Looking for the Top Mortgage Lender in Philadelphia?
When you’re searching for your first home, you’re also searching for your first mortgage lender.
Now, it’s difficult to make specific recommendations on lenders because it’s way too tough to stay up to date on the many thousands of lenders who work in the Pennsylvania Area.
However, USDALoanInfoPA can give you some very useful tips for how to approach your search for a lender.
When you’re looking for a mortgage lender you want start off by talking to a mortgage broker who has a good reputation in your area.
Grant SternBlockedUnblockFollowFollowingSep 13, 2017Florida homeowners impacted by Hurricane Irma who are in a federally declared disaster area — which is most of the state — are eligible for mortgage loan deferments without penalty from the country’s three largest lending agencies.Additionally, the IRS has announced that people who extended their 2016 income tax filings can submit their paperwork next year.Mortgage agencies Fannie Mae and Freddie Mac who issue what are known as conventional bank loans or “A paper” loans have both told loan servicers to extend a 90-day forbearance to anyone who calls and requests it, just click here and here to find out more about their programs.You can lookup your loan agency here for Fannie and here for Freddie.That means you can skip making your next three payments and they’ll be added to the end of the loan without any negative marks on your credit.Quicken Home Loans (disclosure: My mortgage brokerage business is partners with Quicken) is offering that, or to allow all three payments to be made in 90 days, or to divide the payments over a 12-month period after the forbearance period ends.Individual banks are making different arrangements, but if your loan is serviced by one of the national agencies, they’ll all honor the 90-day payment deferment which is mandatory for FHA insured home loans (click here for questions).“Anyone who extended their business or personal tax filings due September 15th and October 15th respectively have additional extensions through January 31st to file their tax returns,” says Florida CPA Steven Price of the Fuoco Group in Boca Raton.“You literally write Hurricane Irma on the top the filings,” Price said, “and they’ll give you relief.”The IRS isn’t a payment extension (you were supposed to do that when extending), but rather a filing extension.Also, many credit card companies will offer a similar disaster forbearance upon request.For anyone who needs additional mortgage assistance, up to 12 months of mortgage forbearance is available upon request.Call your mortgage servicer for more details.
You should also, at the same time, talk to a regional lender, a credit union (if you belong to one or you can join one) and a small local bank.
Each of these different types of lenders will offer different loan programs at different prices.
You should also ask friends and relatives who they’ve used for their home loans and how the experience went.
But emphasis is on the experience.
I have a great friend who once asked her sister for a lender recommendation, and the sister gave her a name and my friend had this horrific experience.
And when she went back to her sister to see what kind of experience her sister had had with this person, the sister confirmed that she, too, had a horrific experience.
“Hello! Why did you give me that lender’s name?” my friend asked, and the sister said, “Well you weren’t specific that you wanted someone good.
Sounds like a Seinfeld episode, right? And yet, this kind of stuff goes on all the time.
So here are some questions you should ask the person providing the recommendation that will help separate the wheat from the chaff:
- Did the lender repeatedly ask for the same documents?
- Is the lender organized?
A good lender should enable you to close on a home within about forty-five days – unless there’s some real serious problems with the house – so make sure to ask your friends and relatives if their lenders were able to meet that standard.
It may sound obvious, but it’s a good idea to look for a lender who specializes in making residential loans and has a reputation in your area for coming through with these loans.
Banks that aren’t generally known for their mortgage lending can be tougher to work with than some of the really big lenders.
And while you may be thinking to yourself, “I want to avoid the big banks,” you’re probably going to end up with one anyway.
Even if you go with a mortgage broker, that mortgage broker may actually work with a whole bunch of big lenders to fund your loan.
Above all, you need to find a lender that helps you understand the mortgage application process in a way that makes you feel comfortable and secure.
This is a huge decision.
You’re going to finance this property for the long run, and you want to do that with the right kind of partner.
And I just want to give a shoutout to anybody who is closing around October of 2015.
If you are, please watch the videos that I’ve made on the TILA-RESPA changes that are coming your way.
Right now they’re scheduled to go into effect October 3rd of 2015.
If you are looking to close around that, either before or after, you may have to build in some extra time to make sure that you don’t get caught up in all the craziness that’s going to go on I think when TILA-RESPA actually goes into effect.
Buying a new home can be a significant financial commitment. New home-owners have to pay mortgage instalments for years after they purchase their house so they need to consider the instalment, rate of interest, and other factors carefully. Most clients have low instalments and low interest rates so they look for attractive loan offers that strike a happy medium between both. That’s why most potential home-owners are very attracted to FHA home loans.What are FHA Home Loans?Risk is a very important factor in deciding the mortgage and interest rates. Bankers and lending institutions will charge more interests and set higher instalment rates if they believe they take a greater risk by lending you the money. Most home loan rates are calculated based on market conditions, competition, and risk. If you can influence one factor, the rates can come down. That’s exactly what FHA or Federal Housing Administration does.This establishment allows you to insure your home loan, which minimizes the risk for the lender. If you default on the loan, the insurance will cover the amount and the lenders won’t lose any money on their investment. This assurance eases the mortgage application and approval by a considerable margin. You’re more likely to get the mortgage if you apply for FHA home loans.What are the Characteristics of FHA Home Loans?These loans are attractive because they offer a number of benefits to both the lenders and the borrowers. The insurance is provided by a government agency under U.S. Department of Housing and Urban Development so it’s trustworthy. Here are some of the distinct advantages these loans offer borrowers:You get the benefit of lower interest rates.The qualification requirements are much more flexible.You need to pay a monthly premium for your mortgage insurance. That can add to your monthly cost.You also minimize the risk of foreclosure if you can’t pay back the loan due to financial difficulties.What Do You Need to Know About FHA Home Loans?While FHA loans offer a great deal, it’s important to understand how they work and what they offer before you apply for them. Here’s what you need to know about these loans:The down payment amount is usually set at anywhere between 3.5% and 10% depending on the credit score.If the credit score is above 580, you might be asked to pay around 3.5%.Loans with lower down payment options are limited in availability.You need to get your loan from an FHA approved lender so you can’t just choose any bank or financial institution.For any more information about FHA Home Loans and assistance with applying for one, it’s important that you hire the services of an experienced and credible mortgage agent that will work with you and provide you all the information you need; this will help you make a more well-informed decision about this sizeable investment you are making.