Welcome to our FAQs page, where we’ve gathered the most commonly asked questions to assist you on your home-buying journey with Mahoney Mortgage Group. Our commitment goes beyond providing outstanding mortgage solutions; we aim to educate and empower our clients every step of the way. Whether you’re seeking clarity on loan types, the application process, or how our partnerships benefit you, we’ve got you covered. Can’t find the answer you’re looking for? Our dedicated team is always here to assist. Reach out to us directly, and we’ll ensure all your queries are addressed. Your peace of mind is paramount to us.
A mortgage broker acts as an intermediary between you and potential lenders. The main role is to find the most suitable mortgage product based on your financial situation and goals.
With our vast network of lending partners, we compare multiple offers and negotiate terms on your behalf to secure the most competitive rate tailored to your needs.
No, clients do not pay upfront fees. Our compensation comes from the lenders once the mortgage is finalized.
Pre-qualification is a basic overview of your eligibility, while pre-approval involves a more detailed look at your financial situation and typically requires documentation.
1. Realtor Safety
2. Proof of Financing
3. Saves Time
4. Negotiation ability with sellers
5. Seller may require
Inflation is an essential factor in the overall economy and critical for mortgage lenders. Inflation erodes the purchasing power of dollars over time.
· Economic growth
Economic indicators, gross domestic product (GDP) and employment rates influence mortgage rates. When the GDP is up incomes are higher and consumer spending is higher. When income and consumer spending is up, the demand for mortgage loans also goes up. The increased demand causes mortgage rates to go higher. Naturally, the opposite effect occurs from a weak economy.
· Federal Reserve Monetary Policy
The Federal Reserve monetary policy is one of the most important factors that affect both the economy and interest rates. The Fed does not set the mortgage rates but their adjustments, up or down, have a significant impact on the overall rates available to the buying public.
· Bond Market
Bonds affect the mortgage rates because they compete for the same type of investors. When Treasury returns rise, banks charge higher interest rates for mortgages.
· Housing Market
When fewer homes are being built, the reduction in home purchasing leads to a reduction in demand for mortgages and send interest rates down.
The process can vary, but typically it takes 30-45 days from application to closing.
Yes, we have access to various lending partners and can often find solutions for clients with diverse credit histories.
A broker provides access to multiple lenders and products, ensuring a broader range of options and potentially better terms than a single bank might offer.
Yes, we assist clients with both new home purchases and refinancing existing mortgages.
Yes, there are several loan options available with less than 20% down. We can guide you through these based on your financial situation.
The impact depends on whether you have a fixed-rate or adjustable-rate mortgage. We can provide insights tailored to your specific loan type.
At Mahoney Mortgage Group, we believe in transparency and trust, principles that have shaped our mortgage process. We understand that navigating the intricacies of home financing can be daunting, which is why we’ve meticulously crafted a process that simplifies each step for you. From initial consultation to final closing, our approach is designed to ensure clarity, ease, and efficiency. Our commitment is to walk with you hand-in-hand, empowering you with knowledge and insight. Experience a mortgage journey where your peace of mind is at the heart of everything we do.
Connect with us today and take the first step towards secure, hassle-free financing.