A real estate purchase is
one of the most important financial decisions you will ever make.
With all the paperwork and options, the process can be overwhelming.
And with so many different combinations of fees and terms, it can
be difficult to compare one loan to another.
Many consumers think a broker will help them find the best mortgage
rate. However, mortgage brokers have no fiduciary responsibility
to act in your best interest. They earn commission based upon
the rate and fees you pay for your mortgage.
According to Money Magazine, “Brokers can be paid more
if they can convince you to pay a higher rate than you qualify for,
or borrow more money than you need. ‘We do not solely represent
the consumer,’ says George Hanzimanolis, president-elect of
the National Association of Mortgage Brokers.” In other words,
the higher the rate you pay, the more the broker makes.
PFFCU is in business to help YOU. As a member-owned financial institution,
our goal is to provide you with the mortgage that meets your needs
and saves you money. Unlike many other lenders, PFFCU maintains the
servicing of your loan. Plus, our lender fees are among the very
lowest in the industry.
At PFFCU, we do not earn any commissions or rebates, no matter
what company you use, for any part of the mortgage origination
process.
According to Money Magazine, you can protect yourself and
possibly save thousands of dollars by finding your own mortgage. “You’ll
likely save the cut the mortgage broker would have taken – and
get just as good a rate.”
At PFFCU, we are committed to earning your Trust by providing
superior Service, Value, and Convenience for
all of your financial needs. Please call us at 215/931-0300
or 800/228-8801 and ask to speak with a Mortgage Advisor if you have
any questions.
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