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Home > Financial Services > Mortgage Brokers > NBT Commonwealth Mortgage
NBT Commonwealth Mortgage
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
The company can tailor the package to fit your needs based upon many factors such as your current income, your expectation of future earnings and how long you plan to own the property. Since they broker through many different lenders, they have access to a variety of programs. They will explain all your options and assist you in making a fully informed choice. Since their fee is based on the loan amount, not the loan program, they are not motivated to try to sell you a loan that you don't want. They understand the needs and desires of the community you live in.
Conventional Conforming Programs 10 yrs, 15yrs, 20yrs, & 30 yrs available, Construction, Texas Only Programs, Expanded Criteria Programs, Jumbo Fixed Rate and ARM Programs, Community Home Buyer Programs, Conventional ARM and other Fixed-Rate Programs and Jumbo ARM Programs these loan programs they offers to their clients. People typically refer to FHA and VA loans as government loans. Within these types of loans, there are both fixed rate where the interest rate remains constant over the life of the mortgage and adjustable rate mortgage loans where the interest rate may change one or more times over the life of the mortgage. The term of a mortgage how long before it pays off varies from five to thirty years depending on the loan program.
The FICO score is one measure of a person's credit risk. The credit-reporting repository uses a formula, which considers past payment history, amount of available credit, current amount of debt, public records bankruptcy, judgments, liens, law suits, etc. and other factors. The formula results in a number called a credit score. Investors use the credit score along with other factors to help determine what loan programs to offer a particular borrower.
NBT Commonwealth Mortgage helps their clients finance their dream of home ownership. They educate and guide the applicants, including the credit challenged, through the process of loan approval.
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