Getting a mortgage in Atlanta is not as difficult as it may seem at first glance and there are options on where to get financing.
There are a few things that you need to know before you start shopping for a mortgage, however. But you need to be aware of the pros and cons of different lending institutions. When getting a mortgage in Atlanta, you can work with a local bank or credit union, or you can get a mortgage through an online lender or by working with a local Mortgage Broker.
Getting a mortgage with a local bank or credit union
Local banks and credit unions can be a great option if you have good credit and easy to verify income such as salary. They usually offer competitive rates and fees, and sometimes, it may help if you have an established relationship with them.
However, their downside is they lack great customer service, their process can be extremely slow and their options can be very limited. Also, their underwriting procedures are very tight and stringent which can make qualifying for a home loan extremely difficult.
Getting a mortgage in Atlanta with an online lender
Another option to getting a mortgage in Atlanta is through online lenders.
They can be a good option for those who don’t have perfect credit or who want to avoid dealing with the bureaucracy of a bank. Or also if you sort of want the process to be done over the phone, or online.
They too can offer a wider variety of loan options than banks typically do, and their process is mainly done online.
They do have several downsides that you need to consider such as higher rates and fees, reputation, and a lot of times, their process can get complicated if you are not technologically savvy.
Getting a mortgage in Atlanta through a Mortgage Broker
Lastly, there is the option of going through a local Atlanta Mortgage Broker such as Andes Mortgage LLC.
Mortgage brokers act as intermediaries between borrowers and lenders. They usually are able to offer a wider variety of loan products from different lenders and can help you find the best deal for your specific situation.
Also, Mortgage Brokers tend to have a lot of lending experience that loan officers at banks or online lenders do not. If you have a complex situation, going through a broker may be the ideal option because they can think outside of the box by using different strategies.
This also makes Mortgage Brokers such as Andes Mortgage LLC, to be very flexible.
For instance, in addition to residential mortgages, we have programs that are not offered directly to consumers and we can even do commercial loans which are loans that you would not be able to find with a direct lender.
In addition to the flexibility and wide variety of programs, mortgage rates offered by mortgage brokers may usually be lower than those offered by direct mortgage lenders or banks. This is because mortgage brokers such as Andes Mortgage LLC, have partnerships with multiple lending institutions who provide incentives to our borrowers for us to originate the loan through them.
If you are looking to get a mortgage in Atlanta, consider working with Andes Mortgage LLC. We do not have any origination fees or fees to apply. We are also able to do “no closing cost” loans in certain situations. This can be a great option if you are short on cash or if you want to keep your monthly payments low.
Our ties to the local community also carry weight when dealing with a multiple offer situation if you are buying a home. Real estate agents are more comfortable working with a local mortgage broker such as Andes Mortgage LLC than large banks or out-of-state lenders.
Contact us today to see how we can help you with your home.
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