How to Navigate the Residential Mortgage Process with Penn Street Mortgage

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Each real estate transaction is unique, whether you are a first-time homebuyer or an experienced buyer refinancing an existing home. So, taking the time to understand the ins and outs of the home-buying journey can ensure you are tackling your new home purchase with confidence and getting the most competitive interest rates possible.

At Penn Street Mortgage, our local Pennsylvania mortgage brokers can provide the local knowledge and expertise you are looking for to make your home loan or refinance as stress-free and straightforward as possible. Not sure what the residential mortgage process involves? Here is what to expect when you work with our team of mortgage advisors for your next Pennsylvania home purchase.

Initial Consultation With Our Local Mortgage Brokers

The residential mortgage process with Penn Street Mortgage begins with an initial consultation. During this meeting, we will discuss your financial situation, your housing needs, and your homeownership goals. We are all about providing personalized guidance to fit your specific budget and financial goals. When we have our initial consultation, you will get to ask any questions about the mortgage process and understand how we will work together on your home loan application.

Understand Your Budget

Next, we will take a closer look at your income, debt, savings, and other financial parameters to help you figure out a realistic budget for your home purchase. It is important to understand what you can comfortably afford — which goes beyond just the purchase price. You will also take into account things like your current debt-to-income ratio, credit reports, and additional housing costs like property taxes and insurance.

We will help guide you through this assessment, making sure you consider all the important factors, like your monthly living expenses, retirement savings, and emergency fund. You do not want your monthly mortgage payment to be too expensive for your current income! You can contact us today to learn more or head to our mortgage calculator to see how your home purchase price could impact your monthly mortgage payment.

Get Pre-Approved

Getting pre-approved for a mortgage shows sellers you are a serious buyer, making your offer stronger when you find the perfect home. To get pre-approved, we will submit financial information to a mortgage lender, who will give you a conditional commitment to how much you are approved to borrow.

Penn Street Mortgage can help you secure a fast pre-approval through our network of banks and financial institutions, helping you get the confidence you need to shop for your next home. Reach out to us today to get started on your mortgage pre-approval application.

Explore Loan Programs

At this step, we will walk you through the different home loan programs and talk about the specific types of home loans available to you. From fixed-rate and adjustable-rate mortgages to FHA and VA loans, we will explain each loan option’s pros and cons. This will make sure you have all the information you need to make an informed financial decision based on your housing goals and the interest rates that are available to you.

Submit Your Mortgage Application

The next step towards owning your dream home is to officially apply for your mortgage. This involves filling out the lender’s application form and submitting the necessary supporting documents.

Our team will provide you with clear and concise instructions, and ensure that you have a complete understanding of how and where to submit your documents. We will work with you to make sure you submit a complete application so that it is processed without any issues by lenders.

Loan Processing and Underwriting of Residential Mortgages PA

Next comes the (sometimes) stressful part. Once your application is submitted, it will start the loan processing and underwriting stage. The loan officer will go through your financial information to confirm everything is accurate, while underwriters will assess your risk level as a borrower. This period can be a nail-biting time for many prospective homeowners as they wait for the official thumbs up on their Pennsylvania mortgage application. However, at Penn Street Mortgage, we are here with you every step of the way — we will keep you informed about the progress and what to expect during this phase.

Loan Approval and Closing

If all goes well, you will get your loan approved and be cleared for closing! At the closing table, you will sign the mortgage and become the legal owner of your new home. We will give you instructions on how to send secure funds and make sure all your documents are in order for the big day.

We will be with you every step of the way, guiding you through each document and answering any last-minute questions you may have. We cannot wait to celebrate your new home purchase!

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Ongoing Support From Our Mortgage Advisors

At Penn Street Mortgage, our relationship does not end once you have the keys to your new home. We want to continue providing support and guidance throughout the ownership period! Whether it is questions about refinancing, understanding current interest rates, decoding your mortgage statement, or planning for your next property purchase, our team is here to help.

With Penn Street Mortgage, you can rest assured that the home loan process is in experienced and capable hands. Our team is passionate about making your dream of homeownership a reality with as much transparency, guidance, and support as possible. Contact us today to start your home loan process and work with our mortgage advisors to find the best interest rate in the Keystone State. We cannot wait to work with you!

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