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.

Why and How the Length of Mortgage Can Cost Can Cost the Borrower Money

Atlanta Mortgage Broker DiscussesWhy and How the Length of Mortgage Can Cost Can Cost the Borrower Money 

Why and How the Length of Mortgage Can Cost Can Cost the Borrower Money. Real estate financing is one of the most imposing limitations of homeownership in many parts all over the world. Mortgage affordability determines not only the ease of acquiring a loan but also the cost of holding the loan up to the loan’s maturity date when the borrower is expected to have repaid 100% of the loan funds borrowed. This article demonstrates that the length of the mortgage can cost the borrower more or less depending on the nature of the cost.

Many borrowers understand that long repayment duration will expose them to an extended duration of fluctuating interest rates for those mortgages issued on floating interest costs. Unpredictable interest rates affect a borrower’s capability to repay a mortgage in that if interest rates on an outstanding mortgage rise, the cost holding of the mortgage also goes up. The ideal scenario for a mortgage holder is to be able to retire a loan at the least cost possible.

Interest on loans is a measure of the credit risk for a mortgage holder. For this reason, risky borrowing is supported by high-interest rates on the loans; the more the risk to lend in a borrower, the higher the interest rate on the loan. It is on this premise that the borrower’s credit rating/ credit score becomes of great importance to the lender and a poor credit score will make a mortgage loan more expensive to the holder in the long run. We discuss  Your Credit Score and Your Mortgage in more detail on that post.

So, what are the common costs that a borrower will have to pay between the mortgage origination date and the mortgage maturity date? The naming of the various loan fees and loan charges may differ from one lender to another but the borrower needs to understand the rationale behind the charge/fee on the mortgage. They may include:

Loan Arrangement Fee

This is an administrative cost charged by a lender to the borrower because the lender has arranged for the loan and is often non-refundable. Lenders have to reserve large amounts of cash to be able to set up a credit facility capable of issuing both fixed-rate and variable-rate mortgages. Noteworthy, not all lenders charge a loan arrangement fee.

Depending on the perceived risk of the mortgage holder, lenders typically charge a loan arrangement fee of between 0 -3 percent of the loan amount.

This cost may be charged at the onset – at the loan application process when the borrower is submitting documents for loan consideration and origination or may be charged periodically as part of the annual interest cost. In the latter situation, the borrower will pay more in interest cost. It is paramount the loan arrangement fee is fully disclosed before the borrower commits to a loan contract.

Loan Booking Fee

Many lenders combine loan booking fees with loan arrangement fees and charge them together as a single cost. Similarly to the loan arrangement fee, the loan booking fee is often paid for when the borrower makes an application for a mortgage loan, is non-refundable, and is determined by the size of the mortgage loan. 

Property Valuation Fees

This is a fee paid to a property valuer/appraiser whose professional role is to ascertain the value of the property and help determine how much of a mortgage loan the property can secure for the borrower. The amount of mortgage funds given by the lender will be proportional to the value of the property as returned by the appraiser. 

The lender does not want to advance more money to the borrower beyond the value of the property used as mortgage collateral. The valuation cost to be paid to the property valuer is often dependent on the value of the property. 

Charging Fee

These are the costs paid to the government entity/solicitor that registers the lender’s charge or the lender’s interest in the ownership and control of the property. When registering a property charge, the lender wants to have legal control of the sale and management of the property after the mortgage loan has been advanced to the borrower. The cost of registering this interest is borne by the borrower and is part of overall mortgage costs. 

Mortgage Account Fees

To access a mortgage loan, the borrower must open an account with a mortgage lender. The mortgage account must be periodically updated and maintained for secure and accurate data recording. The cost of setting up, maintaining, and closing a mortgage account also adds to the overall mortgage cost. This fee to close a mortgage account applies even in the event of early loan repayment by the mortgage holder. 

Loan Non-Performance Penalties 

In most cases, there are charges to be made in form of penalties when a borrower falls late for loan repayment obligations. These fees are may vary between lenders but must be disclosed to the borrower early enough before signing the loan contract. 

Mortgage Brokerage Fee

A Atlanta mortgage broker brings a potential borrower and the mortgage lender together for the mortgage business to take place. A mortgage broker is a critical source of professional advice to the borrower. Mortgage brokerage fees are due when the borrower opts to hire a mortgage broker to guide the borrower to get mortgage financing at a favorable rate. 

Higher Credit Charges

Not all mortgage providers charge this cost. Additionally, this cost is mostly charged on borrowers with little mortgage down payment. A higher down payment (proportionate to the mortgage loan amount) will reduce the overall credit risk of the borrower. In the opposite scenario, when the mortgage down payment is low, the lender might charge extra to compensate for the extra risk. 

The fee to Arrange Property Insurance Covers

The lender will seek to hold an insured property as a security for the mortgage loan. A property with an assurance cover ensures the lender is paid in the event the property is affected by the hazard against which the property has been insured. 

A fire insurance cover will have the lender repaid if the building is razed down by fire before the loan has been retired. The cost of organizing for property insurance is a cost borne by the mortgage borrower. This fee will vary between lenders and between insurance companies. 

Pre-payment Penalties/Fees

This fee is not common among all mortgage providers and the borrower is advised to analyse this cost on case-to-case analysis of available mortgage providers.

This fee is a form of a recompense made to a lender because the borrower has repaid the loan earlier than planned. Naturally, the pre-payment of a loan has the undesired and invariable effect of forcing the lender to make adjustments for the anticipated loan payments.  This fee may range between 1-5% of the value of the early repayment. 

Mortgage Closure Fee

This fee is dependent on the occurrence of the mortgage account fee as discussed above. If the borrower has already paid for the mortgage account fee, it is highly unlikely they will need to pay for the mortgage exit/closure fees.  This fee is paid to mark the closure of the mortgage account and will often vary between mortgage providers.

The length of the mortgage can cost the borrower more or less depending on the length of the loan repayment duration.

For the borrower to access affordable mortgage financing, they should be alive to the nature and extent of mortgage costs that fall with the subsistence of the mortgage loans.

7 Ways Of Increasing Your Mortgage Downpayment

7 ways of increasing your mortgage downpayment

Atlanta Mortgage Broker shares 7 Ways to Increase Your Mortgage Down Payment

Mortgages are essential, especially for first-time homebuyers. Among many reasons, the resulting leverage means profit on your investment whenever your home appreciates. Mortgages also ensure homeowners’ financial stability, since they don’t have to use all their life savings to buy a home or as a down payment. Most lenders and banks require a 20% down payment of the home’s purchase price. While some Atlanta Mortgage Brokers advise homebuyers to finance most of their home purchase through a mortgage loan, it often pays to make the largest down payment possible.

So, what are some of the ways that can help increase your mortgage down payment? Are there benefits that come with it? Read on to find out.

7 Ways of Increasing Your Mortgage Down Payment

1.) Down Payment Assistance Programs

Some institutions such as banks, government agencies, foundations, and non-profits have down payment assistance programs that may help you increase your mortgage down payment. Such assistance comes in the form of zero-interest loans or grants. The Federal Housing Administration (FHA) offers loans to eligible persons through FHA-approved lenders or banks. Such programs can help supplement your saving and result in a larger down payment for your mortgage.

2.) First-Time Home Buyer Incentives

First-time homebuyers can hone in on Housing and Urban Development (HUD) grants to boost their down payment. While such grants may not be available directly to individuals, they can be accessed through financial organizations with IRS tax-exempt privilege.

3.) Retirement Plans and Account Withdrawals

Borrowing from 401(k) plans is another common way of funding a larger down payment. While most people will eschew this option, it could be a smart undertaking for various reasons. For 401(k) plans that allow early withdrawal, first-time homebuyers can withdraw without incurring a tax penalty. Most people don’t mind the interest that comes with these withdraws as you end up paying the principal and interest to yourself. However, losing or leaving your job would mean that you repay the entire amount or roll the amount into an eligible retirement account. However, if you have a promising and secure job, this would be a safe and viable option.

4.) Down Payment Gifts From Family

Some home buyers would not warm up to this option, but it could help fund your mortgage down payment. The IRS allows individuals to give and receive thousands of dollars in gifts every year tax-free. However, the IRS sets limits on the amount that one can send or receive without paying tax. In 2020, one can be gifted up to $15,000 without paying tax on it.

5.) Asset Sale

Individuals preparing to buy a new home may turn some of their assets and items into cash to top up their savings for a larger down payment. Such assets include unused pieces of furniture or an old car.

6.) Find a Part-Time Job

Part-time jobs are great for supplementing income, which could help increase your mortgage down payment when purchasing a home.

7.) Crowdfunding

Crowdfunding sites like HomeFundIt.com and FeatherTheNest.com allow individuals to create a profile and raise money for their down payment. While some of these platforms may charge credit card processing and transaction fees, the amount raised could go a long in boosting your mortgage down payment.

Mortgages are the most common ways of financing a home purchase, and paying a huge down payment could have unseen benefits in the long-term. Some common ways of increasing your down payment include applying for assistance programs, HUD grants, securing a part-time job, selling assets, crowdfunding, and accepting gifts from friends and family. By paying a large mortgage down payment, you may enjoy lower interest rates and lower monthly payments.

Atlanta Mortgage Broker
A

On Your Credit Score And Your Mortgage

When you want to purchase a home, in most cases, you will need to get a mortgage.  Most people can qualify for a mortgage and they usually need a downpayment to buy the home too.  When you are looking into this process, you will want to know the effect your credit score and your mortgage will have on your life.  It’s important that you understand what you are looking at so that you are not surprised when you are looking into buying a house. An Atlanta Mortgage Broker can help source the best Atlanta Mortgage Rates.

Your Credit Score And Your Mortgage

When you go to apply for a mortgage, you will find that the lower your credit score is, the higher you will pay for your mortgage.  That is because the higher your credit score, the better risk you are to a lender.  It will make a difference in your interest rate also.  Here is an example so that you can see why it makes sense to have a higher credit score when you are looking to purchase a home:  If you have a credit score of 750, you will be able to get a 30-year mortgage for $200,000 at an interest rate of 3.625%.  That is really good but if your credit score was lower, you will pay a lot more in interest over the course of your loan.

What Credit Score Do You Need To Get A Loan For A Home?

You can qualify for a loan for a home when you have a credit score in the 500s in most cases.  Once again, you will pay a lot more in interest over the course of your loan. This is where taking the advice of Atlanta Mortgage brokers will help. You definitely want to have a higher credit score before you apply for a mortgage so make sure that you keep your credit good and that you are keeping an eye on it.  You can get a free copy of your credit report each year and it is a good idea to do so that you can check it for the correct information.  If there are any discrepancies in it, you will want to look into so that you can get the proper information listed on your report.  Your FICO score is so important when it comes to purchasing a home and it can affect the terms of your mortgage in a variety of ways.   

Be sure that you can handle the responsibility of owning a home in Atlanta.  Not only will you need to be able to afford it financially but you will also need to make sure that you are able to handle the responsibility of keeping up with the repairs that will go into it.  When you know that you can afford to have a home, it can make a huge difference for you.  Sit down and really look over all of your finances.  You want to be in the best position possible when you purchase a home.  Your credit score is a very important part of this.  Look into it to make sure that you will get the best rates possible for your Atlanta mortgage.

Mortgage Broker In Atlanta

Thinking about a Mortgage Broker In Atlanta?

Hiring a mortgage broker in Atlanta is the best way to relieve the stress involved in buying your dream home. If you are a first-time buyer, you may have hundreds of questions in your mind about the process of mortgage loans. A reliable broker can answer all your questions and help choose the most suitable mortgage depending on your income and personal requirements. A broker acts as a middleman between you and the lender and helps find a mortgage with a lower down payment and attractive interest rate. Here is what you need to consider when choosing a reliable mortgage broker in Atlanta.

What Is A Mortgage Broker?

A mortgage broker is a middleman between the lender and the borrower. He or she works for a lender and provides home financing to numerous borrowers in Atlanta. The broker has access to sources of home financing from multiple financial institutions compared to a bank loan officer who can only offer mortgage products available at his/her bank. While a bank loan officer is employed by the bank and is limited to promoting the products of the bank, a broker works with multiple lenders without any limitations.

Federal law requires the mortgage broker to be licensed, and they cannot have their salaries linked to the interest rate the borrower receives from a potential lender. The broker can save you a lot of time and energy in locating the best possible home loan conditions in Atlanta. The broker will do the math and let you know the loan amount you qualify for depending on your income and credit history. A good broker can help you find the right mortgage for your unique needs.

Mortgage brokers in Atlanta are paid in two main ways. In fact, broker fees have become more transparent after the Great Recession in 2008. The broker is either paid upfront by the borrower at the closing or by the lender after the transaction is closed. The broker fee is a percentage of the loan amount – usually around 1-2%.

Why Should You Work With A Mortgage Broker When Buying A Home In Atlanta?

A borrower working with a reliable mortgage broker receives many benefits. The client receives a more in-person interaction with the professional and could let the broker do the legwork for him/her. The mortgage broker will do the work of shopping around for the best interest rate for your home loan. It’s also important to shop for the lowest possible closing costs when finding the best mortgage to buy your dream home. A reliable broker will take care of the entire process and get you the best possible terms when applying for a home loan in Atlanta.

Many mortgage brokers have access to powerful home loan pricing systems. That way he or she will help you price the loan across many lenders at the same time. You will save a lot of time in finding the most suitable loan due to the technological advances in the industry. In fact, the time, energy, and money saved in the process are immense benefits to the borrower.

What Should You Ask The Potential Broker?

Finding a reliable broker isn’t easy with hundreds of mortgage brokers operating in Atlanta. Asking the right questions is the best way to select the right professional for your project. Here are some of the most important questions to ask the potential broker before you choose him/her:

How long have you been in business? The right broker should be in the industry for at least 3-5 years. Ask the broker if he or she has experience in specific loan types that you might be interested in – such as FHA or VA loans. The broker should hold a license to operate in your state. You can check if the broker is licensed in your state through the Nationwide Mortgage Licensing System and Registry.

Can you give me references? Ask the potential broker for 2-3 names and contact details of customers who have closed loans with the broker recently. Don’t forget to call and ask these customers what their experience was like. Ask if they are prepared to do business with the broker once again.

Finding the right mortgage broker requires diligent homework on your part. You may ask for referrals from your friends, family, or your realtor. The internet is a great source to start your search. Many buyers make the mistake of going with the first name they come across a search on Google. You should check the background of each broker on Google SERPs before choosing the best candidate for the project. Don’t forget to check the license of the professional and ask the right questions before choosing him/her as your mortgage broker. The aforementioned article provides information on why you should work with the best mortgage broker in Atlanta when buying your dream home.

Atlanta Mortgage Broker

Working with a competent Atlanta mortgage broker can save you a tremendous amount of time when buying your dream home. Just imagine the amount of stress you may experience if you had to track down and compare hundreds of loan products to find the right home loan to suit your requirements! Not only time, in some cases the savings could add up to thousands of dollars. In fact, a mortgage broker in Atlanta can help you buy your dream home by finding a home loan with a low down payment and a lower interest rate. Here is why you need to work with a competent Atlanta mortgage broker when buying your dream home.

A mortgage broker is a middleman between the borrower and the lender. He or she has access to home loan products from multiple financial institutions and banks compared to a bank loan officer who only has access to mortgage products available at his/her own bank. The right broker should have a valid license from the licensing authority of the state. The federal licensing requirements state that the broker’s salary is never linked to the interest rate offered by the lender. In fact, working with a broker will not impact how much your loan would be. The broker can locate the best possible loan terms and conditions for the client. The professional will do the math and let the borrower know the loan amount he or she qualifies for. The broker will work with the client to find a loan program that fits his/her interest rate and needs. Don’t forget to do your homework when finding the best mortgage broker in Atlanta.

The most effective way a broker can save you money is by getting you a lower interest rate. Even a small difference in interest rates can equate to thousands of dollars in interest payments over time. The broker has direct links to key individuals within lending institutions in Atlanta. That way he or she will be able to negotiate with the lender in ways that you may not be able to do. It could mean anything from zero fees to discounted interest rates for your mortgage. Even though a borrower may think that he or she can negotiate a good deal with the lender, the broker can generally do it better.

A competent broker can leverage inside knowledge to get you the best possible mortgage loan. A professional and experienced broker has inside knowledge about quotas and the motivations of bankers. In fact, he or she can leverage this knowledge to your advantage. The most important thing is to know which lender to use at which time. Make sure you rely on a competent mortgage broker in Atlanta when buying your dream home.

Questions To Ask An Atlanta Mortgage Broker

It’s important that you ask the right questions from the potential mortgage broker before committing to any loan. From the right type of home loan for you to the unanticipated fees, the financial health of the next decade of your life can depend on the answers you get from the potential broker. Continue shopping for a competent mortgage broker until you find the right one in Atlanta. You should also remember that the more the potential broker knows about you, the better advice they can give you. You should share your personal information with the potential broker to get the best possible deal from him/her. Here are some questions to ask the potential broker before you choose the best Atlanta mortgage broker:

. Which type of loan is best for me?
. What are the interest rate and annual percentage rate of the loan?
. What is the down payment?
. What are the origination fees and discount points?
. What are the costs involved in the mortgage?
. Is it possible to get a loan rate lock?
. Is there a payment penalty?
. Can the lender approve loans in-house?
. Do you guarantee on-time closings?
. How much time do you need to fund?

How To Choose A Competent Mortgage Broker In Atlanta?

With hundreds of mortgage brokers operating in Atlanta, choosing a competent broker isn’t easy. Your extensive research plays a crucial part in choosing the right candidate for the job. If you have a friend or family member who has worked with a broker in the past, you may ask for referrals from them. Getting a referral from someone you trust is the best way to find a suitable broker in the area. If you are working with a realtor, you can ask him/her to recommend a good broker in the area. The internet is another good resource to find a reliable mortgage broker when buying your dream home in Atlanta. The broker should be licensed, experienced, reputable, and most of all, be your friend. You should be comfortable working with the individual. These are some of the most important things to consider when choosing a competent mortgage broker in Atlanta.