Buying a home is a big deal, especially for first-timers. For many, it’s not just about finding the perfect house—it’s about finding the perfect mortgage lender.
But when there are countless options out there, understanding how to choose a mortgage lender can be a bit easier said than done. Instead of wading through online reviews, our team at Penn Street Mortgage is here and ready to help you get through the mortgage process without headaches or stress.
Here is what you should look for when selecting a mortgage lender in West Chester (or really anywhere!)
Things to Consider When Picking a Mortgage Lender
There are a lot of things you’ll want to research when picking a mortgage lender. But before finding the lender or mortgage broker for your situation, you need to take a deeper look at what you want out of your mortgage.
What kind of budget do you have?
Your financial situation is a big factor in purchasing your home! So take the time to look at your budget and current credit score and see what you can qualify for. Do you have enough savings for a down payment? What are your long-term goals? Do you want to stay in West Chester for a while, or do you see yourself moving again in a few years? You should consider all of these things so you can find the loan term that matches your needs.
Where are you looking to buy a house?
A home is a personal choice. And location really matters — even when picking a mortgage broker. It can be helpful to find a lender who knows your local area and can advise you on the West Chester market, the local prices and common trends in the real estate industry.
What kind of mortgage should you get?
You’ll want to have a good idea of what kind of mortgage you might be interested in before picking a lender. Some mortgage companies will specialize in specific types of home loans, and finding one that is specialized in your loan type can be helpful.
Whether you are looking for a conventional loan, such as a fixed-rate mortgage with a consistent interest rate, or an adjustable-rate mortgage (ARM) with initially lower rates that may change later, finding the right mortgage broker can simplify the entire process. Plus, with unique government loans like FHA loans or USDA loans, you’ll need to find a loan officer that is qualified in those loan programs.
What to Look For in a West Chester Mortgage Lender
One of the great things about working with our team of mortgage brokers at Penn Street Mortage is that we can help you shop around for the right mortgage lender that meets your needs and gets you the most competitive rate. With multiple loan options, you can have peace of mind that you’re getting the best deal—period.
We’ll help you navigate your mortgage lender options by considering these things:
Interest Rates and Fees
Above all, you want to look at the interest rates each lender offers. Even a small difference in rates can add up to thousands of dollars over the life of your loan! Each lender has different fee structures that can also make a difference. So all of these things should be considered in your decision.
Customer Service
When you have a question, who can you call? You want a lender who is responsive and willing to answer all your questions. Read online reviews, and you can even reach out to the lender’s customer service team ahead of time to confirm their service offerings. This level of customer service is crucial for a good experience overall.
Flexibility
Another underrated factor to consider is how flexible the lender is. Can they accommodate your specific financial situation? Will they be able to work with you if your plans change during the homebuying process? A lender who is willing to be flexible can make the overall home-buying experience smoother and stress-free.
Why Local Experience Is So Important
While it can be tempting to go with a big-name online lender, the benefits of picking a local financial institution can make a big difference when purchasing your home in West Chester.
At Penn Street Mortgage, our local knowledge can go above and beyond more mortgage brokers. Our team knows what homes cost in different neighborhoods and can help you determine how much you can afford. Knowing this information can make a huge difference when you’re ready to put in an offer on a house.
Our local brokers also have strong relationships with West Chester realtors and local mortgage lenders, ensuring you get great service at every step of the real estate process.
You’ll also notice that local lenders are all about community. They really care about their clients and are committed to helping them thrive. Online lenders are not able to offer the same level of personalized service that a local, West Chester mortgage broker or mortgage lender can offer. With a local expert, you can benefit from a truly personalized homebuying journey.
Chose a Mortgage Lender You Can Trust
Finding the right lender can make all the difference. That’s why you should take the time to understand your mortgage needs, explore different lenders, and consider the value of local expertise.
For almost twenty years, our dedicated team at Penn Street Mortgage has been the go-to financial partner for residential and commercial mortgages in West Chester. We’ve built our reputation on outstanding customer service and helping clients find the best possible rate.
Ready to get started with your home-buying journey? Contact us today, and we’ll help you get your dream home and make the homebuying process stress-free.