Quick closings and low cash conventional products make happy buyers

Quick closings and low cash conventional products make happy buyers 

Get a contract accepted with short contingencies 

(A message from our friend Brian Farasy at First Place Bank) 

- 3-5 day appraisal turn time

- 7-10 day Full Commitment

- Close in 2 weeks

Quick closings are a major factor these days.  My company is set up to be able to handle that kind of work flow.  As a smaller banking operation but we have the proper business model to help with the process.  Proper Communication up front from an experience Mortgage Banker allows for the process to run efficient.  This is why we are able to turn deals around in a quick amount of time!

Our biggest sellers are the following!

            The 80-10-10 product allows a client to perform a first mortgage under the Conventional loan (up to 80%) and have a second mortgage (up to 10%) as well.  This will only require a 10% down payment.  This is a great product not only in the areas where the HIGH BALANCE LOAN Limits are high.  Like Montgomery, Prince Georges, DC, and northern VA counties.  It works well where the conventional HIGH BALANCE loan limits are lower like Anne Arundel, Howard, and Queen Anne’s counties.  Call to find out the HIGH BALANCE loan limit per county.  There are restrictions to the product and it is credit score and loan balance driven.  It is a great option though and the second mortgage does not have a prepayment penalty on it. 

            The 5% DOWN CONVENTIONAL FINANCING WITH NO MONTHLY MORTGAGE INSURANCE is the newer product!  With the recent increase in the FHA mortgage insurance premium, Conventional financing (loan amounts $417,000.00 or less) is now a much better option for your clients with 720+ credit.  Not only will their payment be lower, their tax deduction will be higher and they won’t be stuck with paying that expensive mortgage insurance premium for the next 10 years.  This can also be used for Condo Purchases or refinances.

Please let us know if you have any questions and thank you for all the referrals. 

We truly believe the Community Bank model is a great alternative to the continued struggles of the large banks. 

Brian T. Farasy

First Place Bank Vice President/Mortgage Banker  NMLS# 728159

Phone: (301) 279-5145  Mobile: (240) 277-4422  Efax: (301) 560-6368

Email:  BFarasy@fpfc.net

Inticancha Navajo Princess Lily, Kentlands, Spring Flowers IMG_0910 A

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs