What is the difference between a mortgage lender and a mortgage broker?
broker assists the client in shopping for the best mortgage program available to meet their specific needs.
broker does not lend money, but facilitates the mortgage process from application to funding for the client.
lender has proprietary loan programs approved by its board of directors and has the ability to lend money to those clients who meet their credit criteria.
lender may only be able to offer one program to a particular client when a mortgage broker may be able to offer ten programs for the client to choose from.
Can I still obtain mortgage with a past bankruptcy or foreclosure?
Yes, there are many programs available for clients with these credit issues.
Can I purchase a property with no money down?
Yes, there are programs available that require no down payment. Many of these programs also allow for seller assistance towards closing costs in addition to not requiring a down payment.
What is an ARM?
An ARM is an adjustable rate mortgage. The rate is determined by using a standard index such as the prime rate and adding a fixed amount (often called the margin) to this to determine the rate (e.g. prime + 2.00%). The rate fluctuates based upon changes in the index. The frequency of rate changes varies from program to program.
What is a no income verification program?
This loan program type permitted income to be stated on application for qualifying, but was not verified. This type of mortgage program is prohibited in the Commonwealth of Pennsylvania.
I am currently in a rent-to-own agreement. Do I still need to provide a down payment and pay closing costs out of pocket in order to payoff the agreement and buy the home?
NO, there are many programs available that allow you to treat this type of transaction as a refinance thereby allowing you to use the equity in the property (based upon a current appraisal) as the down payment AND the closing costs can be rolled into the mortgage.
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