Below you'll find some of the lenders that Adam and/or Garrett Realty Partners are affiliated with or have worked with in the past with positive experiences. I recommend getting rate quotes from multiple lenders, but keep in mind that the details of rate sheets are very important. A lower cost is about more than just lower interest rate, such as the cost of mortgage insurance for conventional buyers putting less than 20% down and FHA buyers. Adam has seen where lenders have purposely excluded certain costs in order to appear lower than other options. Also, be sure to ask lenders if the quote that they are giving includes taxes, insurance, and points that would buy down the rate. It is best to get pre-approved prior to the home search. Not all lenders have the same programs available.
While locating lenders that you want to rate shop for can occur over a long time span, it is best to do all rate quotes on the same day, with rate sheets that you can show to competing lenders to see if anything was left out. That way, the overrall market rates are the most similar, which is more of an apples to apples method than allowing time to pass between quotes. That will also help to minimize credit impact, although with that, it should not matter so much with it being the same day as long as it's within a 7-14 day time span.
Also when comparing rates of different companies, if you like the personality or other non-numerical qualities of a lender but the rates of another are better, ask them if they can match the numbers so that you can still get the person you feel more comfortable with.
While no lender will be able to do a perfect job, ask Adam for expectations, both positive and negative, with any affiliate. He can often mention some negatives as no one is perfect, but prefers to not publish that information. Adam has purposefully excluded certain lenders at times due to negative experiences. Even when Adam does not refer a lender, let him know if you are having issues, as sometimes you can transfer which lender you are using with the same mortgage company, and sometimes the seller will let you change mortgage companies.
Any programs mentioned below are subject to change, so contact the lender about the current programs, and please let Adam know if he needs to update any information below.
I also recommend that you ask each lender you interview the following questions:
1. What percentage of your loans close on time?
2. How long do you typically need to close on a mortgage loan from the time of the contract?
3. Are there any programs that you can think of that can help reduce my home cost?
4. Are you ever able to match rates if another lender has lower rates or a closing cost rebate? What about the 1% closing cost rebate that a company is offering me (after you've asked Adam the name of the company first that he doesn't like to publish that gives 1% CCA rebates for his referrals & gotten rate quotes from that company)?
5. Do you work on Saturdays and after 5 PM? Do you have certain hours? What is your time zone if it's not Eastern? If there are days or times that you don't respond to calls, do you ever make exceptions and if so, for what sort of reasons?
6. What percentage of loans does your bank service/hold in the long run out of those that you initiate?
7. Do you text?
Affiliate Lenders Below:
Jeremy Malmgren - quick to respond & solid options including no downpayment no mortgage insurance options for those without 20% down looking to save $. Seller allowed to pay 100% of closing costs for conventional loan even with no money down while that's typically capped at 3% by most other lenders anywhere below 10% & most lenders don't offer no down payment conventional.
Mike Hartnett - Many loan programs including 16 varieties of renovation loans
Andy Villarraga - Fluent in Spanish
Non-Affiliate Lenders Below:
Lender (online) offering $2,000 in closing cost assistance for every $100k in cost, up to $10k for my referrals
Lower (online)- No hard pull for a quote
Steven Carpel - reimbursement for credit repair
Lori Marrow - mortgage broker with many programs
NASB (online)- low rates & quick to respond
Lender (nonprofit) with better rates & rate buy down option than any on this page & where credit score is not considered (but takes longer than any other mentioned options & some above median income households will be restricted to buying in below median income areas)
Veteran's United - typically over $500 in savings via my referral
JiJi George: Speaks English & Indian languages including Hindi, Urdu, Malayalam, Punjabi, Tamil, Bengali.
Keep in mind that with Veteran's United & the 1st non-affiliate lender above, if you don't mention that I referred you upon initial conversation/reaching out to them, you may not be able to receive the incentive. Those referral incentives are purely for your benefit. I get nothing but a happy client. In the case of affiliate lenders, while I don't get any financial compensation directly, compensation to my company helps my company stay in business & mentioned options like with Jeremy Malmgren are typically unavailable with most lenders.
Lenders with Offices in Garrett Realty Partners' Corporate Office
Below you'll find the lenders that have offices at Greg Garrett Realty.
- Excellent option for high-income borrowers who don't qualify for VHDA (even those that do qualify should compare the numbers) who want no MI, 100% financing, & don't want to pay extra for not having to pay MI
- For those purchasing a home less than $350,000, Home Saver Program has no down payment requirement & no MI for "1st time home buyers" (those who haven't owned a home in the past 3 years), with price limits that go higher than VHDA & cheaper than VHDA (including no 1.75% upfront charge that VHDA has) in many cases
- Excellent no PMI 5% or 10% down conventional loans without the rate increase or fees that you'll find with many other no PMI conventional products (670 credit score required)
- Langley Federal Credit Union is the largest credit union headquartered in Hampton Roads with 12 branches here & easy to get into. As a local credit union, they have greater flexibility to bend their own rules or other rules than many larger credit unions and banks
- Service their own conventional loans (unlike some of the options listed below; the problem with banks/credit unions that don't service their own loans is that you can have a great experience buying a house, but once the mortgage is sold to another bank, a terrible one. Some of the banks/credit unions that sell mortgages sell them to extremely poor rated institutions, including at least one of the lenders below sadly. By using a bank that services their own loans, you eliminate this problem)
- On some of their conventional loans, the seller is allowed to pay 100% of closing cost assistance for most costs of closing (not including buying down the rate, but including reimbursement for home inspection, appraisal, & earnest money deposit), which is very different than the standard 3% max on most <10% down conventional loans with many other banks & credit unions
- Able to help with credit repair
- Higher jumbo rates don't start until $750,000 (usually $472,000 with many other banks/credit unions)
- Allow escrow holdbacks, where, without increasing the rate (which increases with many renovation loans), buyers can pay for appraisal required repairs that sellers are unwilling to pay, increasing the number of potential properties for buyers
- Free HELOC's with no closing costs which only take 2 weeks to close
- can recast the loan for lower payment for $125 with no closing costs
- $5000 credit card available without another credit pull following a home purchase with them
- Do 20-year mortgages (which some lenders don't and which are an excellent option to consider, I might add)
Lenders with Affiliations with Garrett Realty Partners
Offers some programs that others don't, including 16 varieties of renovation loans including for jumbo loans & manufactured homes.
Fluent in Spanish. Has helped many to buy & trusted by GRP as an affiliate lender.
Lenders with no affiliation with Garrett Realty Partners who provide unique offerings
Other Lender (ask me their name since I shouldn't publish it) - $1,000-$2,000 in closing cost assistance for every $100,000 in cost, up to $5,000 or 10,000, for buyers I refer to them without having any negative impact on the rate. I need to directly add you to a portal to acquire this assistance. One buyer with an over $500k preapproval missed out on this incentive because they reached out to this lender without my referral introduction. There is no income limit so if you're buying a >$500k home it might save you $10k.
Lower - I really like Lower, enough that they're 1 of the 3 lenders that I did a hard pull with in 2021 for a mortgage. They offer a quick initial application, low rates, no hard pull for a quote (which is rare for lenders, though keep in mind that the interest rate after a hard inquiry could be significantly worse in some cases), are textable on weekends (which is rare for online lenders), don't have the delays common among online lenders, & I can vouch for them to listing agents in a way I can't with other online lenders because of all of the business that I do with them. I probably do more business with them than any other lender at the time of this writing. Also keep in mind that they don't allow escrow holdbacks or reno loans and don't do VHDA loans at the time of this writing.
Offers some programs that others don't, including a reimbursement of the first 4 months of paid credit repair with 1 company at closing.
North American Savings Bank
For an out of town lender, they are a good option. In my experience, Jeff had good response time and low rates (VA in example of buyers that used them). His many excellent reviews are warranted in my opinion.