Mortgage Advice

Buying or Refinancing a Home? You Need More than a Quick Online Approval

A home is likely the largest purchase you will make in your lifetime. As a long-term investment it will have a significant impact on your financial future. With the Internet at our fingertips, the near-instant gratification of an online quote can be tempting, but acquiring the right mortgage for either a home purchase or the refinancing of an existing mortgage is likely one of the largest financial decisions you will have to make. It is crucial to have support as you navigate this important process which can be cumbersome and complex without the right resources.

The biggest question for homebuyers is which mortgage product is right for you? According to a recent study by Essent, the majority of potential buyers are not sure which mortgages they want or which are best for home owners. For many, this uncertainty can make the process feel overwhelming. The answer is – it depends.

First and foremost, you want to ensure you select a product you can afford that has a payment with which you are comfortable. Although most lenders will provide financing to consumers with a debt-to-income ratio up to 43%, this doesn’t take into account any debt you incur after you purchase the home. For example, you may want to buy new furniture or make changes to the home. You need to make sure you can afford your mortgage payment and these additional expenses. These factors aren’t taken into account with quick online approval.

Many times, introductory rates portrayed by online lenders at the time of application are not available once the specifics of the loan have been reviewed. This results in confusion, frustration and wastes a tremendous amount of time, causing many homebuyers to become discouraged. The Internet is valuable for researching home financing, but after gathering information, it is helpful to work with a local, reputable home loan consultant who can guide you through the mortgage process. At Univest Home Loans, we can compete with rates provided by online lenders and still offer local support and expertise to find the home financing that is right for your unique situation.

Univest Home Loans offers a balance between technology and people providing a friendly, trusted alternative to the impersonal experience offered by many national, online lenders. Whether you need a preapproval before shopping for a new home or you’re interested in refinancing your current residence, you can start the process through the Univest Home Loan digital platform. This allows you to complete an initial application and upload the information needed for the loan process. You will then be assigned to a dedicated home loan consultant in your area. You enjoy the benefit of working with an experienced professional who will deliver expert, friendly service while using technology to speed your process.

For customers looking to buy a new home, Univest reviews the application and provides a preapproval letter to prospective borrowers. In today’s market, this is a valuable tool in the home buying process. According to the National Association of Realtors, housing inventory remains low in the northeast causing extreme competition for homebuyers. A Univest preapproval could help strengthen a prospective buyer’s offer since credit has already been reviewed and validated.

Ready to buy a home or refinance? Working with a local lender provides a level of personalized service that isn’t matched by an Internet based or big box lender. When you have questions or concerns, you are not dependent on a call center, instead you are able to call and speak directly to your Home Loan Consultant so you know things are moving along as expected. Get the process started today by applying online or calling us at 877-723-5571.


Univest Bank and Trust Co. is an  Equal Housing Lender. NMLS #415882.