Are you purchasing a new home? Do you have plans to rehabilitate a fixer-upper or build an entirely new house on your property? In order to achieve these goals, you will likely need help with the financing. Fortunately, you have options. A top mortgage lender and / or an experienced mortgage broker can help you get the loans you need to finance the home of your dreams.
Many Mortgage Lenders in Philadelphia PA are knowledgeable, responsive, and dedicated to your case. Again, if you need assistance with financing or refinancing, you should consult an expert. Mortgage brokers play a crucial role as the middlemen between you and lenders. Many mortgage brokers work consistently with certain lenders and, therefore, have a lot of experience and expertise vis-à-vis the entire process and can make it much easier.
As licensed and highly regulated financial professionals, brokers can help you handle the entire process. They can gather documents and run your credit report to check if you may qualify for a loan. With the help of an experienced broker, you may get approved quickly and hassle-free.
Mortgage Companies in Philadelphia are always ready to assist. Unlike loan officers, mortgage brokers work independently. They are not lenders’ paid employees. Usually brokers make their money from a small percentage of the loan value, which is often determined by your area and home market.
Before you apply for a loan, you could consult with a broker. Your broker can review your financial information and help structure the loan application for you. Depending upon your case, you may apply for a variety of loans, and the interest rates and fees may vary significantly.
Top Philadelphia Mortgage Brokers
Before consulting a broker, you need to do some research. Certain mortgage brokers may only work with what are called conforming loans. These are standard loans that conform to the financing limits of the Federal Housing Finance Agency (FHFA) and the guidelines established under Fannie Mae and Freddie Mac.
Other brokers may work with non-conforming loans, such as jumbo loans. These loans exceed standard limits and are used to finance high-value homes and real estate.
If you have questions or concerns, your broker can help you navigate the complexity. As a hotbed for real estate, Philadelphia’s market can be overwhelming. You will want to be sure that you are working with a mortgage broker you can trust.
A Mortgage Broker in Philadelphia PA
An experienced broker understands that the process can become difficult and confusing. There are at least five types of common loans that buyers use. Many of these are structured based on rates, credit history and financial standing.
When talking with your broker, you should ensure that he or she is open and willing to help and answer your questions. A good broker will be transparent and upfront and understand the nuances of your principal and interest. There should be no hidden fees.
Simply put, the Best Mortgage Brokers in Philadelphia know how to work with clients, and are knowledgeable in their field.
The most common loans include:
Fixed-rate mortgage loans
These loans maintain the same interest rate for the full repayment term. The monthly rate never changes. However, the interest rates on these loans could be higher than those rates for adjustable-rate loans as compared to fixed rates at the time of you filling your loan application.
Adjustable-rate mortgage loans
Adjustable-rate mortgage loans (ARMs) vary based on market factors. Some ARMs may be fixed for a period and then become adjustable later. The 5/1 ARM is one example. It has a five-year fixed rate before becoming adjustable.
Conventional loans
These loans are perfect for borrowers with good or excellent credit scores and debt-to-income ratios. These loans usually require a down payment, and a borrower incurs closing costs. Some may require paying a mortgage insurance premium (MIP).
Federal Housing Administration (FHA) Loans
FHA loans are nonconventional loans insured by the Federal Housing Administration (FHA). This government agency is a part of the Department of Housing and Urban Development (HUD).
If the borrower defaults on an FHA loan, the lender is protected by mortgage insurance. FHA loans are available to most buyers. The required down payments are relatively small, and the standards are more lenient than those of conventional loans. A lower credit score is required to qualify for an FHA loan.
Veteran Affairs (VA) loans
VA loans are available to military service members and their families. These loans are backed by the U.S. Department of Veterans Affairs. VA loan borrowers must have good credit and enough income. Applicants must meet certain service requirements and must not have been dishonorably discharged.
A Mortgage Broker Philadelphia Trusts
Overall, the loan process may feel and sound overwhelming. Therefore, it’s always a good idea to consult with a certified broker. Experience mortgage brokers have a deep understanding of the market situation. They know the ins-and-outs of interest rates fluctuations, fees associated with a mortgage application process as well as insurance requirements and the process of buying points.
A top Mortgage Lender Philadelphia representative or an experienced mortgage broker can help borrowers obtain the mortgage most suitable in each particular case.
When consulting Latitude Financial for the top-notch services you need, you are making the right choice. Your future may depend on it.
