Serving Eastern Pennsylvania: Berks, Bucks, Chester, Montgomery, Delaware County, Philadelphia for over 20 years.
As a licensed mortgage brokerage, we shop the top investors to find you the best rates available. Let us go to work for you! Norstar will take the time to understand your wants and needs, and find you a mortgage with a rate and terms that work for you!
- Wholesale Rates
- Purchase and Refinance Expertise
- Get a same day Rate Quote & Cost Estimate, no documentation, NO CREDIT CHECK.
(Try getting that from an online lender!)
-GET A FREE PRE-APPROVAL (requires a loan application)
If you're buying new construction, chances are you won't be going to settlement anytime soon. You can lock in a rate now with Norstar Mortgage through a long term construction lock.
Unlike other lenders, we can get you a construction loan with a long term rate lock, 6 to 9 months in advance of settlement. Compare our rates to your builder's rates.
When you need a home loan, using a mortgage broker is a little different than going directly to a lending institution or bank. A mortgage broker counsels you on the various types of loans available and shops the market to compare rates from several different lenders and wholesalers, not just one. And like a lender or bank, a mortgage broker can get you a letter of pre-qualification and can get you pre-approved for a mortgage. They have you complete a standard mortgage application, collect the information required to process your loan including the credit report, appraisal, verification of your employment and assets, and so on. Your mortgage broker works with the lender to process your loan and prepare it for final settlement.
People often incorrectly assume that a mortgage broker is a "middleman" that somehow costs them more money. However, mortgage brokers don't add any net cost to your mortgage because they perform the loan processing functions which would otherwise be done by the lender.
A mortgage broker can actually SAVE you money by shopping the mortgage market for you.
Because they deal with multiple banks, lending institutions and investors, mortgage brokers comparison shop for the best rates and terms for their clients. They can also find lenders who specialize in loans that other lenders avoid, such as long term construction locks, loans to borrowers with poor credit ratings, loans to borrowers who do not intend to occupy the property, loans with minimal or no down payment, and so on.
If this is your first mortgage, or if it's been a while and you'd like some extra guidance, request a free mortgage consultation.
Get a Rate Quote without a credit check or income documentation. Give us a few bits of info and we'll get back to you same day.
If you're ready to start looking at houses, you'll want a letter of pre-qualification or even be pre-approved before making an offer.
When you're ready to move ahead, we'll have you gather important documents and begin a 1003 application in our secure portal.
A pre-qualification gives you a sense of how much you can borrow and how much a mortgage loan might cost. A letter of pre-qualification indicates that upon reviewing the financial information provided, the lender believes you will qualify for a loan. However, a letter of prequalification is not a committment to loan the money.
The pre-approval process is more thorough than a letter of pre-qualification. A pre-qualification simply means that a lender believes you will be approved for a loan based on the first step of information gathering. It is not a commitment to lend the money. However, a pre-approval goes further, and gives you a conditional commitment to lend you a specified amount of money. Pre-approval can put you in a better negotiating position, much like a cash buyer.
Usually, people refinance to save money either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan, to get rid of mortgage insurance, or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance but typically, the goal is to save money. Your mortgage broker will help you determine if a refinance makes sense for you. They will compare the total cost of the refinance to the total monthly savings.
Both income and assets are disclosed and verified, and income is used in determining the applicant's ability to repay the mortgage. Formal verification requires the borrower's employer to verify employment and the borrower's bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower's original bank statements, W-2s and paycheck stubs.
Sometimes a lender will require an upfront cash payment towards the cost of the loan. This payment is referred to as "points" because the charge is expressed as a percent of the loan amount. For example, "2 points" means an upfront charge equal to 2% of the loan balance.
It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.
Call upon our team for a quick rate quote, a letter of pre-qualification, mortgage pre-approval or to sumbit your mortgage application. If you're a first time home buyer, please take advantage of our free mortgage consultation.