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Access National Mortgage Broker Review
Access National Mortgage Broker services are offered by Access National Mortgage (NMLS #551889), a licensed broker founded in 1985 and based in Reston, VA. Access National Mortgage Broker services available in 50 states (and Washington, DC).
How does Access National Mortgage Broker get paid?
Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.
Access National Mortgage gets paid by borrowers. This means Access National Mortgage works for you and will not be influenced by lender commissions. This fee model may help borrowers get lower rates and better terms, but it can also increase the upfront mortgage costs.
What fees does Access National Mortgage Broker charge?
Although cost should not be the only factor when choosing mortgage brokers, it is smart to compare the rates, fees, and services mortgage brokers offer before making a decision.
Does Access National Mortgage Broker charge broker administration fees?
No, Access National Mortgage Broker does not charge a broker administration fee.
Does Access National Mortgage Broker charge broker loan origination fees?
No, Access National Mortgage Broker does not charge a broker loan origination fees.
Does Access National Mortgage Broker charge broker upfront fees?
No, Access National Mortgage Broker does not charge broker upfront fees.
Does Access National Mortgage Broker charge a yield-spread premium?
No, Access National Mortgage Broker does not receive a yield spread premium from borrowers. Brokers that are paid a yield-spread premium from lenders have an incentive to steer borrowers to lenders thatt offer higher yield-spread premiums even if they qualify for a lower interest with another lender. This is not always bad for borrowers as it can lower the upfront costs of a mortgage. For instance, borrowers who only plan to hold a mortgage for a few years may find this option cheaper.
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What mortgage programs does Access National Mortgage Broker offer?
Access National Mortgage Broker offers the following mortgage programs:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What types of mortgage does Access National Mortgage Broker broker?Access National Mortgage Broker works with the following types of mortgages:
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- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington, DC
- West Virginia