Firelight Finance Mortgage Brokerage
Operating Principles
Firelight: A guide in an uncertain environment and a reassuring presence providing safety and security.
Firelight Finance LLC is a mortgage brokerage serving the state of Pennsylvania. We operate with a few key principles in mind that we believe differentiates us from lenders and other brokers:
1) Honesty and Transparency
Some lenders are not exactly upfront with you. Some may attempt to draw you in with “teaser rates” for which few customers actually qualify. Some may share rates you can only obtain by purchasing “points” (paying money to secure a lower rate). Some may tell you that they can close a loan in a week or two when that’s unrealistic. Others may not explain to you that “no closing costs” often means a higher rate. And some may tell you all of this far too late, when you’re too far down the path to change lenders.
We believe that providing you with honest and accurate information upfront helps you make an informed decision and saves everyone time and effort in the long run. Rates are not “one size fits all”. Program qualification is based on many things including loan amount, down payment, income and debt, credit, and many more factors. We’ll review today’s programs and share the ones that are the best fit for you. We’ll let you know when approval may be difficult. We’ll let you know if you’re better off waiting a bit before you refinance. In short, we’re upfront and honest because that’s how we would want to be treated.
2) Serve as a One-Stop-Shop
Individual lenders are often limited in the programs they offer. As a mortgage broker we have access to many different lenders, including “wholesale lenders” that don’t offer programs directly to the public. These lenders are often able to offer unique programs or more competitive rates because they don’t have embedded “legacy costs” including bank branches, large advertising budgets or other lines of business like savings accounts or investment products.
Some of our lenders also offer “non-conventional” loans which may include less typical terms. Which means that we have access to a broad range of programs suitable to a broad range of borrowers. Shopping around takes time because each lender needs to collect specific information from you in order to determine what you qualify for. Our goal is to serve a broad range of needs so that you don’t waste time and effort.
3) Do the Work Upfront
The loan approval process is not always easy, especially with today’s growing list of regulations and requirements. And the closing process is time sensitive. We don’t want to find ourselves in a situation where we need to delay closing or lose a rate-lock because we’re missing some required loan documentation.
That’s why we make every effort to collect everything a lender may need upfront, as early as possible. We’ll provide you with a list of documentation and remain hands on through the collection process. And it’s one of the reasons that we’re big proponents of prequalification and communication. Let us guide you so that your closing goes as smoothly as possible!
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