West Chester Mortgage Brokers
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Hear from our clients.
Mortgage Advice West Chester
and FAQs from a West Chester PA Mortgage Broker
One of the great things about working with a mortgage broker like Penn Street Mortgage is that a mortgage broker is able to get quotes from several different banks, allowing you more financing options and more loan programs to consider. Usually, this can result in a lower interest rate than your bank.
With our wide network of lenders and excellent negotiating skills, we can secure special interest loans at rates lower than what you could obtain from a mortgage lender on your own.
Working with a mortgage broker is usually a straightforward process with transparent pricing. Mortgage brokers typically charge either a flat fee or a percentage of your loan amount, usually around 1-2%. But, since each deal and mortgage lending transaction is different, make sure to reach out to get a clear estimate on different fees.
We certainly think so! Even if you have purchased a home before or think you know what you are qualified for, a mortgage broker can be helpful in laying out different options and illustrating how mortgage rates change by the product.
Working with a mortgage broker can also provide you with a unique and personal home-buying experience, allowing you to compare rates across multiple financial institutions. Our main job is to help you find the best deal, based on your budget, dream home and monthly payment goals.
We will help you simplify the home loan process, save money, and enjoy peace of mind that you are getting the best deal on your home purchase.
We know that every client is different! So, while we advocate for speaking with a mortgage broker first, some individuals might be better suited to work directly with a financial advisor or a bank.
Here are some clear differences between working with a mortgage broker in West Chester versus a bank.
- We can offer more home loan options since we work with a network of financial institutions and lenders.
- You can compare multiple rates in one place, saving you time and money.
- We can unlock exclusive deals you would not otherwise find on your own.
- If you have a pre-existing relationship with a bank, it might offer certain benefits.
- You will communicate directly with the same institution providing the mortgage.
Ultimately, working with a trusted local mortgage broker is a better option for most individuals, but we would be happy to chat directly with you and see how we can serve you best.
When you are searching for a West Chester mortgage broker, it is important to do a bit of research and make sure you fully trust the loan officers you will be working with. At Penn Street Mortgage, we work hard to deliver excellent service, proactive communication through the entire process, and personalized home loan options to get you in your dream home affordably.
We suggest closely reviewing testimonials and the experience from past customers, which can speak volumes to the mortgage broker’s reputation. At Penn Street Mortgage, we are proud of the positive reviews and experience we have delivered to past clients.
If you need a reliable and trustworthy West Chester mortgage broker, we suggest reaching out to the team at Penn Street Mortgage to see how we can earn your business.
Yes — Mortgage brokers are not just for those buying their first home. We also work with West Chester clients across the area to help them refinance their existing mortgages.
We will work with you to understand what you are hoping to accomplish with refinancing and present you with loan options that suit your needs. Whether you are looking to lower your monthly mortgage payments or tap into your home’s equity, we can help you review different mortgage options to save you money in refinancing.
Buying a home requires quite a bit of paperwork and documents — which we know can be a lot to handle! But, we will work directly with you to clearly outline what we need and when.
Some documents our loan officers will ask for when getting you pre-qualified home purchase loans include:
- Proof of income: W-2 statements and pay stubs
- Proof of assets: Investment statements, real estate and car titles
- Credit report: Approval to run a credit report on you
- Employment verification: Employer contact information
- Identification: Driver’s license and Social Security number
Remember, your mortgage broker is there to guide you through this process, so do not hesitate to ask the right mortgage broker for help.
Great question, and it is a question we get asked all the time!
A mortgage lender could be a bank or any other type of financial institution that directly lends you money to buy a home. When you work with a mortgage lender, you will only be able to review loan terms and offers directly from their lending institution.
On the other hand, a mortgage broker is a bit like a personal home loan shopper – they work with multiple lenders to find the best mortgage for your unique situation. We are the middleman who can gather loan options from a wide selection of lenders for you to choose from. This allows you to get better terms and a more personalized service.
The timeline and approval process can really vary based on each transaction. Getting pre-approved usually only takes a few days, but the entire closing process usually takes around 30 days. Getting pre-approved first can help streamline the process and move it along faster. We work hard to keep everything on track and on time so you can close on your scheduled date!