The urbanized area of Silver Spring, Maryland is just 6 miles from the nation’s capitol and 35 miles from Baltimore, Maryland. Silver Spring is an affluent and diverse community providing families with an excellent place to reside. With comfortable and affordable housing, great educational opportunities, a good transportation system, and the addition of major retail, residential, and office developments, Silver Spring has plenty to offer. Whether you already have a home in the area, or you’re looking to make this area your home, one of the first things you must consider is the type of lender you wish to use.
To Use a Traditional Lender or a Mortgage Broker?
Which lender is right for you? Traditional lenders consist of banks, credit unions, or savings and loans. These lenders have loan officers who work for them. Mortgages, refinance loans, or home equity loans come directly from this lender. The loan officers are involved in the actual internal processes of the lender so offer loans only from that lender. Traditional financial institutions usually have specific criteria to qualify for their loans.
Mortgage brokers deal with multiple lenders which allows them to find an interest rate and loan package that works for you. They research the possibilities and compare the offers giving you a number of options to pick from. They can match the mortgage, refinance loan, or home equity loan to your needs. Even if you have experienced financial problems in the past, a mortgage broker can find you financing. With the expertise and knowledge a mortgage broker provides, you will be pleased with the end result of your loan process.
Why is a Mortgage Broker the Best Choice?
Mortgage brokers do the shopping for you. They contact multiple lenders, compare available loans, obtain information regarding current interest rates,
fees, and closing costs, and help you assemble required documents. Loan applications are completed and submitted by the mortgage broker. They follow the process from beginning to end, answering your questions, constantly monitoring the situation, and coordinating closing. Also, mortgage brokers do not have bankers’ hours. They are available when you need them.
Questions to Ask Your Mortgage Broker
What are the different mortgage types? The most common mortgage types fixed rate, adjustable rate, interest only, reverse, graduated, and balloon loans. Your mortgage broker can explain these loans in terms you will understand to help you select the loan that works best for your situation.
What documents are needed to process a loan? Your mortgage broker will need your financial information, such as bank statements, credit situation, job status, current loan data (if you are already a homeowner), and tax returns.
Why would I want to refinance? Refinancing at a lower interest rate obviously will lower your monthly payment and free up money for other purposes. With his many resources, your mortgage broker will be able to assist you in qualifying for refinancing. The money saved can help you with unexpected bills or other financial needs.
What about a home equity loan? You can benefit from the equity you have in your home. The money can be used for various purposes including remodeling, schooling, or credit card bills. A home equity loan will be researched by your mortgage broker as a possible option for you.
What fees will I have to pay? It is important to know what you need to pay for so ask for a list of required fees. Fees could be charged for the application, credit history, appraisal, processing, and document preparation.
What happens at closing? Closing can be an exciting, but stressful time. You will be asked to provide identification and the appropriate amount to cover closing costs and fees. This is the time to ask questions before signing anything. Be prepared to sign your name multiple times.
Our knowledgeable mortgage brokers want to help you obtain the mortgage, refinancing loan, or home equity loan that’s the best for you. Contact us today by filling out the form below for help with your lending needs.
