Your home fits your lifestyle. So should your mortgage. See a Lender First. Your financial picture is as unique as you are. So, when you’re considering buying a home, see a lender first. Mortgage professionals help you look at the big picture, work with you to determine what you can afford and discuss the options available to you. And best of all, you can get pre-qualified so when you find that perfect home, your homework is done. It’s an exciting time for you. Your mortgage lender is available to help you get the financing you need first so you can get the home you want. Click here to get started. For Residential or Commercial Real Estate Financing, Talk with a Member of the Mortgage Bankers Association of Metropolitan Washington Members of the Mortgage Bankers Association of Metropolitan Washington must pledge to conduct business according to the highest ethical standards and abide by MBA/MWs Code of Ethics. MBA/MW members can be found in every community in the Washington metropolitan area. MBA/MW members have a major role in originating loans through the Federal government's FHA and VA loan programs and other special loan programs. We encourage you to do business with our members. MBA/MW Members: Providing Home Financing Providing Commercial Financing Providing Related Services Frequently Asked Questions What to Look For in a Mortgage Lender
	MBA/MW Regular Members Providing Home Financing 1st Mariner Mortgage Acacia Federal Savings Bank American Affordable Homes American Bank/American Bank Mortgage Group American Funding Company American Partners Bank B.F. Saul Mortgage Company Bank-Fund Staff Federal Credit Union Bank of America Mortgage Bankers Fidelity Mortgage Corporation BB&T Mortgage Cardinal Bank Chase Chevy Chase Bank CitiMortgage, Inc. Countrywide Home Loans EagleBank Fidelity & Trust Mortgage, Inc. First Home Mortgage Corporation First Horizon Home Loan Corporation First Republic Mortgage Corporation First Savings Mortgage Corporation FitzGerald Financial/Resource Mortgage FNMC, A Divison of National City Mortgage Franklin American Mortgage Co. George Mason Mortgage Corporation GMAC Residential Funding Guidance Residential, LLC HSBC Mortgage Corporation (USA) Industrial Bank NA M.V.P. Mortgage, LLC Manna Mortgage Corp. Mason Dixon Funding, Inc. National City Mortgage Company PNC Real Estate Finance Potomac Mortgage Capital Inc. Preferred Mortgage Group, Inc. Premier Mortgage Alliance LLC Prosperity Mortgage Provident Bank Pulte Mortgage LLC Residential Mortgage Center, Inc. Sandy Spring Mortgage Specialty Lending Group SunTrust Mortgage Inc. Taylor, Bean & Whitaker Mortgage Corp TD Commerce Bank The Mortgage Group, Inc United First Financial (UFirst) Urban Trust Bank Wachovia Securities-Bethesda Wells Fargo Home Mortgage, Inc.	MBA/MW Regular Members Providing Commercial Financing American Affordable Homes American Bank/American Bank Mortgage Group American Capital Strategies American Funding Company American Partners Bank Babson Capital Management. Bankers Fidelity Mortgage Corporation Bear, Stearns & Co. Brownstone Capital, LLC C.J. Cross Real Estate Services, Ltd. Capital Realty Services Inc Capmark Finance Cardinal Bank Columbia National Real Estate Finance, LLC Column Financial, Inc. Combined Properties, Inc. CWCapital EagleBank Equity One, Inc. Gimbert Associates LLC Grandbridge Real Estate Capital LLC Holliday Fenoglio Fowler Industrial Bank NA iStar Financial M&T Bank Metlife Morgan Stanley Mortgage Capital Inc.. NCB Northmarq Capital, Inc. Northwestern Mutual Penrose Financial Services Phillips Realty Capital PNC Real Estate Finance Potomac Mortgage Capital Inc. Potomac Realty Group LLC Preferred Mortgage Group, Inc. Premier Mortgage Alliance LLC Provident Bank Prudential Mortgage Capital Co. Randall Hagner, Ltd. Specialty Lending Group Taylor, Bean & Whitaker Mortgage Corp TD Commerce Bank Transwestern Commercial Services Urban Trust Bank Wachovia Securities-Bethesda Wells Fargo Multifamily Westchester Realty Advisors Wrightwood Capital MBA/MW Associate Members Providing Related Services AIG United Guaranty Alltech Title Ameridream Inc. Arent Fox PLLC Ballard Spahr Andrews & Ingersoll, LLP Billie Mitzner & Associates Bingham McCutchen LLP Buonassissi, Henning, & Lash, P.C. Certified Credit Reporting,Inc. Chicago Title Insurance Co Cocke Szpanka & Taylor, CPAs, PC Connor Environmental Continuity Programs Inc. DECA Real Estate Advisors LLC Design to Delivery DOMO Consulting Epic Consulting Inc. EquiTitle LLC First American CREDCO Genworth Financial Greenstein DeLorme & Luchs, PC HIB Consulting Holland & Knight, L.L.P. Integra Realty Resources Joseph J. Blake & Associates K &L Gates LandAmerica Commercial Services Leitner Group of Washington McQuade Brennan, LLP MGIC Morgan Lewis & Bockius, LLP Mortgage Banking Systems Mortgage Dynamics Inc. PMI Mortgage Insurance Company Radian Guaranty, Inc. RCDH & Company Reed Smith LLP Republic Mortgage Insurance Co. Reznick Group String Real Estate Information Services Triad Guaranty Insurance Corporation Tritec Real Estate Company United One Resources Inc Walker Title Weiner, Brodsky, Sidman & Kider, PC Womble, Carlyle, Sandridge & Rice, PLLC
	What to Look For in a Mortgage Lender A good lender will·. Be Compliant. A good lender will comply with all federal & state laws governing mortgage lending. Offer a Variety of Loan Options. A good lender will offer you several loan options with different terms such as Interest Rate, Downpayment, Fees, & Term. Provide you with a Good Faith Estimate. A good faith estimate will give you a detailed breakdown of the costs associated with the mortgage program you choose. Review your Credit Record with you. A good lender will share your credit history with you and explain your credit score. Refrain from Charging Excessive Fees. Be wary of any lender who will charge fees in excess of 5% of your loan amount. Refrain from Charging Excessive Interest Rates. Published rates normally reflect "Best Credit Borrowers". If your credit is less than perfect you may be charged a slightly higher rate. Ask for an explanation of your rate. Be an Educator. A good lender will provide you information explaining the benefits, obligations, & risks associated with buying a home obtaining a mortgage. Be able to provide information about Credit Counseling. A good lender has a list of properly sanctioned credit counseling services if you need counseling. Explain the difference between Credit Life Insurance & Mortgage Insurance. There is a distinct difference between the two and your lender should explain the difference to you. Demonstrate a Commitment to Serve and Reinvest in its Customer's Communities. Ask your lender if they participate in community investment or affordable housing programs. Good mortgage lenders recognize the value in contributing to the communities they serve. Frequently Asked Questions Special thanks for the Mortgage Bankers Association of America for the use of this information. Q. I want to own my own home, but I'm not sure I can afford it. Where do I start? Lots of people don't even consider buying a home because they're afraid they can't afford it. But for most people, home ownership is within reach -- especially with some of the special programs for first-time homebuyers. In fact, for many, home ownership is as affordable as renting -- in some cases even more affordable. The best place to start is with a mortgage lender affiliated with the Mortgage Bankers Association of Metropolitan Washington; a lender can help you explore all the options of home ownership. Q.How do I know how much house I can afford? Before you start looking at homes, you need to have some idea of what you can afford. As a general guide, you can purchase a home with a value of two or three times your annual household income, depending on your savings and debts. However, you may be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. If you'd like to know exactly how much you can afford, talk to a mortgage lender. If you're working with a Realtor, he or she can help you with this too. Q. When should I talk to a mortgage lender? You should start talking to a mortgage lender when you start thinking about buying a home. It's true you can't actually apply for a mortgage until you've chosen your home and signed a contract to buy it. But you shouldn't wait until then to start talking with a mortgage lender. Any reputable mortgage lender will be happy to help you as you look for a home. The lender will work with you to determine how much house you can afford, help steer you to special mortgages for first time home buyers, and perhaps make suggestions that could make it easier to get the best mortgage for you. Another advantage -- you'll already have a good relationship with a lender when it comes time to apply for your mortgage. Q. How do I choose a mortgage lender? When most people think about choosing a mortgage lender, they think about finding the lowest rate. Of course, financial considerations are important to every home buyer, and you certainly should consider the different rates lenders in your area offer on comparable loans. But you also want a lender you can trust, and someone you can work with effectively. So don't let rates be your only criterion. After reading this section, use our list of members of the Mortgage Bankers Association of Metropolitan Washington as your resource of mortgage lenders in the area. Q. Are there really just two kinds of mortgages: fixed and adjustable rate? You could say that, because all mortgages fall into one of these two categories -- that is, the interest rate you pay is either the same (fixed) for the life of the mortgage, or it can change (adjust) over the life of the mortgage. Fixed-Rate Mortgages With this type of mortgage your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed-rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. Adjustable-Rate Mortgages These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals depending on changing market conditions. If interest rates go up, your monthly mortgage payment will go up too. However, if rates go down, your mortgage payment will drop also. There are also mortgages that combine aspects of fixed and adjustable rate mortgages -- starting at a low fixed-rate for seven to ten year, for example, then adjusting to market conditions. Ask your mortgage lender about these and other special kinds of mortgages that fit your specific financial situation. Q. How do I know which type of mortgage is best for me? There isn't a single, simple answer to this question. The right type of mortgage for you depends on many different factors: your current financial picture how you expect your finances to change how long you intend to keep your house how comfortable you are with your mortgage payment changing from time to time. For example, a 15-year fixed-rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. And an adjustable rate mortgage may get your started with a lower monthly payment than a fixed-rate mortgage -- but your payments could get higher when the interest rate changes. The best way to find the 'right" answer is to discuss your finances, your plans and financial prospects, an your preferences frankly with a mortgage lender. Q. Do they really need to know everything about me for the application? It may seem that way -- but actually all your mortgage lender needs to know about you is your employment and finances, and information about the home you're buying. However, you will need to provide quite a few details about these topics and your application process will go much more smoothly if you're prepared. Be sure to ask your mortgage lender what information you'll need to complete your application. Q. How much will my credit history affect my ability to get a mortgage? Many homebuyers are very worried about this issue. You can be better prepared if you get a copy of your credit report to review before you apply for your mortgage. That way, if there are any errors you can take steps to correct them before you make your application. If you have had credit problems, be prepared to discuss them honestly with your mortgage lender -- and come to your application meeting with a written explanation. Responsible mortgage lenders know there can be legitimate reasons for credit problem such as unemployment, illness or other financial difficulties. If you had a problem that's been corrected, and your payments have been on time for a year or more, your credit will probably be considered satisfactory. Q. How much will I need for the down payment? It's probably less than you think. Many first-time buyers are surprised to learn there's no set answer to this question. Generally, though, your down payment can be anywhere from three to twenty percent of the home's value. Down payments can be lower for some special, first-time buyer loans and veterans or those on active military service can obtain loans with no down payment at all. Q. What does my mortgage payment include? For most homeowners, the monthly mortgage payments include there separate parts: a payment on the principal of the loan (that is, the amount borrowed); a payment on the interest; and payments into a special account (called an escrow account) that your lender maintains to pay for things like hazard insurance and property taxes. These elements are called PITI (Principal-Interest-Taxes-Insurance). Q. What happens after I've applied - and how long will it take? Your lender will begin the work of verifying all the information you've provided. The process can take anywhere from one to six weeks, depending on the type of mortgage you choose, whether you're buying a home outside your local community and other factors. Within three business days after your application, the lender must give you an estimate of your closing costs. (The closing is the actual settlement of your loan). You'll also get a statement that shows your estimated monthly payment, the cost of your finance charges, and other facts about your mortgage. - HOME - Mortgage Bankers Association of Metropolitan Washington P.O. Box 1522 Olney, MD 20830-1522 (301) 924-0633   Fax (301) 924-4124 e-mail: info@mbamw.org Website: www.mbamw.org