Trusted Mortgage Brokers in Pennsylvania
Are you searching for the property of your dreams? Do you want to finally afford the home you’ve always wanted? Is your mind set on restoring and renovating your house to make it the home you imagine? Are you an investor looking to make the most of your money?
It doesn’t matter if you’re a first-time buyer, renovator or investor, Latitude Financial can help.
At Latitude Financial, our professional and experienced mortgage brokers make the most of their talents. We help clients from all walks of life get the mortgages they need and deserve. Truth be told, people need mortgage brokers for many reasons. Some people want to purchase an amazing new home, whereas other people simply want cash to pay off their debts.
Thanks to our consummate industry expertise, we understand these needs and concerns. We help homeowners, property investors and financiers get what they want, when they want it. Although there are no 100% guarantees in this business, our expert advisors know the game.
We have relationships with numerous great lenders. We have access to many kinds of loan programs, refinance options, and flexible, competitive terms. We do our best to help every client meet his or her financial goals.
We can get you hooked up with the ideal mortgage loan lenders for you.
Finding the Right Mortgage Lenders in PA
In general, many people get confused about the mortgage loan process. One of the main misconceptions concerns mortgage lenders and brokers. Too often, people don’t realize the crucial differences between brokers and lenders. Many homebuyers think the two are the same—but they are not.
What’s a Mortgage Lender Do?
Mortgage lenders are significantly different than brokers. Lenders are the specific banks or financial institutions that provide loan amounts. They can evaluate your mortgage application in order to make a determination.
Mortgage lenders may determine all of the terms, including your interest rate, repayment schedule and other fees and costs.
However, there are many types of lenders. Not all lenders have the same level of authority over terms, nor the same approach to approving money for borrowers.
There are various types of lenders a borrower may deal with during the process. Each type offers it unique advantages and disadvantages. Depending upon your situation, you may find one type significantly easier to work with than another.
An experienced Mortgage Company in PA can get you in touch with the type of lenders you want.
For instance, a high-income borrower may prefer one type of lender, whereas a borrower with poor credit may prefer another. These preferences can typically vary with the borrower’s financial standing and needs.
Direct Lenders
Direct lenders are pretty straightforward. They provide the loans directly. In other words, they either provide the money themselves or get it from somewhere else. In either case, the money is usually granted under more flexible lending criteria.
Direct lenders often specialize in home loans. They may offer additional financial products of their own as well. Many of these lenders may exist mostly online, making certain personal interactions rare.
These lenders are generally:
- Highly flexible
- Niche-focused
- Banks or savings and loan associations
Retail Lenders
Retail lenders provide mortgage loans right to the consumer and not to financial institutions. Like direct lenders, retail lenders offer their own financial products, including various other loans and accounts.
These lenders are generally:
- Strict with criteria
- Banks, credit unions, and mortgage bankers
- Selling their own products
Wholesale Lenders
These banks and financial institutions provide loans via third parties. These outside entities are typically mortgage brokers, other banks and credit unions. Although these wholesale lenders are not in direct contact with consumers, they do originate, fund and even service loans. These lenders typically set the terms of home loans.
Portfolio Lenders
These lenders are often relatively flexible because they use their own money. They are not controlled by the demands of external investors or institutions. They establish their own terms and guidelines, and may be more acceptable to certain borrowers.
Portfolio Lenders
These lenders are often relatively flexible because they use their own money. They are not controlled by the demands of external investors or institutions. They establish their own terms and guidelines, and may be more acceptable to certain borrowers.
Warehouse Lenders
These lenders assist mortgage lenders in funding their loans through short-term funding. The lines of credit provided are typically repaid very quickly. Warehouse lenders do not deal directly with consumers. These lenders will use mortgages as collateral until their clients repay in full.
Hard Money Lenders
Some investors are in the business of flipping homes. This is usually a process that is quickened, requiring significant money in a short amount of time. These lenders may be private companies or wealthy individuals with cash. Loans are usually closed quickly. However, interest rates and other fees can be very high. To secure a loan, a hard money lender will use the home as collateral.
There are various other types of lenders as well. In some cases, lenders are not easily categorized. They may be hybrid, adopting practices of various types. It is important that a potential homebuyer looks into the pros and cons of all lenders.
At times, you may choose to work with different lenders due to changing needs.
What Does A Mortgage Broker Do?
Unlike mortgage lenders, brokers are not the ones responsible for issuing your loan. Rather, brokers work as middlepersons. They are specifically skilled at helping you complete the best mortgage application for your situation.
If you need to contact some lenders, they might not reach you directly. Brokers can help bridge this gap by working with lenders on your behalf. Although not always, this rapport with lenders may allow you access to improved borrowing terms.
Some lenders prefer to work through brokers rather than directly with clients.
A broker will charge a fee based on the mortgage amount, unless the lender covers the fee instead.
Why Are Loan Brokers So Useful?
Mortgage brokers can make the process significantly easier. Instead of applying to countless lenders, all with different terms and guidelines, all you have to do is consult with one professional. Your broker will fine-tune your application. He or she can help you gather and compile all the necessary personal, financial, and work-related information required.
This can save you untold hours of time, effort and money.
Moreover, a top-tier mortgage broker can help you find competitive Mortgage Rates in Pennsylvania. After all, there are many factors to consider when moving through the mortgage home loan process.
You need to identify which lenders exist in your area and market. You need to find the type of loans for you. Are you investing, buying a new home, or refinancing? Do you need USDA loans or FHA loans? Are you a veteran considering VA loans?
What kind of down payment would you like to make? How about your interest fees and insurance? Do you want a fixed rate mortgage or an adjustable rate?
For how many years—15 or 30?
In general, a mortgage broker can help you put all the pieces together. He or she is trained in finances, markets and the fine details of mortgage loan processing. With the help of a top broker, you can access the Pennsylvania Mortgage Rates right for you.
You should also consider various fees when choosing to hire a loan broker. Some brokers can leverage their relationships with lenders to your benefit. This means that lenders might be willing to waive some of those pesky fees, such as origination fees, application fees, and appraisal fees.
Of course, nothing is guaranteed. Some lenders actually refuse to work with brokers and prefer direct lending. Occasionally, a broker may valuate a mortgage at much lower than the final value.
This can be frustrating for borrowers who have set their hopes on a certain home.
So be careful. Don’t just trust any mortgage loan broker. Don’t believe all the hype. Go online, do the research and talk with people who know. Refer to your friends and family. Listen to the expert advice of industry professionals, such as realtors, financial analysts and other brokers.
At Latitude Financial, we pride ourselves on having a keen understanding of the process. We are dedicated to every client’s wants and needs. We are the Pennsylvania Mortgage Brokers many homeowners, investors and refinancers deserve.
We do our best to provide quick and simple mortgages. Do you have specific home financing goals? Are you in need of jumbo loans or other non-conforming options? Are you unsure what to do?
It doesn’t matter where you come from, or what your goals may be, we are happy to assist. Our team of mortgage brokerage experts has handled home loan processing of all kinds. We know what it takes to find the lender you need.
Life is uncertain. Financial circumstances change all the time. Few things are easily predictable in our chaotic world. That’s why we strive to provide every client a secure and stable mortgage loan plan. We work with you to finalize an agreement you can maintain and trust.
At Latitude Financial, we want you to realize your hopes and dreams. Consult with our certified professionals about your Pennsylvania property goals today. We help homebuyers, investors, and property owners alike.
Are you ready to buy a brand new, beautiful home? Do you seek to refinance for a more affordable mortgage? Are you hoping to get cash out? Don’t hesitate and don’t stress. Give us a call. Let’s discuss your mortgage needs today.
