After choosing your agent, the second step in finding your new home is to get your financing put together.
 

Being pre-approved for a loan is a critical tool when buying a home (assuming, of course, you are not intending on paying cash). Being pre-approved lets you know exactly what is affordable for you, and it tells the potential seller(s) that you are serious about buying their home. 

Getting pre-approved is simple, free and fast. What does it take to get pre-qualified? Basically, 15 minutes on the phone with a lender. The loan officer from the bank generally needs to know the answers to four questions:

1. How much money do you make? (salary, commissions, tips, trust funds, inheritances, etc.)

2. How much money do you owe? The will want to know both total amount and minimum monthly payment. (student loans, credit cards, car loans, boat loans, child support, judgments against you, etc.)

3. How much total cash do you have? (checking & savings accounts, stocks, bonds, IRA's, 401k's, gifts from family, etc.)

4. What is your Social Security number? (necessary to do a credit check)

Quite frankly, in any market, if you are planning on buying a home and you are not pre-approved, any offer that you submit on a property without a pre-approval letter from a reputable bank puts the prospective buyer at a disadvantage. Why?

Just think of it from the seller's perspective. If you're a seller, as soon as you accept an offer your home is off the market. Therefore, you would want to make certain the offer you accept has the highest likelihood of actually settling. If the buyer you are negotiating with has not even taken 15 minutes to get pre-approved for a loan how serious can that buyer be?

Below is a list of several banks (and loan officers) that provide loans to individuals for the purchase of houses and condominiums in the DC-metro area.

This list is not an exhaustive list of all professional lenders in the DC-metro area, nor does it constitute an endorsement of any of the banks noted. There are many other qualified individuals and companies available to provide similar services. We urge you to seek other recommendations from friends and relatives for names of other individuals or firms, and inquire at the Better Business Bureau as to the general reputation of such individuals or firms.

PLEASE NOTE: Not all banks provide loans to cooperatives, additionally, most cooperatives only accept loans from specific banks. So, if you are interested in purchasing a cooperative, please contact us directly for specific recommendations.

SunTrust Mortgage
8510 Connecticut Ave. #240
Chevy Chase, MD 20815

Sean O'Boyle
Vice President
(301) 961-0905 Office
(301) 318-4175 Mobile
(301) 657-5649 Fax
sean.oboyle@suntrust.com

Chevy Chase Bank Home Loans
7501 Wisconsin Avenue
5th Floor/ West Tower
Bethesda MD  20814

Michael J. McLaughlin
Assistant Vice President
(240) 497-8074 Office
(301) 512-6801 Mobile
mjmclaughlin@chevychasebank.net
 

Bank of America Home Loans
3 Bethesda Metro Center, Suite 950
Bethesda, MD  20816

Krista Ellis
Mortgage Loan Officer
(301) 634-4505 Office
(301) 634-4482 Fax