As one of the region’s leading mortgage brokers I take pride in my dedication to customer satisfaction. I will make refinancing or purchasing your home an easy, stress-free experience.
Before you start the process, let me guide you through what you can expect during the loan process. Being prepared ahead of time will make the loan preapproval and application an easy process.
If you have already been preapproved by another lender it is not too late to shop for your home loan. Please contact me directly at Linda@AlwaysBestRate.net or call 215-380-0103.
Thank you for choosing Always The Best Rate Home Loans for your home financing. I promise to do all that I can to make the mortgage process easy.
Linda Feriod, President Mortgage Broker
What you need to get started
Congratulations! You decided it is time to become a homeowner. Most experts agree that your primary residence is one of the best investments you can make. Whether you are a first-time home buyer or moving up to a larger home purchasing real estate can be a confusing and sometimes stressful process. To avoid last minute surprises now is the perfect time to start collecting the documents you will need for a preapproval. For most loans you will need to provide your last two years federal tax returns and any w-2 forms and 1099 forms used in preparing those returns. Remember to save your last two bank statements and your last 2 paystubs. If you have been divorced you will also be asked to provide proof of child support, alimony and a copy of your property settlement agreement.
Your realtor will want to be sure you have been pre-approved for a mortgage before the new home search. During the pre-approval process we will work together to make sure you completely understand what your future mortgage payments will be and the closing costs you will have at closing. We will review your credit and if needed make recommendations on ways to improve your scores. If you cannot be pre-approved immediately I will give you the steps needed to be pre-approved in the future. You can be pre-approved by calling 215-380-0103 or begin the pre-approval online by clicking this link
. At Always the Best Rate
you can be confident once you have our pre-approval letter there will be no surprises. Our policy is to collect all supporting documents at the time of your pre-approval along with pulling your credit. By collecting this information ahead of time and with your permission I will be able to inform the listing agent that I have a complete file so in a situation where there are multiple offers your offer will be the strongest.
This can be the hardest or the easiest part of the process. Today buyers have access to thousands of homes for sale on the internet, often being able to see a home’s highlights through slide shows or virtual tours. Buying a home is often the single most important investment a person makes. Your realtor is trained to help you with negotiating and often can spot potential problems in a new home before you go to contract. Their ability to help you in each stage of the contract phase can take a lot of the worry out of home buying. I would be happy to refer you to a reputable local Realtor.
Remember the best rule of thumb is to see the house purchase as an investment rather than buying with your emotions. Make a list of the features you want and don’t want in your new home. The Seller’s beautifully furnished home will be empty when you move in. Rate each home that you see on these points before you fall in love with the color, floor plan or location.
Once your offer has been accepted by seller you have 7 days to complete a mortgage application. You will have the option of making application electronically, have a paper application sent to your home via Fed Ex with a prepaid return envelope or meet face to face. It is important to follow the dates on your real estate contract so you are not in default.
You will have to secure a homeowner’s insurance policy 20 days before closing. Most borrowers call the company that is currently their auto insurance company. This is perfect time to shop both your car insurance and your homeowner’s insurance to get a discounted rate. If you need help I am happy to refer somebody to you.
You won’t have to worry about any closing surprises as I attend all my closings. A few days before closing you will receive a copy of your HUD 1 closing statement and we will review them together. If there is a balance due at closing you will be given the final the amount in advance.
Why Use a Mortgage Broker?
Are you a sophisticated borrower? You are if you use an Independent Mortgage Broker as these professionals have a significant impact on today’s lending industry while making the mortgage process seamless. Using a professional mortgage broker gives you power and peace of mind!
What Does a Mortgage Broker Do?
Independent Mortgage Brokers are independent real estate financing professionals who specialize in the origination of residential mortgage loans. As independent contractors, Independent Mortgage Brokers work with, on average, as many as 40 lenders to get you the best financing to meet your unique financial goals.
They are responsible for the following:
- Explaining financing program options
- Informing you, in writing, of lock-in options
- Explaining all documents of the loan application process
- Explaining all associated costs of a loan application
- Explaining the disbursement of all loan applications
- Explaining the loan process from application to closing
- Providing you with a good faith estimate of costs and fees
- Communicating with you throughout the process in a timely manner and
- Coordinating the final closing of your transaction.
Independent Mortgage Brokers serve as safeguards to their clients by offering them security, safety and peace of mind during the lending process. They take your application through the ins and outs of the application process while constantly patrolling the component transactions for possible breakdowns. Your professional Mortgage Broker will cut through the layers of rate data and program options, research current market conditions and find you the most accurate and current information about cost-effective loan options. They are your liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, underwriters, processors, attorneys and all other services that may affect your transaction. In short, they handle the details of your loan from soup to nuts and are essential to securing your financing.