The Best Mortgage Lenders in Broomall, PA
Compare verified mortgage lenders serving Broomall, Pennsylvania. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Broomall
Featured Mortgage Lenders
Guild Mortgage
Guild Mortgage Company
Guild Mortgage's Broomall office is exceptionally well-rated with numerous positive reviews highlighting their personalized service and expertise in first-time homebuyer programs. They have deep local market knowledge and offer a comprehensive range of loan products with competitive rates. Their team is praised for making the mortgage process smooth and understandable, with particular strength in guiding clients through FHA and VA loan programs. The local branch has built a strong reputation for responsiveness and thorough communication throughout the entire lending process.
Loan Types:
TruMark Financial
TruMark Financial Credit Union
As one of southeastern Pennsylvania's largest credit unions, TruMark Financial has deep roots in the Broomall community with a physical branch location. They consistently receive high marks for competitive rates, low fees, and exceptional member service. Their mortgage specialists are known for taking time to educate borrowers and find the best loan options. Members particularly appreciate the streamlined process and the credit union's commitment to keeping mortgages in-house rather than selling them to third-party servicers.
Loan Types:
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage's Radnor office serves the Broomall area with exceptional ratings and numerous reviews praising their efficiency and expertise. They specialize in both purchase and refinance transactions with particular strength in jumbo loans and construction financing. Clients consistently note their responsive communication, transparent process, and ability to close loans quickly. The local team has extensive experience with the Delaware County and Main Line real estate markets, providing valuable insights for buyers in the Broomall area.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Broomall, PA
Are there any first-time homebuyer programs specifically for Broomall, PA, that can help with down payments?
While Broomall itself does not have a municipal program, Pennsylvania offers the PHFA Keystone Home Loan program and the Keystone Government Loan (K-Gov) program, which are widely used in Delaware County. These programs provide competitive interest rates, down payment, and closing cost assistance. Working with a local lender familiar with PHFA is crucial, as they can help you navigate the income and purchase price limits that apply to the Broomall area.
How do property taxes in Delaware County impact my mortgage qualification and monthly payment in Broomall?
Delaware County has some of the higher property tax rates in the Philadelphia metro area, which significantly affects your debt-to-income (DTI) ratio and monthly escrow payment. When getting pre-approved, lenders will use the specific millage rate for your Broomall township (likely Marple Township) to estimate your annual tax bill. It's essential to budget for this, as taxes can add several hundred dollars to your monthly mortgage payment compared to other regions.
What are typical mortgage rates and lender competition like for a homebuyer in Broomall?
Mortgage rates in Broomall align with national averages but can vary based on your lender, loan type, and credit profile. As a stable suburban market in Delaware County, there is strong competition among local banks, credit unions, and national lenders. It's highly advisable to shop around with lenders who have specific experience in the area, as they may offer competitive terms or special programs for the consistent Broomall housing market.
Does buying an older, classic stone colonial in Broomall present any unique mortgage challenges?
Yes, it can. Many charming homes in Broomall were built mid-20th century and may have older systems like knob-and-tube wiring or aging roofs. An FHA 203(k) Rehabilitation Loan or a conventional renovation loan (like Fannie Mae's HomeStyle) could be essential financing tools if the home needs significant updates. Your appraisal will be critical, and the lender will require any major safety issues to be addressed before closing.
Are jumbo loans common in Broomall, and what are the requirements given the local home prices?
Jumbo loans are increasingly common in Broomall as home prices often exceed the conforming loan limits for Delaware County ($$766,550 for 2024). Requirements are stricter, typically requiring excellent credit (often 700+), a lower debt-to-income ratio, and larger down payments (usually 10-20%). Local lenders with expertise in jumbo products for the Philadelphia suburbs can best guide you through the more extensive documentation and reserve requirements.
Nearby Cities
Explore mortgage lenders in cities near Broomall, PA
Why Choose a Mortgage Lender in Broomall?
Local Market Knowledge
Lenders who understand Broomall's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Pennsylvania.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Broomall and get competitive rates on your home loan.