Article provided by: Fairway Mortgage - The Potempa Team
The purchase of a home is stressful! Cut out the stress and let The Potempa Team find the right mortgage for you. We are one of the top mortgage companies in Scottsdale, AZ! Our team will make the process as quick and straightforward as possible.
What is a mortgage company?
A mortgage company only has one job. They originate real estate loans for individuals businesses. While a mortgage company backs the financing of loans, they sell off the servicing aspect, allowing them to close loans faster. Mortgage companies have access to a more comprehensive range of loan services versus traditional bank lenders.
There is another significant difference in a mortgage company versus a bank loan. When one borrows from a traditional lender, that bank holds your loan. That means the only loans and products available to you are from that bank. At a mortgage company, there is a broader range of services and products available. Banks also design loan requirements based on Fannie Mae and Freddie Mac, whereas mortgage companies do not.
What are the advantages of using a mortgage company?
Mortgage companies have a breadth of services available. Traditional lenders set loan parameters in conjunction with companies such as Fannie Mae and Freddie Mac, which restricts a bank’s flexibility during the lending process. A mortgage company does not have those same restrictions, which allows for more flexibility and more borrowers qualifying for loans.
Mortgage companies close on their loans faster than traditional banks. Since they outsource the servicing of their loans, this allows a loan to close faster. Traditional banks service their own loans which slow the process down. Real estate moves quickly, and buyers lose out on properties when there are delays.
Make sure you have done your research. There are great mortgage companies, and not so great mortgage companies. Regardless of where you purchase, search, and ask friends for referrals. For example, if you want to buy property in Scottsdale, do a Google search for mortgage companies in Scottsdale, AZ. Contact companies that meet your needs. If you are a first-time homebuyer, contact lenders with experience for the best results.
Steps to take with a mortgage company
The first step is the most important. Allow the mortgage company to “pre-approve” you. This process essentially pre-approves you for a loan. There is no real loan yet, but now you know the maximum amount your home can cost. The mortgage company runs your credit, confirms your employment, and checks anything else required for creditworthiness. If you are not pre-approved by either a bank or mortgage company, there is a risk that property sellers won’t accept your offers for their property. Without pre-approval, you don't count as a legitimate buyer.
Don’t let your chance to own your dream home disappear. Call us today at The Potempa Team, one of the most qualified mortgage companies in Scottsdale, AZ. When you work with us, we put you on the path to homeownership in no time!Mortgage Companies In Scottsdale Az
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