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Old 04-01-2016, 01:41 AM
 
15 posts, read 22,721 times
Reputation: 10

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Am looking for mortgage company in Northern Virginia offer no early payoff penalty, if you know any please list their name, POC if available.

Thanks,
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Old 04-01-2016, 06:53 AM
 
2,189 posts, read 3,314,587 times
Reputation: 1637
Most consumer mortgages have no prepayment penalty. I would search based on who is offering the best rate, then just confirm there is no prepayment penalty(which there probably won't be)
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Old 04-01-2016, 08:14 AM
 
1,304 posts, read 2,424,595 times
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The 2010 Dodd-Frank Act pretty much eliminated mortgages with prepayment penalities (not that they were that prevalent). They must also offer a no prepayment fee option anyway and even then they can't charge anything after three years. What I'm saying is no major mortgage company is charging this fee.

Companies make plenty on the origination and then resale of your mortgage.
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Old 04-01-2016, 09:07 AM
 
239 posts, read 280,688 times
Reputation: 199
How about mortgages that aren't resold (portfolio) and not a jumbo mortgage?? Any one local in NoVa ?
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Old 04-01-2016, 06:29 PM
 
1,304 posts, read 2,424,595 times
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Well most mortgages are resold to either Fannie Mae or Freddie Mac that's how lenders are able to offer such great terms. For local Penfed doesn't sell their ARMs - not sure about the traditional 30 year ones.
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Old 04-22-2017, 01:08 PM
 
22 posts, read 21,719 times
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Even portfolio lenders sell their loans. All lenders sell the loans to recoup the cash for additional lending. Portfolio lenders maintain the servicing rights for a longer period but mortgage servicing is a market within itself. Your lender selection shouldn't be based on whether it's going to be sold. You have no control over that aspect of the mortgage.

Last edited by idomortgageloans; 04-22-2017 at 01:09 PM.. Reason: Grammar
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Old 04-23-2017, 12:53 PM
 
4,224 posts, read 3,014,352 times
Reputation: 3812
Our mortgage lender still services it, but the note itself was sold off very soon after origination. Sale and securiization are standard operating procedure.
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Old 04-27-2017, 08:49 AM
 
Location: Alexandria, VA - Kingstowne Subdivision
406 posts, read 624,898 times
Reputation: 405
I've done business with both lenders listed below. Let me know if you need other references.

Jake Middel
Springbank Mortgage
(703) 349-3901
SpringBank Mortgage LLC | Alexandria VA Home Loans | Alexandria Purchase Loans | Alexandria Refinance and Mortgage | SpringBank Mortgage LLC - Home

Danny Currie
Gold Star Mortgage Financial Group
703-731-8101
Danny Currie - FHA, VA & Conventional Loans
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