Selecting the mortgage lender you want to work with is a crucial decision you’ll make for your financial path forward. When surveying mortgage lenders in State College PA, what should you be looking for? What are the aspects that you want to stand out in the right mortgage lender for you and your financial goals? Let’s take a look.
Diversity of Mortgage Options
One of the most important factors to consider is the diversity of the loan options on offer from the company. It’s important to select a company that offers diverse mortgage options that can match a variety of buying needs. This means offering conventional loans such as 30-year fixed-rates, 15-year fixed-rates, and adjustable-rate mortgages. Additionally, a suite of government-backed loans is idea, including FHA, VA, and USDA loans. Having more options to choose from will give you more flexibility when it comes to items such as downpayment, loan term, interest rate, and more.
Check Their Loan Requirements
When searching for for the best mortgage lenders in PA, a consideration should always be loan requirements. Lenders may have different standards for required downpayment, minimum credit score for different loans, acceptable debt-to-income ratios, and more factors. While requirements can vary loan by loan, having a discussion about the base standards for the lending firm will help give you a more solid idea of the bar you need to hit.
Inquire About Lending Fees from Mortgage Lenders in State College PA
Low mortgage rates can be a tantalizing offer. However, what you see out in the media may not be representative of what’s on offer to you. Based off your financial standing, rates may be higher than for borrowers with better credit scores or incomes. Additionally, it’s always important to have a transparent breakdown of a lenders fees and rates. Finding the best mortgage lenders in PA may not seem idea when they have inflated lendinging fees that cause the price of your mortgage application to spike. Always request an itemized list of fees for each service ahead of time.
Consider the Pros and Cons of Big Teams vs. Small
Many lenders have established names you’ve heard of before, including multinational banking organizations or popular online lending services. However, when it comes to lending, your experience will only go as smoothly as the individual handling your loan. Don’t simply ascribe the value of a big name to the individual lender. Small teams, on the other hand, have a track record more representative of their overall service as seen in reviews. They also typically provide more collaboration between team members and spend time building relationships with you.
At Federal Hill Mortgage, we’ve leveraged our smaller team to craft big results. As the top-ranked loan originators on the East Coast, we have the knowledge and expertise to help you make the most of mortgage lenders in State College PA. Whether you want an in-house loan or brokerage services, we’re here to meet the challenge. Apply today to get started.