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What Is A Mortgage Broker?

PROVIDING MORTGAGE PLACEMENT PUTTING YOU FIRST AS OUR FIRST PRIORITY

A mortgage broker helps to connect borrowers with lenders. Whether you are buying a new home or refinancing a current home loan, a broker will help you assess your needs and gather loan options from various lenders for your consideration. They will also gather all the necessary financial documentation from you and apply for mortgages on your behalf. Rather than going directly to lenders, it is beneficial to use a mortgage broker for their knowledge and ample access to options. They can help you determine what type of mortgage or refinance loan is right for you. They can also help you review a loan estimate to ensure the terms meet your needs.

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HOW DO I KNOW WHICH TYPE OF MORTGAGE IS RIGHT FOR ME?

There are countless choices when it comes to home loans. If you are wondering what type of mortgage is right for you, you should consult with an experienced mortgage broker like You First Mortgage. We can help you decide which types you qualify for and which match your unique financial situation. There are two main types: conventional loans and government-backed loans. Government loans include FHA loans, VA loans, and USDA loans.

If you don't have much cash saved up to use as a down payment, a government-backed mortgage may be your best option. If you have solid savings for a down payment and a good credit score, a conventional loan may be the better option. There are various options when it comes to interest rates and terms. Contact us today in order to speak with a qualified professional about your situation. We can show you what kinds of home loans you can realistically afford and then offer you a selection of loans from different lenders.

WHAT IS A LOAN ESTIMATE?

A loan estimate is a form provided to you by a lender. It includes the estimated interest rate, monthly payment amount, and closing costs associated with the loan. It will also give you estimates on property taxes and home insurance. If your loan's interest rate may change and payment amounts may change in the future, the loan estimate must disclose and describe this. Any special features, including prepayment penalties and negative amortization, must also be described in the loan estimate. The purpose of this form is to help put complex loan terms into simple language that you can understand. All lenders use the same loan estimate form as required by law. This way, you can easily compare the terms of various home loans with your mortgage broker and decide which is right for you.

WHEN SHOULD I REFINANCE A LOAN?

There are many reasons for a homeowner to refinance their mortgage loan. They may, for example, want to obtain a lower interest rate based on their current circumstances. Refinancing a loan could also shorten the term of the mortgage or convert it from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (or vice versa). Many homeowners with significant equity in their homes will use a refinance loan to tap into that equity in order to finance renovations or large purchases. Refinancing may also be an effective way to consolidate debt in some cases. Contact You First Mortgage, Santa Rosa's trusted mortgage brokers, in order to find out if refinancing is the right option to reach your specific objectives.

How Do I Apply For A Mortgage?

When you work with a mortgage broker like You First Mortgage, we will collect all of your financial information. That includes your credit score, income statements, debt statements, and more. We will use that information to pre-qualify you. That means we will show you what type of mortgage you qualify for and how much you can afford. Then, we will take that information and apply for mortgages for you.