaps one national lender and one local lender, and don't commit to either until the end. It seems like virtually any lender, especially the smaller local lenders who will sell your loan off to a major lender, can make their deal a little better when you tell them that their offer just isn't the best offer on the table. We used C&F Mortgage when we bought our house and they did a great job. As Mr. Williamsburg said, other than just the interest rate and payment, be sure to look at your total loan amount, especially if you don't plan on staying in the house long-term.