Why You Should Ask A Help From Mortgage Broker In Texas Pt 2

Top 5 Reasons To Use A Texas Mortgage Broker Right Now

Part 2

2. Ability To Locate The Most Advantageous Rates

Mortgage brokers generally have the ability to access upwards of 3o individual lenders when searching on a client’s behalf. These run the gamut of rates and terms, and brokers can carefully assess what is available and match loan programs to a borrower’s distinct situation. The end result may savings that run into the thousands or more over the length of the loan. Brokers are also privy to exclusive loan programs that buyers may not be able to access on their own.

3. Simplifying The Process

The mortgage industry has experienced a good bit of upheaval during the pandemic, and there is a lot of conflicting information circulating everywhere. This can lead prospective borrowers to feel overwhelmed and confused, something which may prompt them to scuttle their loan plans entirely.

Mortgage brokers have the knowledge and up-to-date insights needed to streamline the process and provide the latest details on available loan programs. This is a godsend for borrowers who might otherwise be discouraged from continuing their search for the right mortgage product.

4. Customized Loan Recommendations

Brokers have a legal obligation to work in the interest of their clients instead of that of the lenders with which they engage. The best brokers are those who work collaboratively with borrowers to learn about their situation, their needs, and their goals to come up with the very best solution.

A seasoned mortgage broker will offer a range of options and information all meant to aid in the making of truly informed decisions. These skilled professionals can also work with borrowers who are in need of refinancing options or even loan repayment forbearances.

5. Streamlining The Application

There is no doubt that purchasing a home is a thrilling prospect, but it does not come without significant stress. Juggling all of the documentation requirements, inspection details, interest rate considerations, and more can make even the calmest person start to worry, and that does not even address the strain that packing, buying furniture, and establishing utility service entails.

However, a top-notch mortgage broker can help shoulder the burden in a way that makes a massive difference. These professionals undertake all of the research duties related to your home loan, determine how much you are qualified to borrow, and manage the application process all the way through to completion. This is a significant thing for those who are already taxed by the logistical planning that moving inevitably involves.

By taking the time to find a reputable mortgage broker that you can trust, you can save yourself many of the headaches you would surely face by trying to go it alone. Align with a seasoned, skilled mortgage broker to aid in your home loan search, and lighten your load today.

Feel free to contact or call us to speak with our mortgage professional for any help you need with your home loan application. We hope to work with you soon! Click here to go to the first article in this series.

Why You Should Ask A Help From Mortgage Broker In Texas Pt 1

Top 5 Reasons To Use A Texas Mortgage Broker Right Now

Part 1

Those seeking to purchase or refinance a home understand that there are seemingly countless lenders available on the market from which to choose. Selecting the best from a very crowded field can make all the difference in terms of the interest rate and loan specifics that will ultimately apply. This is especially true amid the pandemic when information and policies seem to be changing all the time.

Mortgage brokers are highly-skilled professionals who can assist borrowers in navigating the market’s intricacies, with the overall goal of steering them toward the home loan that truly meets their needs and provides real financial value. Continue reading to learn more about the duties of a mortgage broker and why they are an indispensable part of the home buying or refinancing process.

What Mortgage Brokers Do

Mortgage brokers effectively serve as a middleman, standing between borrowers and lenders throughout their home buying or refinancing journey. If you are looking to borrow, a broker will represent you in the search for lenders willing to provide you with the most competitive interest rate and loan terms. They also serve as facilitators for the entire mortgage process, from initial application to closing.

Key Mortgage Broker Tasks

Because a mortgage broker understands the ins and outs of the loan process, they can provide the guidance borrowers need at every step along the way. Skilled brokers take the time to understand your objectives and your specific financial circumstances. They will explain the various loan programs for which you may be eligible and outline the cost involved with them. Brokers also handle the application process and see you through every phase until your deal actually closes.

Cost Of Mortgage Broker Services

The services of a mortgage broker are ultimately covered by lenders, rather than the home loan borrower. Brokers will receive commissions for suggesting a particular loan product when it is selected and received by an applicant. As such, borrowers don’t usually pay anything for the broker’s services.

It should be noted, though, that there are certain situations in which a broker fee will be charged to the purchaser. This amount may be in place of, or even in addition to, commissions paid by the lender.

Key Reasons To Employ Mortgage Brokers

1. Familiarity With Changing Lender Requirements

The coronavirus pandemic has caused numerous home lenders to change policies with alarming frequency. A number of lenders have altered eligibility requirements, documentation rules, and more. Submitting an application directly to a lender while unaware of recent changes can cause the approval process to be delayed or scuttled altogether. Brokers, however, remain fully apprised of any and all such changes, making it easy for them to adjust your applications on the fly, something that can increase your chances of success.

Feel free to contact or call us to speak with our mortgage professional for any help you need with your home loan application. We hope to work with you soon! Click here to go to the next article in this series.

 

A Deeper Understanding About Texas Mortgage Interest Rate Changes

Home Loan Interest Rate Changes In Texas: How Important Are They?

News about interest rates going up may be a concern to you if you’re going to purchase a home soon. You might be worrying about being able to buy a home at all, or having to get a home that is less than ideal because you can’t deal with the higher rates. How much of an impact to interest rates really have in home purchases, and when buying a home, how much attention should you give them?

When Looking For A Lender, Is It Necessary To Consider Interest Rates?

A variety of interest rates will often be advertised by lenders during the shopping phase. Think about this before using these rates to comparison shop:

There’s only around a quarter or eighth of percentage points difference between mortgage rates, which is pretty small. In terms of monthly payments, the impact that rate differences have will not be significant. This means that you should pay closer attention to the services that lenders provide, because although monthly payments and rates are factors, the services shouldn’t be forgotten. You should also learn about the speed of the loan process and how much a lender knows about new home loan regulations and laws. Compared to a multi-month closing delay, paying a little bit more on a rate is nothing.

What Should You Pay Attention To When Considering Lenders?

A key component that will affect a monthly payment is the APR or Annual Percentage Rate. While important, the quality of the service that a lender offers should be your main focus. When choosing lenders, look for the following:

  • The reputation of the lender
  • The lender’s ability to make the transition as smooth as possible with proper guidance
  • APR, fees, points, and other associated costs

Points

Interests that are prepared when closing with a lender are called discount points, also simply known as points. Monthly payments and interest rates are usually lowered with the use of points. One percent of a loan is equal to one point, so on a loan of $200,000, the rate would be reduced by one point when $2,000 is paid.

Fees

In order for the loan to be processed, some fees may need to be paid. Appraisal fees and title insurance are common fees, and there are some lender specific ones that may arise. All fees, interest rates, mortgage insurance, and title charges must be provided by every lender in a document called a good faith estimate. While only having an estimated amount, the document still makes it possible to compare the mortgage costs that are associated with each lender before deciding on one.

Annual Percentage Rate (APR)

Lender fees, discount points, and sometimes mortgage insurance can be included in the APR. Most of the time, APR is a little higher than a loan’s regular interest rate.

Every possible factor should be examined when you apply for home loans. Interest rates should be acknowledged, as they they are important, but it is also important to get a lender that is knowledgeable and will give you the best service.

Before making a decision, let one of the experts at Mortgage Lending Texas help you find out exactly what loan is best for you.  Feel free to contact us or call us today!