McLean Mortgage Corporation Mortgage Broker
in Mortgage Brokers from McLean Mortgage CorporationUnaffiliated
McLean Mortgage Corporation Mortgage BrokerUnaffiliated
in Mortgage Brokers from McLean Mortgage Corporation
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McLean Mortgage Corporation Mortgage Broker Review
Where does McLean Mortgage Corporation Mortgage Broker do business?
McLean Mortgage Corporation Mortgage Broker is a mortgage broker with headquarters in Fairfax, VA. It operates in 9 states (and Washington, DC).
The company was founded in 2008 and helps borrowers find a direct lender that will approve the loan amounts, rates, and terms they require.
How does McLean Mortgage Corporation get paid?
Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.
McLean Mortgage Corporation offers lender and borrower-paid fee models. Borrowers can choose which model works best for their circumstances. Typically, lender-paid compensation rates result in higher fees for borrowers. However, borrower-paid rates increase the upfront costs of getting a mortgage.
What fees does McLean Mortgage Corporation 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 McLean Mortgage Corporation Mortgage Broker charge broker administration fees?
No, McLean Mortgage Corporation does not charge a broker administration fee.
Does McLean Mortgage Corporation charge broker loan origination fees?
No, McLean Mortgage Corporation does not charge a broker loan origination fees.
Does McLean Mortgage Corporation Mortgage Broker charge broker upfront fees?
No, McLean Mortgage Corporation does not charge broker upfront fees.
Does McLean Mortgage Corporation charge a yield-spread premium?
No, McLean Mortgage Corporation 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 McLean Mortgage Corporation Mortgage Broker offer?
McLean Mortgage Corporation 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%.
- HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- 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 McLean Mortgage Corporation broker?McLean Mortgage Corporation works with the following types of mortgages:
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- Washington, DC
- North Carolina
- South Carolina
- West Virginia