What's the difference between a mortgage broker and a direct lender?
A mortgage broker shops your loan across multiple wholesale lenders to find competitive rates and terms, while a direct lender funds the loan from its own balance sheet. Brokers like Keen Lending access over 25 wholesale investors, which can widen your rate options.
How long does pre-approval take in Union County?
Many brokers offer online pre-qualification in under a minute, but a full pre-approval with income and credit verification typically takes 1–3 business days. Suzi Beaver reports an average underwriting turnaround of 24 hours.
Are USDA loans available in Union County?
Yes, much of Union County is eligible for USDA Rural Development loans, which require no down payment. Brokers like Suzi Beaver list USDA loans among their specialties, so confirm your specific property address meets location and income limits.
Can I get a renovation loan to buy a fixer-upper?
Yes, FHA 203(k) and similar renovation loans let you finance purchase and rehab costs together. Suzi Beaver and Whitley Mortgage Associates both list renovation loans as specialties.
What documents should I gather before talking to a mortgage broker?
Expect to provide two years of tax returns, recent pay stubs, two months of bank statements, and a list of debts. Having these ready speeds up pre-approval and lets the broker quote accurate rates across multiple lenders.