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Home > Financial Services > Mortgage Brokers > Severn Mortgage Corporation
Severn Mortgage Corporation
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.
At Severn Mortgage, they help you find the best mortgage loan with the right financing plan to meet your budget. So, you can focus on moving into your new home or making those needed repairs or even comfortably finance your son or daughter's college education.
Take the first step and get pre approved by one of their mortgage professionals. You'll soon have the clout of a cash buyer. You'll know how much you can afford and be well on your way to the mortgage program that's right for you.
You don't pick the house or remodeled that is best for someone else; you pick the one that's right for you. Trust their professionals to find the mortgage loan that best fits your needs, too.
Many homebuyers today to use funds from their employers 401 program to come up with the down payment on a house. Ordinarily, you can't take money from your 401 plan unless you retire, leave the company or become disabled, but many company plans permit certain hardship withdrawals when there is an immediate and heavy financial need, including the purchase of the employee's principal residence.
The drawback to a hardship withdrawal is that you will pay taxes and penalties on the amount withdrawn from your plan, which often must be paid in the year of withdrawal. And while law allows hardship withdrawals, your employer is not required to provide them in your plan. Check with your employers human resources department if you're not sure if your 401plan allows hardship withdrawal.
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