In this post, USDALoanInfoPA wants to talk about hiring a really good loan officer or Mortgage Lender in Pennsylvania and the importance of doing that, especially when searching for a USDA Loan in Pennsylvania.
We want to give you a real-life scenario that happened to a buyer who was searching for a mortgage lender in Pennsylvania this week. This should serve as a sample to really drive home the point on how important it is to hire and make sure you get a really good loan officer.
USDALoanInfoPA believes that you should search for an honest mortgage lender, no matter where your house buying adventure takes you.
To get started with our Mortgage Lender example, we find ourselves taking a buyer call with what happened. One of our officers had just got back from vacation and found out that there was a problem with the USDA Loan in Pennsylvania. The lender that the prospect had hired actually made an error which delayed three days of the process!
Walk into any high street bank or building society and mention that youre looking for a mortgage, and youre likely to be bombarded with leaflets, if not hurried into a private office to meet their mortgage advisor. Mortgages are big business and every large financial institution will offer several types of loan for buying property. Its a good idea to check out as many different lenders as possible before making a decision experts repeat the phrase shop around like a mantra these days and you could save yourself a lot of money by comparing whats on offer. Your own bank may be a good place to start if youve banked with them for a while and have a good financial record they may be more confident about loaning you a large amount of money such as a mortgage. However, with relatively low interest rates and a booming market, these days the competition among lenders is fierce and you may find a better deal elsewhere. Dont feel that you have to use the same bank for your mortgage as for your personal account. There are a number of websites that produce tables of comparative mortgage offers just type mortgage into your search engine and see the amount of results you pull up. Which, the magazine of the Consumers Association, is a reliable source of information on the current market. Check their website for guides on Which mortgage at www.which.co.uk The financial pages in newspapers carry adverts as well as news on the latest deals beware though of being seduced by adverts promising low rates without giving all the details theres more to finding the right mortgage than just picking the best rate. The bank are likely to advertise their lowest rate, and you are likely to have to meet certain criteria before qualifying for that particular deal. Check for things like hidden clauses or Higher Lending Charges these are one-off charges applied to some deals that are supposedly to cover insurance protection for the bank when they lend to you. They will not, however, provide the lender with any security! Ethical investment is also a consideration for some borrowers Muslim banks, for example, are forbidden from charging or paying interest. You can find out more about ethical banking and investments at www.eiris.org The Islamic Bank of Britain complies with Sharia Law, contact them at www.islamic-bank.com
The Mortgage Lender wasn’t using the builders lender so what happened is the Builder was charging them $300 per day for every day they did not close.
The prospective client was getting hit with a $900 bill the good thing is they had a really good loan officer with a really good company and they basically stepped up to the plate and paid that bill!
Here, you might be thinking to yourself well yeah of course they should and you’re absolutely right. They should but, we have been on the end where these lending companies not they’re just like ‘hey we’re sorry this stuff happens it’s not our fault we’ll get the loan done as quick as we can’.
There’s situations, especially in this market right here in Pennsylvania that we’re in – meaning we are in a seller’s market – where, if you don’t close on time and there’s a backup offer that’s better than yours on a pre-owned home.
If that happens, they might just cancel the contract and they let it expire and take the other offer.
If you’re working with a builder or if it’s on a relocation company, there’s a per diem every day if you don’t close and it could wind up into hundreds if not thousands of dollars.
If you’re searching for a Mortgage Lender in Pennsylvania, you need to make sure the lending company that you hire is:
-Understands the USDA Eligibility Guidelines
AND is someone who’s going to do the right thing. USDALoanInfoPA suggests that you always ask for references.
The best place to start is your real estate agent if they’ve been in the business a while they should have a really good relationship with a really good loan officer and mortgage lender company.
Mortgage Lenders in Pennsylvania: Here’s how to Apply for a USDA Loan
What is the best loan program for a first-timehomebuyer? How's it going everyone, Matt Leighton welcomeback to another video. In this video we're going to go over the bestloan program for a first-time homebuyer. I'm here with Sean Glennon. Sean, take it away, what's the best programfor a first-time homebuyer? Well, beauty is in the eye of the beholder. So it depends. Now there's a lot of first-time homebuyerpopular loan programs and it really depends on what you're capabilities are in terms ofdownpayment, whether or not you have gift funds to use toward the downpayment or closingcosts, what your income limit is, that's a big one. How many people are going to be on the loan,because a lot of these first-time homebuyer loans, what the big difference is betweenthem and other typical loan products is that there are restrictions. They don't want to be given 100% financingproducts to people who aren't making a ton of money and things like that so income limits,sales price limits, credit score limits, all that is going to be apart of these programsbut we can dive into some of the more specific. Let me ask you this, if you are a Veteran,and also a first-time homebuyer, is it a no-brainer that the VA loan program is the best program? Yes. Absolutely. Alright so obviously if you're a Veteran,first of all THANK YOU, and then go with the VA loan program, there is no competition. So with that being said, let's just focuson conventional and FHA because with FHA 3. 5% down, compared to Conventional, you can goas low as 5%? Or can you go lower than that? There's actually a new loan program you cango lower. When we talk loan programs, the first thingyou're going to want to do is get pre-approved to determine what you're qualifications areand what doors are opening or closing to you depending on whether you fit the bill forcertain programs. 100% financing, VA, USDA, and USDA is a ruralhousing loan so if you're looking in and around cities, it really won't be applicable to you. And VA only if you're a Veteran; are goingto be your best 100% financing products. Now there are certain loan programs in eachstate that usually have first-time homebuyer 100% financing needs. In Virginia, VHDA is the one that comes tomind as the most popular. But most people are going to fall into theumbrella as FHA or conventional loans. FHA is going to be 3. 5% down and is very friendlyon underwriting guidelines. Conventional is a little bit more strict,but recently they actually came out with a program that is trying to compete with FHA. It's called Fannie Mae's Home Ready Programthat allows for a 3% downpayment instead of the typical 5% downpayment. Yeah a lot of times you're seeing people diveto what's the lowest downpayment I can have? That has to be the best loan, maybe that'sright, maybe not because with FHA you do have the monthly insurance on the loan there'sanother program with the conventional. And let me ask you this, are people re-financingout of these loans? For instance, I had a client a couple weeksago they went in with a VHDA loan which is Virginia-specific, so if you're not in Virginia,you may not be aware, but they went in with that and I don't know a week later or whateverthe minimum time is that you can re-finance, they said oh yeah, that's what we're goingto do. Are you seeing this? Or is this kind of a unique situation? No, I've seen a lot of it. What a typical game plan is for a lot of peopleis, a disclaimer that you can't always bank on re-financing because you never know whererates are headed. But as long as rates stay solid or at leastin the range that we've seen them right now, or around where you originally purchased yourhome, it's very common for people to bite the bullet and get the VHDA or FHA loan whichcarries with it a little more in fees and mortgag insurance and things like that. But it allows them to get in the propertywith very little out-of-pocket and then once they get a little equity in the property orsave up a little money, they try to re-finance into a conventional loan to eliminate someof that burden with the mortgage insurance and things like that. Get themselves a much more healthy and manageablemonthly payment. Yeah the VHDA loan program is becoming morepopular here in Virginia but sometimes with these loan programs it's really hard to getinto, you have to be making $82k - $85k, be born in a certain ZIP code, and be left handedand live on Main Street or something like that where it's like it shouldn't have tobe that hard. Quickly go over maybe a broad overview ofwhat it takes to be eligible for a certain grant program like the VHDA. Well some of these grant programs, most ofthem are all going to have income limits. So that's the big one. If you're making $250,000, there's a goodchance you're not going to qualify for the local first-time homebuyer and grant programs. Income limits, sales price limits, heightenedcredit score minimums. When they're giving out 100% financing, that'sa high-risk loan so they want to give it to borrowers that are well qualified. There are a lot of niche things that go alongwith it and the grant program. VHDA is a little more broad, but county and local grant programseven more, very niche, sometimes you're in a lottery with others. It's a nice thing to have in your back pocketbut nothing I would recommend anyone bank on. Good to know. So we're going to wrap this video up withone final question. But you know obviously this is more Virginia-centered,there's VHDA loan program, in your own state, there might be other grants available. So maybe FHA is right for you or maybe talkto your lender and find out the grants available. Sean my question is, if you were to imagineyour last 100 first-time homebuyers, out of those 100, what's the most popular loan programthat you're seeing for first-time homebuyers? I would say if you had asked me for any yearin the last 8 or 9 years I've been in the business, the answer would be FHA. I would say since Fannie Mae last year rolledout there Home Ready Program with 3% down, most homebuyers do qualify for it and fallwithin the income limit. The area median income limit, you can actuallylook it up on Fannie Mae's website. As long as you fall under that, you qualifyfor, it does give a little more beneficial terms on the mortgage insurance terms, it'sa half percent lower on downpayment, and there's a little more flexibility with some of thethings that you can do down the line with the loan like remove the mortgage insurance. I would say FHA, historically, Fannie MaeHome Ready Program recently. Things are changing. So FHA for the longest time was the best optionout there, it may still be the best option depending on your circumstance, but you mayknow the best option, but your lender will know the best option. Be sure you're talking with local lendersout there and know all your options because a lot of things are changing in terms of guidelines,what I'll do is link and list a video up here in the corner that talks about recent changesin the market place that may affect which loan program that you being available to getinto and get a loan. You got it out. T-t-t-t-today Junior. What movie is that from? Billy Madison. Well on that note Sean, why don't you tellthe people where they can connect with you. You can email me at sglennon@hstmortgage. Comor call the office. Myself or anyone else in The Glennon Groupwill be happy to answer your call and help you with any questions. 703-766-4630. And my man Matt will hook it up down loan. Thank you very much for watching. Until next time, create a productive day. Take care.
5 Things to Look For in a Mortgage Quote
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.
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