Fargo Home lenders: Premier Home Lenders: Fargo Moorhead's Premier Lenders Peter Prodanov

Fargo Lenders Presents:

Who Else Wants A Fair Loan Locally--In Half The Time?

Whether you want to:

Buy your dream home in Fargo Moorhead,

Save a fortune refinancing,

Get the money you need to pay for your kid's college education with a home equity loan or,

Help your mom and dad get tax-free income from their home with a reverse mortgage home annuity.

Our Local network of professional lenders provide a wide range of lending solutions including home loans, refinancing options, or home equity loans with flexible options and competitive rates.

Sunday, January 13, 2008

Fargo Moorhead's Premier Lenders Peter Prodanov

Name: Peter Prodanov
Company: Valesco Mortgage
Hometown:Raised in West Windsor, NJ and currently live in Detroit Lakes
Your first job was: Minor League Baseball Player- Boston Red Sox
Favorite type of music: Rock
Professional training: Continuing Education on Federal Banking regulations
Did you or do you have a mentor? My Business Partner, Donovan Schumacher
What does a Premire Lender do on the weekend? Try to go fishing, if not, spend time with my wife and two children (hopefully while fishing).
Highest interest rate you can remember? 7%
Favorite Place to meet for a cup of joe? Main Street Cafe, Detroit Lakes
Favorite family hangout? Public Beach on Long Lake in Vergas
When I cook at home I like to....Make home made pasta sauce with all the ingredients coming from our garden.
One thing ever consumer should keep in mind when searching for a mortgage is: Work with someone where your best interest is their number one priority. Low rates are great, but how are you getting that low rate?
What is the most gratifying part of lending? Helping people get into their first home, or out of a financially difficult situation.
Your Favorite Charity and why? Our church, First Lutheran, because it gives so much to our family.

1 comment:

Find Fargo Real Estate or FM Realtors said...: Apply for a Home Loan
Fargo Home Loans

Smart Loans available for your new Fargo, ND home. Trust us to find the best Fargo home loan program that matches your needs.; November 9, 2008 at 4:02 AM

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More Fargo Lenders

Areas included are

Dilworth, Hawley, Glyndon, Hitterdal, Hendrum, Lake Park Audubon Audobon, Cormorant Lakes, Detroit Lakes, Sabin, Downer, Rollag, Vergus, Pelican Rapids, Felton, Georgetown, Perley, in Minnesota and West Fargo 58078, Mapleton 58059, Casselton 58012, Prosper, Gardner, Grandin, Argusville, Kindred 58051, Colfax, Christine, Davenport 58021, Leonard, Hillsboro 58045, Hope 58046, Page 58064, Arthur 58006, Absaraka 58002, Wheaton, Horace, Harwood, Hunter, Reiles Acres, Frontier, Prairie Rose, Amenia, and Hickson Oxbow North Dakota

Fargo Moorhead Premier Home Lenders

Because you need quick action when applying for a real estate purchase loan, find a lender you can access easily. A lender's quick response signifies good service to follow.

Once you know your middle credit score, look for a lender appropriate to your specific needs. When ready to make offers to purchase, apply for credit with lenders. Choose at least three lenders to apply with and do it at the same time. Call all your prospective lenders during the same week. This counts as only one inquiry on your credit report. Credit bureaus expect borrowers to shop for a loan.

The best way to find a good lender in fargo is to ask a real estate investor or for a referral. Also, escrow officers and real estate agents know lenders who close loans efficiently in a timely manner. Avoid advice from agents or others who receive a kick-back commission for referring you, because you may pay for this referral with added charges to your loan.

Lender's Checklist
Ask potential lenders about the following requirements and costs according to a price range you think matches your needs. This also helps determine what you need to look for in a property.

1. Qualifications:
- Middle credit score
- Income

2. Loan costs:
- Points
- Processing fees
- Additional "garbage" fees (underwriting fees, loan documentation preparation fee, filing fees, credit report)
- Hidden costs
- Prepayment penalty
- Interest Rate
- PMI (mortgage insurance)

Are loan costs added to loan or prepaid? Is the seller allowed to pay a percentage of nonrecurring closing costs for the borrower? What is the maximum allowable seller contribution?

3. Requirements:
Percentage of purchase price required down? Or loan to value ratio? What about the condition of the property? Do they finance "fixers"?

A Better Way to Find Your Lender
After you work through all the details of the lender's checklist, you understand better the available possibilities. Now, from a different point of view, work backwards. Instead of asking the lenders what they offer you, tell them what you want and find the lender who best matches your terms. Create your own wish list of your personalized loan needs.

Personalized Borrowers Lender Checklist
Is this purchase an owner-occupied or an investment property?
What percentage do you want to put down?
If you want to sell right away, can you avoid prepayment penalties?
Do you need the loan to finance a fixer?
How much of a fixer do you want to tackle?
How flexible are the lender's appraisers?
Do you need a cooperative appraiser?
Do you care about "garbage fees" and need costs to be added to the loan?
Do you want to pay PMI, or a first and a second, or neither?
Do you want the seller to contribute to your closing costs?
How much do you want the seller to contribute?
How many points do you agree to pay up front or add to the loan?
Are super low payments available?

Make your own checklist according to your abilities and find the lender who comes closest to your needs. Remember, a good mortgage broker wants your business and works hard to find the right loan out of thousands to best suit your requirements. However, asking a lender for impossible demands wastes your time and theirs.

Notice the difference in real estate loan requirements, loan costs, and lender's attitudes. Figure out your qualifications, your loan needs, and find a matching lender with first-class service.