Questions About Mortgage Lending? Our Loan Center Experts Have the Answers.
Highlands Mortgage is a full-service concierge home purchase and refinance loan center. Serving the states of Delaware and Pennsylvania, our certified and dedicated loan officers utilize a wide portfolio of loan resources tailored to achieve our client’s goals. With over 15 years of home purchase and refinancing experience, clients will receive personal service and local market knowledge from the Highlands team.
Highlands Mortgage answered a few questions on their loan services they typically receive from new clients to give you a jumpstart on your lending journey.
Q: What is the difference between a mortgage broker and a mortgage banker?
A: Mortgage brokers research the most competitive wholesale or correspondent lender through price, execution and the lender’s turn time to secure the best terms for a borrower, whereas mortgage bankers who work for a small or large bank generally are locked into one channel and/or their own balance sheet where they lend directly from.
Q: Why chose Highlands Mortgage as my mortgage broker?
A: Highlands has multiple channels and relationships to broker a loan product as well as in-house processing to assist the borrowers. Our processors act as additional liaisons between the lenders and borrowers. Due to the increase in volume across the industry we currently have the processor capacity to close loans in a quicker time period at better pricing than a traditional bank.
Q: How long does it take to close my loan?
A: All loan products are different, and this is a nuanced answer. We can close a purchase in as little as three weeks; however, it really comes down to participation from everyone involved. Borrower(s), realtor(s), title companies, appraisers, loan officers, processors and underwriters all play a vital role in the closing of a loan. There are several government refinancing programs such as a VA, IRRL and FHA Streamline that require limited income and asset requirements and can be closed in less than 30 days. A traditional refinance currently averages 40 to 60 days of turnaround time.
For more information on Highlands Mortgage, visit highlandsmtg.com.