Smith Broady & Associates: Your Trusted Mortgage Broker Since 2008
Welcome to Smith Broady & Associates
Established in 2008, Smith Broady & Associates has been a stalwart in the mortgage industry, weathering the storms and emerging as a beacon of reliability and trustworthiness. Founded during the challenging times of the mortgage industry’s downturn, our resilience and commitment have propelled us to thrive ever since.
Your Premier Mortgage Broker
As a seasoned mortgage broker, Smith Broady & Associates takes pride in offering personalized services tailored to meet the unique needs of each client. Our team of experienced Mortgage Loan Officers possesses the expertise to navigate through the complexities of the mortgage market, ensuring that you secure the best home mortgage or refinance deal possible.
Expanding Boundaries with Technology
At Smith Broady & Associates, we believe in harnessing the power of technology to extend our reach and provide unparalleled services. While our brick-and-mortar office is located in Jeffersonville, IN, our technological capabilities enable us to efficiently serve clients throughout Indiana, Kentucky, and Ohio. Whether you’re looking for a home loan, refinancing options, or investment loans, we leverage cutting-edge tools and platforms to facilitate seamless transactions and deliver exceptional outcomes.
Service Areas:
Why Choose Smith Broady & Associates?
Experience the Smith Broady & Associates difference. Contact us today to discuss your mortgage needs and embark on a journey towards homeownership, financial stability, and investment success. Trust us to be your reliable partner every step of the way.
Our Loan Officers have over 100 years combined experience providing home buyer education, credit repair, closing loans using various loan products to best serve you!
Get started TODAY by filling out our application via the “Get Pre-Approved” button at the top of the screen.
Being Professional isn’t just what we do, it’s who we are. We value your business.
There are a lot of moving parts when it comes to getting approved and buying a home, we stay focused.
With over 100 years of combined experience, you get a team of knowledgeable loan officers here to help you every step of the way.
Dalai Lama XIV
Important Things To Know
Since there are many different types of mortgages, including:
This is just to name a few – it’s important to know which type of loan the lender can offer you.
Don’t be afraid to ask pros and cons on the loan options. Also, make sure the lender is recommending the best loans for you, as this should be specific to your needs!
Be sure to ask why they think a specific loan would work best for you.
The interest rate is going to be based on the size of the loan and on your credit score.
Interest accrues over the life of your loan and over a 15-30 year span, can add up considerably. If the interest rate is adjustable (as in an Adjustable Rate Mortgage or ARM), ask how long the rate will remain fixed, and about the maximum annual adjustment, highest rate (cap), index and margin.
The APR includes both the interest rate and all other lender fees, divided by the loan’s term.
As you’re trying to develop a budget after your home purchase, you’re going to need to know what your monthly expenses are going to look like.
Make sure you include taxes and insurance in their calculations and remember that your monthly home payment shouldn’t be so large that you unable to create a “nest egg” for unexpected expenses , retirement, and vacations. Being “house poor” is not fun!
Interest rates, and therefore monthly payments, vary considerably depending on the size of your down payment. This also factors into whether you’ll be required to pay mortgage insurance.
Usually, companies will waive PMI (Private Mortgage Insurance) if your down payment is 20% or more of the purchase price. Some loans, (like those offered by the VA, FHA and USDA), will allow for a down payment of zero to 3.5%, but depending on the program, they will require insurance premiums for the life of the loan.
Although it’s certainly possible to obtain a conventional loan with less than 20% down, the interest rates will almost certainly be higher. The good news is that, once your equity reaches 20% or more, you can renegotiate with your lender and see if they’ll waive the insurance fee.
If you think your economic situation might change in the future, or you’re saving up to make some extra mortgage payments, it’s important to make sure your lender won’t charge you for paying off your loan early. Some lenders charge an additional processing fee for each overpayment, while others ask for six months of unearned interest.
A few lenders will charge a penalty if you pay off your loan before the first two to five years., but this is uncomment practice nowadays.
What fees and costs will I have to pay? Can you estimate and explain them, as well as how much you’re going to make off the loan?
Every lender will charge differently for this, and you’re entitled to know. Costs generally include an appraisal, credit report, title policy, pest inspection, escrow if applicable, recording fees, and taxes.
Many of these fees will be included in closing costs, once the transaction is ready to be finalized.
Loan rates change every day, sometimes every hour. If you feel there is an upwards trend you might want to lock in your rate at whatever it currently is before it rises more.
Some companies will charge you zero to one point for the lock. Before you finalize the rate and ask your lender to lock it in, take into account that most locks last between a few weeks to 60 days, and if the loan doesn’t process during that time, you lose the rate.
To help you determine when to lock in the rate, ask your lender how long their processing period generally takes, and try to get them to lock in the rate for as long as possible. Usually, you should try to get as long a lock-in period as possible, but be aware that may result in a higher rate than if it were shorter.
Mortgages tend to take at least 30 days to originate, and many first-timers don’t expect this much of a waiting period. The short answer is that a lot of things need to happen between you submitting your mortgage application and you taking ownership of your home.
Just to name a few: You’ll need to gather documentation for your lender (and they’ll always come back and ask for more, believe me); you’ll want to schedule and complete a home inspection; the seller may need time to complete repairs; and the loan needs to make its way through underwriting. It’s a lengthy process. I’ve bought three homes in my life, and I can tell you firsthand that it’s a lot to get done, even within a 30-day window.
Great question. We are a mortgage broker; therefore all our loans close on and with secondary markets.
What does that mean? We shop the market for the best rates, terms and process for each individual client.
Therefore you loan may be sold. However, we have investors that keep loans in house and not sold. We can decide which is best for you when we meet.
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