What Should You Look for in a Philadelphia Mortgage Broker?

Philadelphia mortgage brokers are professionals who can help you with finding the best possible mortgage for your new or existing property. The challenge can be that there are many Philadelphia mortgage brokers to choose from. It can be difficult to tell which one will provide you with the best services and most competitive terms vs. the ones that may not have your best interest in mind.

Knowing how a mortgage works could be a good start to knowing what you want and need from your mortgage broker. Watch this video for a quick and easy tutorial.

We put together some information for you to consider to assist you in making the best choice. Consider these factors when choosing a Philadelphia mortgage broker:

Know What You Want 

When looking for a mortgage broker, it’s essential that you’re upfront with them about what you need. You may know how mortgages work or you may not have any idea. It is good to let your broker know this so that they understand how hands-on they need to be through the process. This will ensure your mortgage broker is providing you with the best service level to meet your individual needs.

Also, there are different services or types of mortgage loans that you may need. Here are some to consider:

1. Do you need help with pre-approval? 
2. Do you need help with being a first-time homebuyer?
3. Do you need a new mortgage for purchase or a refinance?
4. What kind of loan are you hoping to get (15-year fixed, 30-year fixed, Adjustable rate mortgage etc.)? 
5. What price range are you looking for in your home and do your finances support this?

Knowing exactly what type of mortgage loan will work best for your situation will save time and energy in the long run.

Considerations When Choosing

You should think of a mortgage broker as someone who takes care of helping your shop for and understand all aspects of the mortgage loan process. Mortgage brokers typically provide a more boutique hands-on mortgage experience tailored to your specific needs. They can take out a lot of the stress of the process by sorting through multiple lenders, products, and guidelines and helping you navigate the home buying or mortgage refinance experience. 

Mortgage brokers are very knowledgeable on how to find you the best lender, rates, and type of loan for your exact situation. In order to do this, they have to fully understand your current financial situation and consider any future changes as well. 

Ideally, your mortgage broker can shop around to different lenders and find you the best rate and loan for you, and the best part is lenders offer mortgage brokers wholesale pricing that allows the mortgage broker to typically offer more competitive rates than most banks. In most cases, there is no fee to use a mortgage broker. The banks and lenders will typically pay them directly.

Conclusion

There are many mortgage companies in Philadelphia, so it’s important to know what you want, and always check their reviews. By thinking through your budget and how much home you want, or your goals in a mortgage refinance you can prepare to find a mortgage broker that will help you reach your goals. At First Choice Mortgage Advisors, LLC we work tirelessly for our mortgage clients to help them purchase and maintain their dream homes with the best possible mortgages for their situation. Our Google 5-Star Rating should give you the confidence you need to make First Choice Mortgage Advisors, LLC your First Choice.  Contact us to discuss your mortgage needs.