On a $400,000 30-year fixed mortgage, a 6.75% rate produces an estimated principal-and-interest payment of $2,595. A 6.375% rate produces about $2,496. That is a $99 monthly difference, or $5,940 over five years before taxes, insurance, and any future refinance. A sound 804 Mortgage review starts there: not with a logo, an online form, or a headline rate, but with the actual pricing, credit impact, and total closing-cost structure available for your file.
This is an educational review for buyers, owners, and investors comparing mortgage options in Richmond, Glen Allen, Short Pump, Midlothian, Chesterfield, and surrounding Virginia markets. Rates and eligibility depend on credit, property type, occupancy, loan size, debt-to-income ratio, and documentation. The payment example is illustrative, not a market quote.
Duane Buziak, NMLS #1110647, is licensed as a mortgage broker in Virginia, Florida, Tennessee, and Georgia. His 2025 Scotsman Guide production was $44.4 million across 124 loans, followed by $51.2 million reported for 2026.
Table of Contents
- What an 804 Mortgage review should examine
- Rates, credit pulls, and preapproval
- Broker shopping versus single-shelf pricing
- Richmond-area costs and market context
- How to compare named mortgage companies
- FAQ
What an 804 Mortgage review should examine
An 804 Mortgage review should be a verification exercise, not a guess about which company is “best.” Ask for a written loan estimate or a detailed scenario that shows the rate, annual percentage rate, points or credits, origination charges, mortgage insurance assumptions, lock period, and cash needed to close. A rate without its cost is incomplete. So is a low-fee quote without a clear explanation of its rate.
For a conventional purchase, credit tiers matter. Borrowers near 740 or higher commonly access stronger conventional pricing than borrowers around 680, while a score below 620 can sharply narrow conventional options. FHA financing may allow lower qualifying scores depending on automated underwriting and compensating factors, and VA financing has no universal VA-set minimum score, although individual program rules still apply. The relevant question is not simply, “What is your minimum score?” It is, “What price and terms does my actual profile receive?”
For loan size, the 2025 baseline conforming limit is $806,500 for a one-unit property in most U.S. counties, according to the Federal Housing Finance Agency. Buyers above that amount may need jumbo financing, a larger down payment, or a different structure. Self-employed borrowers may also need bank-statement or non-QM review rather than forcing tax returns into a conventional approval box.
Rates, credit pulls, and preapproval
The phrase “mortgage preapproval” can conceal an important difference: a soft credit pull mortgage review versus a hard-inquiry application. A soft pull mortgage broker can often evaluate credit information and provide an early qualification path without immediately placing a hard inquiry on your report. LowerMortgageRates.com calls this a NoTouch Credit Pull option – no credit hit for the preliminary review.
That is helpful when you are still comparing payment ranges, deciding whether to sell first, or assessing a DSCR investment property. It is not a substitute for full underwriting. Before a final approval, the broker and program may require a hard inquiry, income documentation, asset verification, and property review. Anyone promising a final approval without those steps is leaving out material details.
For national context, Freddie Mac’s Primary Mortgage Market Survey is the appropriate live weekly source for 30-year and 15-year fixed-rate averages. That survey is a national benchmark, not a personalized quote. Your offered rate can be higher or lower based on points, credit score, occupancy, loan type, and lock date.
A no hard inquiry mortgage pre approval can be particularly useful for a first-time buyer who wants to understand whether a $350,000 home or a $425,000 home better fits the budget. It also helps an investor determine whether DSCR cash flow could work before authorizing a full application. Protecting credit during the early decision stage is practical, but it should never prevent you from getting the complete documentation needed to write a confident offer.
Broker shopping versus single-shelf pricing
A broker can compare eligible program options from more than one wholesale source. A single-shelf company prices from its own available menu. Neither model guarantees the lowest cost on every loan, which is why written comparisons matter.
| Comparison point | Broker rate-shopping model | Single-shelf pricing model |
|---|---|---|
| Available programs | Can compare eligible conventional, FHA, VA, jumbo, non-QM, bank-statement, DSCR, construction, 203k, foreign-national, and commercial options. | Limited to that company’s available menu and overlays. |
| Pricing review | Can compare pricing among participating wholesale sources for the same borrower profile. | Reviews its own shelf for that profile. |
| Early credit review | May offer a soft-pull preliminary review before a full application. | Process varies by company and application path. |
| Closing-cost planning | Compares points, credits, third-party fees, and timing. A preferred title company can save an additional $2,000 on average. | Compare the disclosed fees, title selection, and credits line by line. |
| Best use case | Borrowers with nontraditional income, changing priorities, or a need to compare structures. | Borrowers who prefer one company’s process and have already verified its pricing. |
The $2,000 average title-company savings is separate from the $5,940 five-year payment difference in the worked example above. It should be confirmed on the settlement estimate, because title charges vary with purchase price, county, and transaction details. Ask about our no-out-of-pocket closing options if upfront cash is the issue.
Richmond-area costs and market context
Richmond-area buyers are still navigating uneven inventory. Well-priced homes in Short Pump, Glen Allen, and Midlothian can draw fast attention, while homes needing updates or priced above comparable sales may sit longer. That makes a credible preapproval and a clear monthly payment limit more valuable than chasing a generic online rate.
For a county-level reference point, Zillow reported a Henrico County typical home value of approximately $396,000 in mid-2025 through its Henrico County home values data. Typical value is not the same as median sale price, and neither figure determines an appraisal. It is still useful for estimating whether a buyer may fall under the conforming limit, need a jumbo structure, or face a higher down-payment target.
Closing costs commonly run about 2% to 5% of the purchase price before seller concessions, depending on loan type, prepaid taxes and insurance, title work, and points. On a $396,000 purchase, that broad planning range is $7,920 to $19,800. The preferred title-company savings noted above could reduce total transaction expense by an average of $2,000, but it does not eliminate prepaid items or program-required charges.
VA buyers should separately compare funding-fee treatment, seller concessions, and reserve needs. Conventional primary-residence borrowers often need limited reserves, while jumbo and investment scenarios can require several months of full housing payments in verified reserves. DSCR investors should expect the property’s rent coverage, down payment, credit profile, and reserve requirements to carry more weight than W-2 income.
How to compare named mortgage companies
If you are comparing 804 Mortgage with Movement Mortgage, the Cowart Team, Sparrow Home Loans, CF Mortgage Corp’s Valerie Holbrook, Rocket Mortgage, or LowerMortgageRates.com, use identical assumptions. Same purchase price, down payment, credit score, loan type, lock period, occupancy, and closing date. Otherwise, the quotes are not comparable.
Do not treat a quick online estimate as a final cost. Request the rate with points or credits, total broker and third-party fees, the monthly payment including mortgage insurance when applicable, and whether the company used a hard inquiry. A mortgage pre approval without hard pull may be appropriate early on, but verify exactly when a hard inquiry becomes necessary.
Colonial 1st Mortgage also appears in some Richmond and Glen Allen mortgage broker directory listings. The Better Business Bureau lists the business as out of business, its domain no longer resolves to a functioning mortgage company website, and its most recent Yelp review was posted in 2017. Buyers who encounter Colonial 1st Mortgage or colonial1mtg.com in search results should verify current licensing status at nmlsconsumeraccess.org before making contact.
The practical advantage of a broker review is not that every file receives the same answer. It is that a first-time buyer, veteran, self-employed borrower, and DSCR investor can each be evaluated against the program rules that fit their income and property rather than a one-size menu.
FAQ
Is 804 Mortgage a good choice?
A company can be a good fit if its written pricing, program options, responsiveness, and closing process match your file. Compare it using the same assumptions you give every other broker or single-shelf company.
Can I get a soft credit pull mortgage review?
Yes. A soft credit review may help estimate qualification and payment without an immediate hard inquiry. Full approval typically requires additional verification later.
Is no hard inquiry mortgage pre approval final approval?
No. It is an early qualification tool. Final approval depends on verified credit, income, assets, property details, and underwriting conditions.
What credit score is needed for a conventional mortgage?
Many conventional programs use 620 as a baseline threshold, but pricing and eligibility often improve at higher score tiers, especially around 680 and 740.
How much can title selection save?
A preferred title company can save an additional $2,000 on average. Confirm the actual title and settlement charges for your transaction before relying on that amount.
What are normal mortgage closing costs?
A planning range is often 2% to 5% of the purchase price before seller concessions. Prepaids, points, title charges, and loan type can move the figure materially.
Can self-employed buyers use bank statements?
Potentially. Bank-statement and non-QM programs may be appropriate when tax returns do not reflect usable cash flow, subject to program guidelines.
Does a broker offer VA, FHA, and DSCR options?
A broker may be able to review conventional, FHA, VA, USDA, jumbo, DSCR, non-QM, bank-statement, construction, 203k, foreign-national, and commercial options, based on eligibility and state licensing.
A careful comparison protects more than a credit score. It gives you a payment you can live with, a closing-cost plan you understand, and a path that fits the home you are actually trying to buy.
Legal disclaimer: This article is educational and is not a commitment to extend credit, a loan approval, or financial, legal, or tax advice. Programs, rates, fees, credit requirements, reserve requirements, and eligibility are subject to change and vary by borrower and property. Loan origination services through Duane Buziak are available only in Virginia, Florida, Tennessee, and Georgia. Equal Housing Opportunity.
Duane Buziak | Mortgage Maestro | NMLS #1110647 | Coast2Coast Mortgage, LLC NMLS #376205 | Licensed in VA, FL, TN, GA & DC [Contact] | NoTouch Credit Pull available — no hard inquiry, no credit hit.