Securing a Home Loan in Atlanta

7 Reasons To Use A Mortgage Broker

7 Reason Best Reasons to Use a Mortgage Broker

So, you have made an offer on your dream house, and it has been accepted. Or perhaps you have decided to give that dusty old basement a fresh look and need to refinance. Or maybe your mortgage has come up for renewal, and are looking for a better interest rate or terms. Well, the only thing stopping you from a more flexible life is getting the best financing solution for your situation.

Back in the day, you would take a stroll to the bank and ask for a mortgage. If offered one, you would accept it with no questions asked. However, those days are long gone, and you have many options nowadays. By failing to shop around and assess your options, you potentially leave thousands in interest savings, not to forget that lending institutions have become stringer in approving most mortgages types.

That being said, here’s why it is important to use a Atlanta mortgage broker in the current industry:

  1. Lower Rates

One of the primary reasons people opt to get a mortgage through a broker is because these specialists have access to an array of lenders and rates. More often than not, mortgage brokers have access to rates that aren’t always advertised and can be substantially lower than those advertised by credit unions or banks.

  1. Accessibility

Most mortgage products and rates can only be accessed via a broker. These specialists can also vet lending institutions and negotiate on your behalf. Reputable brokers ideally have solid relationships with banks and other lenders. Overlooking these lenders and deciding to take a mortgage with a bank could see you getting strict prepayment penalties for breaking the mortgage. This, combined with a higher interest rate, can cost you thousands of dollars down the line.

  1. Customization

An experienced mortgage broker can better tailor a mortgage to your individual needs, be it working with a lender with more flexible terms of prepayment or one who’s more flexible in regards to self-employment income. Since brokers have access to more lending institutions, they are better able to find a mortgage and lender based on your financial situation and specific needs and ultimately getting you the lowest mortgage rates available.

  1. Guide You Through the Process

We can all attest to the fact that the loan application process is no walk in the park. There’s a lot involved, and a single mistake could make the difference between decline and approval. As such, it is best to have a professional hold your hand throughout the process. An excellent broker will work with you until the mortgage closes.

  1. No Cost

Mortgage brokers are usually paid in the form of commissions by the lenders. So, as a consumer, you don’t have to pay them. The only time you might need to pay a fee is when you hire a private lender or one who doesn’t pay broker fees. However, a broker will inform you of the potential extra costs in advance.

  1. Protect Your Credit Score

If you apply at many lenders on your own, it’s not only time- consuming, but can result in a lower credit score. That’s because every time you apply at a lender, it prompts a hard credit check. When you do too many of these in a short period, it lowers your credit score. However, when you use a mortgage broker, they only need to pull your score once, thus protecting your credit score.

  1. Save Time

It could take you several weeks to arrange for appointments with competing lenders, and we know you would rather spend your time searching for a house. A mortgage broker works directly with numerous lenders, including credit unions, banks, etc., and given their expertise, they can quickly narrow down to those that suit your needs. Working with a broker makes comparison-shopping easy, fast and convenient.

Conclusion

As you can see, utilizing a mortgage broker has many perks. The next time you need a mortgage, do not hesitate to get in touch with your broker and see the best options available.

Down Payment Money for Your House in Atlanta

Mortgage Brokers Save You Money

3 Ways A Mortgage Broker Can Save You Money

Buying a house is one of the biggest purchases most people are likely to make in their lifetimes. For the majority of us, the only way we can afford it is with a mortgage. There are a number of factors that determine how much a mortgage is going to cost you over and above the purchase price of a home.

A mortgage broker takes these factors into account in finding a mortgage that best suits the needs of a homeowner while ensuring they cut costs as much as possible:

3 Ways in which a mortgage broker can save you money in both the short and long term include:

  1. The Down-Payment

First time home buyers can often be required to provide a down-payment that is equal to 20% of the purchase price of a home before a mortgage lender will consider offering them finance to make a purchase. Experienced home buyers will also be asked to provide a down-payment that will vary depending on their financial standing and other factors.

A mortgage broker will identify mortgage lenders that require the lowest percentage down-payment for either first-time buyers or those who are buying a property for the second or third time. Atlanta Mortgage Brokers will find a mortgage that matches your finances and not the other way around.

  1. The Rate

The interest rate on your mortgage is going to be one of the most important factors that determine how much you are going to pay for your mortgage. In fact, for most home buyers, a greater percentage of the repayments are going to go towards paying off the interest for the fist few years before you start making a dent in the principle mortgage loan amount (the actual purchase price of the home).

Of course everyone wants the lowest rate possible. Your mortgage broker is in the unique position to negotiate the best rate for you. Atlanta Mortgage Brokers understand the factors that mortgage lenders take into consideration when deciding a rate for a specific home buyer and will use these to your benefit in finding the best rate for you. They will also help you determine the type of rate (fixed or variable) that will best suit your needs.

  1. The Terms

The term of a mortgage is the loan or repayment period. Mortgages are generally considered to be long term loans and commonly last anywhere from 5 years up to 20 years. It is however up to the mortgage lender to assess the length or duration of the mortgage. The longer the term, the more you are going to pay in interest and other fees.

While a shorter term is always desirable, it does increase monthly repayments. Your mortgage broker will help you structure a mortgage agreement with a term that is affordable while saving you as much money on interest, fees and other charges. Atlanta Mortgage brokers will assess your financial situation relative to the available mortgage terms to ensure that you can afford the repayments while saving you as much as possible on your mortgage.

Contact Atlanta Mortgage Brokers to find out more about the ways in which we can help you save money on your mortgage whether you are a first time home buyer, existing home-owner or are looking to buy a second or third property.

  • Important Saving Tip From Atlanta Mortgage Brokers – The best way to save money on a mortgage is to repay it as fast as possible. Lowering that principle loan amount means you will be paying less interest and other fees that can go towards paying off the mortgage faster. Any extra funds or income should therefore always be paid into your mortgage.

 Mortgage Broker

Tips For Picking the Right Mortgage Broker

If you are thinking about working with a mortgage broker to assist you in finding the right home financing option for your needs, you’ll want to ensure you get someone who is ideal for you. As with any professional, mortgage brokers are expected to reach certain standards, and it goes without saying that yours should at least meet, or even surpass them (licensing, etc.) However, there are several other key features to look for in a great broker. That being said, here are a few tips for picking a mortgage broker.

Start with Referrals

Chances are your relative, neighbor, friend, colleague or real estate agent knows a mortgage professional. If that’s the case, this can be a great way to start looking for a broker that will hold your hand through the home financing journey.

Can they Help You Save Money?

Mortgage brokers usually make money via commissions on loans. The value of a broker is that they should help clients get a more affordable financing solution than they would have been able to find on their own. If the mortgage broker can help you save money, then the commission fee shouldn’t be a deterrent. It should either be equal to or less than the amount you are saving by hiring them.

Learn Who is on Their Broker’s Lending Panel

You can really learn a lot from a broker’s lending panel, especially about their work and experience. So, check whether the broker has an array of reputable institutions under their belt. If not, you may end up missing out on better home loan deals. Ensure the mortgage broker can tell how many lenders they have, how and why they use them.

As a borrower, it’s important to ensure the product being offered meets your needs. Ask why the broker is offering a certain lender and exactly what they’re offering. Keep in mind that a bigger lending panel does not mean a better service. In the end, it will be all about what you want and need.

Ensure you ask the mortgage broker to explain the paperwork or documentation associated with your loan application. This ensures you know exactly what you’re getting.

Proper Communication

Dealing with financial issues can be complex and infuriating, especially for people who haven’t been through the loan process before. As such, you need a broker who can effectively communicate financial concepts and sophisticated mathematical calculations to their clients and practice patience when they have questions. Ensure that they can communicate quickly and clearly whenever you need them.

Pick an Atlanta Mortgage Broker You Can Use in The Future

While we do not have a crystal ball, we can confidently assume that most individuals who hire mortgage brokers for their loan needs are possible repeat buyers. First time home buyers are especially vital to brokers, as they are essential to first-time mortgage applicants. That’s because first-time home buyers usually become refinancers or move-up buyers.

If this is your first time applying for a mortgage through a broker, chances are you will avail of their services in the future. Of course, they will depend on how good of an experience you have with the mortgage broker. So they demonstrate all the traits mentioned above? So they offer a wide range of products and affordable solutions? How long have they been in the industry? Do you see yourself working with the individual not just for this mortgage but for other house financing needs in the future?

It sounds silly, but working with a broker should be a long-term relationship. When it comes to getting a bigger house, buying that holiday home you’ve always wanted, or refinancing at a lower rate, it would be nice to get in touch with a person who knows your needs and financial situation.

Why Use A Mortgage Broker

Why Should you Use A Mortgage Broker?

A mortgage broker is a professional who finds lenders who meet their clients’ specific requirements for a mortgage. They achieve this by providing you with detailed, professional advice and recommending the most suitable mortgages from a large pool of options. After the best choice has been decided, they will manage the entire application process for your mortgage.

Now that you have some clue of what a mortgage broker is, it is crucial to understand why it can be beneficial to work with one. Since going directly to the bank has its advantages, this article will not tell you to rule that out. Undoubtedly, many homebuyers have claimed to enjoy the following advantages from working with a mortgage broker.

A mortgage broker is qualified.

Mortgage brokers are well-qualified to provide you with mortgage advice, while an individual you talk to in a lender’s call center might not be well qualified. They will look for the right mortgage for you. Since they’re on your side, and not the lender’s, they’ll allow you access to many products than if you went the direct way. You’ll have unbiased advice and can choose from a variety of lenders and subsequent products, instead of being limited to the single range of only one lender.

You will save your precious time.

Generally speaking, modern life may be hectic, and the advisers at Atlanta Mortgage Broker are always much flexible with appointments. They can offer evening and weekend meetings, whether over the phone or in person, and they could meet you at a convenient location for you. And if you won’t find the time to get to the office, they’ll look for another way to obtain all the relevant information from you and offer you the right advice.

It might help you save money.

As part of a mortgage broker’s service, they’ll ensure you are never incurring more than required. They will evaluate your financial circumstances and determine the appropriate mortgage option for your needs. The recommendations you will get at Atlanta Mortgage Broker will always put your requirements front and center.

Since they attract many lenders, they must examine numerous products to determine the suitable one for you. Besides, in case a lender turns you down, they’ll try another option. What’s more, they can access exclusive deals that you can’t find anywhere else – this could land you the best mortgage.

You’ll get real value for your money.

In most cases, mortgage brokers obtain their money through commissions and fees. Online-only brokers won’t charge a fee and depend wholly on this commission. Atlanta Mortgage Broker will charge you a fee for their service since this allows them to devote more time to your needs. We want to offer you the time to explain everything to us, discuss your problems, and feel comfortable with all decisions.

We want to spend more time supporting and advising you, with much attention on your needs, rather than the commissions’ value from various lenders. In general, a mortgage is perhaps the most significant investment you’ll ever make. Therefore, it would be best to feel confident you’re receiving the appropriate advice to get the right deal.

Since everyone is different, there’s no one-size-fits-all solution to acquiring a mortgage. In other words, there’s no such thing as a “wrong” or “right” choice here. But the best way you could make the right choice is to ensure that you have all the necessary information. In case you’d want to discover more about how we work at Atlanta Mortgage Broker, feel free to contact us, and we’ll be more than glad to answer all your inquiries.

What Types Of Mortgages You Can get in Atlanta

What Types Of Mortgages You Can get in Atlanta

Learning About What Types Of Mortgages You Can get in Atlanta

Are you finally ready to own a home? Well, it’s understandably normal to feel excited about the prospect. But when it comes to deal with the financial aspect, one can easily get overwhelmed with all the mortgage lingo. However, don’t fret: selecting among the various types of mortgage loans you can get in America isn’t that daunting. Once you’ve gained an understanding of the terms, you can pretty much sail through the entire process.

Here are the common types of Mortgages can you get in Atlanta:

Conventional mortgages

This type of mortgage is a home loan the federal government hasn’t insured. Conventional loans can be categorized into two: non-conforming and conforming loans. When you make a down payment that’s 20% less the home’s valuation, the lender(s) will need you to pat private mortgage insurance. This loan is suitable for borrowers with a stable income, employment history, strong credit, and making a down payment of about 3%.   

Jumbo Mortgages

This mortgage is basically a conventional type of mortgage with non-conforming loan limits. This meaning the home price is more than the federal loan limit. As of 2020, the maximum limit for single-family homes in most America is $510,400. In other high-cost locations, the loan limit can be in excess of up to $765,600. The best part of jumbo mortgages is that you can get a substantial loan to acquire a home in a high-end area. This loan is more suitable for affluent buyers looking for an expensive home. Borrowers need to have a high income, excellent credit and make a significant down payment. 

Fixed-rate Mortgages

This mortgage loan maintains the exact interest rate over the loan’s lifespan, meaning the monthly installments you make will always remain the same. The life of fixed loans is 15 to 30 years. This will allow you to budget for other things month to month and create a sense of stability. 

Adjustable-Rate Mortgages

Unlike fixed-rate mortgage loans, ARMs interest rates fluctuate up and down depending on the market conditions. Most ARMs have a fixed rate for a couple of years, from where the interest becomes sporadic for the term’s remainder. If you’re not considering sticking around for long, then an ARM can be just what you’re looking for. 

Interest-Only Mortgages

With this loan, rather than paying the full amount, you’ll be paying the interest on it for a period of like 5-7 years. The monthly payment will be decreased and won’t impact the loan. After your term has lapsed, you’ll be required to pay the full amount. 

As Well as the type of Mortgage your credit rating can effect the amount you pay as will the amount of downpayment. Click those links to read more about how those factors come into play.

Other kinds of mortgage loans you can get include construction loans, Government-insured mortgages, Combo, and balloon mortgages. Before pulling the trigger on a particular mortgage, you should first consider the financial state you’re in. After reviewing the different types of mortgages available, you can easily nail down a budget, check your credit and down payment amount. This way, you’ll know the kind of loan that best meets your needs. It is always advisable to speak things over with a qualified Atlanta Mortgage Broker to ensure you begin your new life as a homeowner the right way.