In a world of volatile financial and real estate markets, it’s nice to know that there is a mortgage broker you can count on to get you exactly where you want to go in terms of your next home or property purchase.
Eagle Creek, a Washington DC mortgage broker, has been in the business of obtaining mortgages for our clients for over ten years. We’ve worked in both good real estate markets and bad – so we understand how overwhelming it can be at times to obtain the financing that you need.
Broker versus Lender
While the terms mortgage broker and mortgage lender are oftentimes used interchangeably, the truth is that the services offered by each are actually quite different. Mortgage lenders typically include banks or other financial institutions that offer their own in-house loans to borrowers.
All of the functions related to the lending process such as taking the loan application, underwriting the borrower, and processing and closing the loan are generally done in-house through the mortgage lender. Yet, while this may offer a convenient way to move through the mortgage process, it often does not provide much choice in loan terms or interest rate available to the borrower.
A mortgage broker, on the other hand, can actually be likened to a “middle man” who works to match up borrowers with the mortgage – and mortgage lender – that best fits their specific needs. Working with a mortgage broker can allow a much greater array of choices for a borrower – and is especially helpful if the borrower’s circumstances are not ideal with regard to credit score or financial history.
In terms of processing a loan, mortgage brokers gather the necessary paperwork from borrowers and pass it along to a potential lender for loan underwriting and approval. From there, the loan is typically closed through the mortgage lender.
When working with a mortgage broker, borrowers receive full disclosure regarding how the broker is being compensated. This is quite different from working with a mortgage lender, as these entities are not required to provide borrowers with this information.
The Advantages of Working with Eagle Creek
Eagle Creek Mortgage works as a mortgage broker – and has been doing so for more than a decade. This means that we have the ability to shop different loans in order to obtain the very best solution for our borrowers. It also means that we can offer financing to some borrowers who may not otherwise qualify for more traditional bank loans, such as those who have recently been through a foreclosure or bankruptcy.
In addition, we work with a variety of different lenders – all with a specialty in certain types of mortgage products. These may include FHA or VA mortgages, as well as more “regular” types of loans via Fannie Mae and Freddie Mac.
Because we are not bound by mortgages from one specific lender, we are also able to shop for highly competitive interest rates. And, while something as small as a one-half or one-quarter percentage point difference may not seem like a big deal, it can literally add up to thousands of dollars in savings over a 15 or 30 year time period.
Additional Mortgage Related Services
For individuals who are age 62 and older, a reverse mortgage may provide the solution you need for supplementing your retirement income. Over the past few years, reverse mortgages have emerged as a viable alternative for giving retirees access to their home equity in a tax advantaged manner.
For those who are seeking a reverse mortgage, you’ve come to the right place. We help those in the Washington DC area obtain a reverse mortgage that will pay them regular income and allow any remaining equity from their home to be transferred to heirs in the future.
Who Benefits from Our Services?
At Eagle Creek Mortgage, we help borrowers with a variety of different needs, including first time home buyers searching for a mortgage, current home owners seeking to refinance, and veterans in search of VA financing.
Because of our access to so many different loan offerings, we are able to accommodate and service a very large pool of borrowers. In addition, we can also structure loans to credit some or all of the closing costs for our borrowers – ultimately meaning that our customers may need to bring little or no out-of-pocket funds to the table in order to close their loan. In some cases, this can mean the difference between obtaining your property, or having to pass on buying a new home.
Working with Eagle Creek Mortgage be a rewarding experience in an otherwise stressful time. We pride ourselves on being your primary point of contact throughout the entire mortgage transaction – resulting in a seamless purchase of your next property. Contact us today to see how our services can be the perfect fit for your mortgage borrowing needs.