When people are searching for their next home, or when they decide they would like to re-finance, there are many steps to concentrate on. There are also many people to identify when buying that home. The major players are as follows:
This is your representative in the buying process. They are tasked with getting you the best deal possible, and they look after your interests.
You will need to purchase homeowners’ insurance, and that can vary greatly, depending on where you live, the age of the home, etc.
They will make sure there are no outstanding mortgages or liens on the home. They will issue a title insurance policy to protect your interests into the future as well.
The appraiser is extremely important, as they assess the value of the home in question. Again, many factors play into this, including the location of the property, the age of the home, etc.
The inspector will make sure that the home is compliant with all local codes and laws. They will also confirm that the home is in good shape.
In some states, it is a requirement to use a real estate attorney, who will protect your interests during the closing process.
They will make you aware of all tax implications, especially in situation such as the purchase of an investment property.
A third party that witnesses the signing of closing documents and certifies them to be accepted by the state.
And last, but certainly not least, a mortgage broker. Brokers are different than mortgage lenders, and have many advantages over them. For one thing, brokers are able to shop many different lenders and rates.
Hawk Mortgage Group in Bel Air, Maryland is one mortgage company that offers many unique types of loans, whether it be a VA loan, an FHA loan, or a USDA loan. An extremely experienced mortgage company is largely beneficial to the buyer because they have worked with home loans similar to yours, they know the area they serve, and they will most likely find a very appealing lender for you.
If you are dealing with a conforming loan, it is quite often much quicker and easier to use a broker, as opposed to a lender. Jeff Hawk, of Hawk Mortgage Group, one of the top mortgage companies in Maryland, explains that a conforming loan is one that meets specific government guidelines.
Additionally, a mortgage broker would probably be the best option when one has limited assets and a low credit score. This is because a broker would have a better understanding of what the prospective home buyer needs, and they would have access to a lender they know will approve the buyer.
Hawk Mortgage Group also handles hundreds of refinancing deals. When mortgage rates are lower than what someone is paying, it is sometimes beneficial to refinance your mortgage. Hawk Mortgage is one of the leaders in Harford County, Maryland for refinancing. Again, one of the key benefits of using a broker is that brokers sometimes get volume discounts for handling many transactions.
This will give them a lower rate to offer than what the direct lender can provide. Also, it’s not just the interest rates that may be lower, as brokers may have lower closing costs or fees available. The most valuable element of using a mortgage broker over a mortgage lender is the time that it can save. By pricing out the loan for the buyer across many different lenders, they can find the best option for that buyer quickly.
725 N. Hickory Avenue; Suite 200
Bel Air, MD
Office : 443-619-7900