What is a Mortgage Broker? How To Choose a Mortgage Broker.

Finding the right financing for your needs can be an overwhelming process. Westchester Mortgage is here to simplify it. Some of the questions people typically ask us are listed below along with answers, but if you do not see your question answered here, email us at Debbie@westchester-mortgage.com or call 888-524-1183, and we’ll be happy to help.

A mortgage broker (mortgage consultant) is a real estate financing professional who links you with the appropriate lender for mortgage or home equity transactions. Mortgage brokers work closely with lenders (mortgage companies, banks, credit unions, etc.) to provide you with a wide selection of mortgages. Read more>>

A mortgage broker will save you time and money. The Internet is full of potential lenders claiming to offer the lowest rate. This “low-ball” approach is fraught with risk as lenders try to get you in the door with rates they can never honor. These rates come with hidden fees and exorbitant expenses.

A mortgage broker can help you sort fact from fiction and find the best financing solution for you. Because Westchester Mortgage is not affiliated with only one lender, we offer an unbiased recommendation on which program is best for you. Since we deal with hundreds of lenders, we can find you the best rate and options based on your needs.

Here’s how to choose a mortgage broker.

The documentation required differs by individual and by the lender, so please call us (888-524-1183) for a sample checklist of the documentation you need to be prepared to provide. However, to give you an idea, below is a list of the minimum documentation required from the borrower and any co-borrower:

Residence information for past two years.
Two years of employment information.
Current monthly income from all sources.
Information for all financial accounts, such as checking, savings, stocks, bonds, etc.
Current living expenses.

For a more comprehensive list, see Documentation Required or call us at 888-524-1183.

There are numerous programs available and it is important that you be aware of all your options so you can make the best choice. When you work with Westchester Mortgage, we help educate you on the options available. We review all the product choices and come up with the best fit depending on your goal for the refinance or purchase. We always take your goals, income, asset position, and credit history into consideration. However, we go beyond that and ask questions, such as these: How long do you intend to stay in this property? How will your financial picture change in the future (salary increases, or fixed income for retirement)? Would you feel comfortable with a payment fluctuating monthly?

Security and Stability: Fixed Rate Mortgage
This is the most popular type of mortgage. Your interest rate, principal, and interest payments stay fixed for the life of the mortgage, resulting in predictable housing payments. People who choose fixed rate mortgages do not want a lot of risk in their financial picture. Often they intend to stay in the same home for many years. They are willing to pay a slightly higher interest rate to be guaranteed that it will not go up during the life of the mortgage.

Flexibility and Control: Adjustable Rate Mortgage
These programs are designed to keep your starting mortgage payments lower than a fixed rate loan. This saves you money early on, and may help you qualify for a more expensive home. There are several types of adjustable rate programs (ARM’s). The rate is tied to a specified market index. As the index fluctuates, your payments will too. People who choose this type of loan often are willing to take a longer-term risk to save money now. They may not be planning to stay in their home for a long time, typically less than five years. They may also be anticipating their cash flow to positively change later and would like the extra cash on hand for other purposes.

Westchester Mortgage can help you determine which type of program is best for you. Call us to discuss your particular situation. We can help you make a decision that keeps your financial circumstances and goals in mind.

No! We help clients in all types of financial situations. Some of our existing clients are self-employed and have difficulty verifying income. Some of our clients have been self-employed for less than 2 years. We have even helped clients save their homes from foreclosure. No matter what your credit or employment history, we can often find a program for you. Westchester Mortgage is committed to matching our client’s needs and situation with the right program.

Closing costs are charges paid by the borrower in connection with the closing of the mortgage loan. Typically included in these costs are the origination fee, appraisal fee, title search, title insurance, recording fees, credit report fees, attorney fees, survey costs, and some prepaid items, such as taxes and insurance payments. Closing costs differ from program to program, but generally range from 3%-6% of the sale or refinance price.

We are currently licensed by the Commonwealth of Massachusetts, New Hampshire, and Connecticut.

For a complete evaluation of your credit, you can use any one of the following recognized credit reporting agencies. Keep in mind that lenders require a current credit report, no older than 60-90 days. So even if you run one today, we may need to have another one done closer to the loan application date.

Equifax 800-685-1111 www.equifax.com

Experian 800-392-1122 www.experian.com

Trans Union 502-425-7511 www.transunion.com

The “best rate” is not always what it seems. Many lenders advertise an incredible rate but the percent of borrowers who qualify for that rate is very small. Also, these rates often come with hidden costs – high points, exorbitant closing fees. It is truly a buyer beware situation. You need to be sure you are asking the right questions and, when comparing programs from one lender to another, compare apples to apples. This is where a mortgage broker, like Westchester Mortgage, can be invaluable. We know the questions to ask, and we know the reputable lenders. We can help you sift through all of the options available and narrow them down to what best fits your needs.

Getting a mortgage is one of the most important financial transactions of your life. Learn everything you can. Request our free article, Myths and Mysteries of Lending, and a list of questions to ask your lender or mortgage broker – Debbie@westchester-mortgage.com.

Of course, you can always call us at 888-524-1183 and we can help you sort through the myriad options, saving you time and money.

Westchester Mortgage specializes in helping people who have complicated situations and have been turned down by their local bank. We can look outside the box of strict rules used by the local bank and offer solutions to people who have been turned down in the past.

People are unaware of many of the programs out there. It is through continuing education that Westchester Mortgage can help people in all types of situations. We take hours of course work, keeping up on the changing guidelines for loans and credit report issues.

People refinance to lower their monthly mortgage payments, to consolidate excessive credit card debt, to remodel areas of the house, or to help pay for school tuition. It is important to know when it is the right time to refinance. Customers of Westchester Mortgage benefit from our ongoing monitoring service that alerts you to opportunities to lower your payments.

It all depends on your financial goals. Westchester Mortgage can run through scenarios to help you figure out the costs involved and if it would make sense to refinance.

Learn more about the Westchester Mortgage Difference and call us at 888-524-1183 to discuss your specific needs.