CHOOSING A MORTGAGE COMPANY
If you wish to "shop around" (and we recommend you do), compare the following:
- Interest rates (and the "points" associated with the rate) vary daily. In addition, there are many factors involved with your specific transaction which also impact the rate. Call lenders directly and compare on the same day. We take great pride in our reputation (see About PMC) and do not engage in any "bait and switch" tactics.
- Many mortgage companies that appear to have lower rates often compensate by padding the typical closing costs. You must be careful to check all costs when you compare. PMC's fees range from $700 to $900, depending upon which of our lenders is offering the best rate on any given day - we only pass along the exact cost and do not get paid.
- PMC passes on only our exact costs - typically $425 for the appraisal.
- We do not pass along the cost of the credit report.
- This is the most important issue. Typically, the rates and fees charged by the majority of mortgage companies fall into a narrow range. Thus, service should be the chief determining factor. Listed below are some services that differentiate PMC:
Free, in-depth prequalification
- 100% approval rate. We have never had a client rejected, in part because we take the time to "cross-the-T's & dot the I's" upfront! -- Click here to go to the prequalification page
Origination and processing provided by one person
- Only one contact during the transaction. In addition, this person is available to give rate quotes, status updates, advice, and answer questions 24 hours/day, 7 days/week.
- This report can be faxed at regular intervals or upon request. The report lets our clients know exactly what documentation is still outstanding and thus where they stand in the approval process.
Close, personal, and detailed attention to our customers
- Referrals comprised 100% of our business in 2015!
Review closing costs with clients prior to settlement
- Our clients thus know how much money (and in what form) will be required at settlement. We also review procedural issues associated with settlement so clients are never faced with any "surprises."
Attend all settlements
- A PMC representative will attend your settlement with you. This benefits our clients in 2 ways: we review for accuracy and explain all of the mortgage papers that are required to be signed. We also review all the closing costs to ensure that the mortgage company charges do not exceed their quotes.
- PMC is proud to be an independent mortgage broker (see About PMC) and thus our loyalty is with you. While we have access to many different lending sources, we do not work for them - we work only for you! In addition, PMC is not, nor ever will be part of any affiliated business arrangements with real estate sales firms. As such, we are able to give our clients unbiased, independent advice.
Once you have selected your mortgage broker and have formally applied for the loan, you need to work with your real estate agent to satisfy any and all contingencies listed in your agreement of sale. At the same time, you need to gather any and all outstanding documentation that your lender needs to get you approved. The lender should be able to deliver a mortgage commitment (your formal approval) within 30 days.
When you feel confident that your mortgage application will be approved, you should order your title insurance and homeowners insurance. PMC recommends that you shop and select these third party service providers yourself - it's your legal right - no one involved in the transaction can dictate whom you should choose.
Once approved, you should work as quickly as possible with your mortgage broker and realtor to satisfy any conditions associated with the final approval to be properly prepared for settlement.
If you have any questions regarding this information, contact us at the numbers listed below.
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Licensed by PA Dept of Banking