Fireman obtains mortgage, qualifies for special discount

Mortgage banker: Dave Stambone

Home value: $329,900 purchase in West Haven

Loan amount: $296,910

Loan terms: Conventional 30-year fixed, 4.5 percent, no points.

Backstory: A local fireman and his wife were referred to Stambone by a family member.

They were excited about purchasing their first home and needed to be pre-approved for a mortgage.

The purpose of becoming preapproved is to determine an individual’s maximum buying power in order to purchase a home. This is a necessary component that must be done prior to viewing homes with a real estate agent.

Additionally, a pre-approval letter from a mortgage professional is required by the real estate agent listing a home when accepting offers on behalf of a seller.

The letter limits the risk of a deal falling through and increases a buyer’s credibility. A thorough review of income, employment, money saved and credit must be considered when deciding what someone may qualify to purchase.

Stambone noticed during the pre-approval process, that the couple qualified for his bank’s Local Heroes program. This is an exclusive program offered through his bank specifically for local teachers, veterans, EMT personnel, firemen, police officers, nurses and their spouses.

The program is not limited to first-time buyers, but is also for those who may be interested in upsizing or downsizing their existing home. Further, the discount may be applied for borrowers looking to refinance their current mortgage.

The purpose of the Local Heroes program is to provide discounted real estate services to important members of the community. Stambone and his bank have a network of Realtors, home inspectors, attorneys and insurance agents who also participate in the program that “heroes” may benefit from.

Finally, the couple closed on their first home and the discount resulted in thousands of dollars saved.

They were very grateful to Stambone and his team of professionals willing to give back.

Dave Stambone, Total Mortgage Services,

203-240-9611, dave@davestambone.com