Mortgage Lenders in Mohnton, PA

If you’re in the market for a mortgage, lenders in Mohnton, PA will fight to earn your business. You need a financial professional on your side, and that’s the key to Bellco Federal Credit Union membership.

Once you’ve decided to purchase a home, what’s next? You’ll have to find the right home along with the best financial product to secure your purchase.

Borrowing Options for Potential Homebuyers

Direct lenders provide home loans straight to the homebuyer without having to pay a broker or middleman. A direct lender is a bank or credit union that provides in-house lending, and you can speak to them directly regarding terms, rates, and fees. It’s beneficial to compare terms from multiple direct lenders because a wide diversity of terms is possible.

Future homeowners can also choose to use the services of a mortgage broker. A mortgage broker is a professional who matches lenders to borrowers for a small fee.

Other lending options include correspondent lenders, wholesale lenders, portfolio lenders, and hard money lenders.

Planning for Your Purchase

Keep every door open as you decide which financial product best serves your interest as you pursue home ownership. Shopping around is essential for those who want the absolute best rates and terms.

Build Up Your Credit Score

Get your financial house in order before you begin searching for a mortgage. You’ll start by requesting copies of your credit reports and credit scores, identifying trouble areas with your credit, and improving them. You should check for mistakes and focus on paying down accounts with high interest rates and high balances.

Lower Your Debt-to-Income Ratio

By paying all accounts below 30% of the limit, you greatly increase the likelihood of loan approval. Before mortgage shopping, refrain from buying any large items on credit cards or securing any other new debt. Continue these restrictions until you’ve closed on your home loan since lenders will keep pulling your credit until the deal is done.

Figure Out How Much House Your Budget Allows

Before house shopping, create a budget. You may be approved for more than you can realistically afford. The bank may not be aware of your lifestyle preferences and spending habits as they tabulate your credit worthiness. You must have a real-life range of what you can afford to spend each month and allow for your lifestyle to continue.

Weigh Your Home Loan Options

The days of having to go through a bank and put a substantial down payment in order to buy a home are over. Today’s future homeowners have a multitude of options including FHA loans, USDA loans, and VA loans as well as various loan products from banks or credit unions.

Choose Bellco FCU

In 1938, the employees of Bell Telephone created a credit union. In the years since, this institution has evolved to become Bellco Federal Credit Union. We are owned by members and operate as a non-profit that offers financial products to the citizens and businesses of Berks County, PA.

We’re empowered to provide the low rates, flexible terms, and courteous service that you’re looking for in a home loan lender. We offer a plethora of home loan products including the following:

  • Fixed-Rate Mortgage

  • Adjustable-Rate Mortgage

  • USDA Rural Housing Loans

  • FHA Loans

  • VA Loans

  • First-Time Homebuyer Specials

  • Construction Loans

Whether you’re in contemplation of buying a home or have spotted your dream abode, call Bellco Federal Credit Union. Of all the mortgage lenders in Mohnton, PA, we’re able to provide favorable terms and rates for your home buying plans.