Tackling the home mortgage process can seem overwhelming at first. Gathering the paper work you will need alone is enough to discourage some. Don’t fret friends; our team at Real Estate Around Philly has put together some advice to help you get through the process. We asked our in-house real estate expert Jen Colahan for her expert advice on the home buying mortgage process.
Learning the difference between a mortgage broker and a mortgage lender
According to Colahan a lender is normally the direct contact to the money and a broker deals with many lenders and tries to find you the best deal based on their connections with different banks. “Lenders are often times a bit more hands on through the process, in my experience,” she said. “However, it really depends on the reputation of the company and the person you are working with. I always suggest that you use someone that is recommended to you firsthand. Knowing someone who has used them successfully is very important!”
Advice for picking a bank for a mortgage lender
Colahan says that the best advice you can get in this area is to ask your realtor for suggestions.
“I would ask your realtor for a few options,” she said. “We often have great relationships with brokers and lenders that can get the job done and do the best they can for our clients. You can also ask your family and friends who have recently used a lender or broker.”
Low interest rates
The media has been reporting on record low interest rates, but this can vary by several factors.
“They are very low and they often fluctuate a bit but I think they should stay relatively low for now,” Colahan said. “I would advise talking to a lender to get the inside scoop!”
Length of your home loans
According to Colahan there are many details about your loan that you will want to go over in person with your lender.
“The most common loan seems to be the 30 year loan but rates will differ based on the length of your loan,” she said.
If you would like some personal recommendations regarding buying or selling your home you can reach out to Jen Colahan at 215-266-4549 or by email at firstname.lastname@example.org.
Are you thinking about putting your home on the market or just interested in talking to a real estate professional for some advice? Achieve your real estate goals with agent Jen Colahan. Are you unsure if you will qualify as a buyer and need to talk to a seasoned real estate veteran who won’t pressure you into making a move before you are ready? Fill out THIS FORM (CLICK HERE) and Jen will be in touch with you shortly. Remember, Jen Colahan does not just serve the city of Philadelphia. If you take a look at Featured Areas tab of the site navigation you will see some of the many areas where Jen helps clients buy and sell including but not limited to areas of Philadelphia, Montgomery, Bucks and Delaware Counties.