5 Mortgage Origination Fees to Keep an Eye on before you Sign

Posted on January 18, 2016 by Scott Li

In most cases, purchasing a home is an exciting process, especially if you are a first time buyer. However, amidst all the excitement and anticipation, there are many different mortgage origination fees that you will need to look out for if you want to ensure that you don’t pay more than you have to.

Application Fee

Many lenders and mortgage companies will tell you that they need to charge an application fee so that they can cover the cost of obtaining your credit history report and ‘any other paperwork’ that is needed to process your loan application. However, in many instances, they are in fact able to obtain these reports free of charge. Charging anywhere between $50 and $150 for an ‘application fee’ is just another way for lenders to increase their profits. read more

Buying a Home in Philly? Here are 5 Types of Mortgages to Consider

Posted on December 30, 2015 by Scott Li

Even the most seasoned of property owners can find the process of buying a home to be extremely stressful, especially when it comes to deciding on the type of mortgage that will be the most suitable for them. If you’re in the process of buying a property, the five mortgages listed below are among the most popular options to consider.

Conventional Mortgages

Many property buyers choose to apply for these mortgages or home loans because they are one of the easiest to obtain. One of the main advantages they offer is the fact that they are fixed-rate loans, meaning that buyers are able to budget well in advance to cover the repayments. In many cases, it is possible to pay down extra towards the principal loan amount as well, thus shortening the repayment period. A minimum deposit of 5% of the cost of the loan will be needed to secure most conventional mortgages. read more

5 Ways to Find the Perfect Mortgage Loan Officer When Buying a Home in Philadelphia

Posted on December 22, 2015 by Scott Li

Purchasing a home is not only an expensive process; it can be quite overwhelming, especially for first time buyers. This is why it is essential for buyers to choose the right mortgage loan officer to assist them with the process. Below are some tips for buyers to consider when looking for a Philadelphia mortgage company to guide and assist them.

Find one that is Easy to Contact

In most cases, home buyers will have an array of unanswered questions pertaining to their mortgage and/or loan options that are available to them. It is strongly recommended that they use the services of a Philadelphia mortgage company that is not only easy to make contact with, but that is also relatively quick to respond to questions that they may have. If a loan officer seems to be too busy or is unresponsive in the beginning, it is best to work with someone else instead. read more

Typical Questions to Ask when Buying a Condo in Philly

Posted on December 16, 2015 by Scott Li

Many home buyers do not realize that purchasing a condo is a completely different scenario to purchasing a freestanding home. As a result, they often end up stuck with properties that they are not happy with for various reasons. Below are a few important questions that should be asked before purchasing a condo in Philadelphia.

What are the Rules?

This is probably one of the most important questions to ask before signing on the dotted line for that dream condo. If you are a devoted pet lover and the condo block you are looking at does not allow pets, you may want to look elsewhere. It is also essential to inquire about rules pertaining to any home improvement projects, as many condo blocks insist that everyone’s units look the same on the outside – in some cases, this may even pertain to the plants you are allowed to have in your yard or whether kids are allowed to live there or not. If you are unsure of what any of the rules mean, it is recommended to seek legal advice before agreeing to them. read more

Pennsylvania Mortgage Laws Every Homeowner Should Know

Posted on December 11, 2015 by Scott Li

Although purchasing and owning a home is an exciting experience for first time buyers, the process of applying for and securing a mortgage can be overwhelming, especially when they are not familiar with current mortgage laws in their state. Below are some of the most important Pennsylvania mortgage laws that all homeowners should familiarize themselves with before signing their first loan agreement.

Mortgage Sellers Must be State-licensed

Anyone who is involved in the selling of mortgages in Pennsylvania must be licensed by the state. Before a license is granted, a full background check will be performed and proof must be provided regarding the fact that the seller has completed the necessary training and has been certified by the Department of Banking of Pennsylvania. Mortgage sellers will also need to demonstrate complete confidence in all aspects of the mortgage loan industry before being allowed to sell loans as well. read more

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