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Why Use a
Mortgage Broker In the past
20 years, independent mortgage brokers have had a significant
positive impact on the lending industry. Today the use of a
professional
mortgage broker is one of the key strategies used by sophisticated
Borrowers.
What is a Mortgage Broker?
A mortgage broker is an independent real estate financing
professional who
specializes in the origination of residential mortgage loans.
Mortgage brokers
normally pass the actual funding and servicing of loans on to
"Wholesale Lending
Sources." A mortgage broker is also an independent contractor
working with (on
average) as many as 40 lenders at any one time. By combining
professional
expertise with direct access to hundreds of loan products, your
broker provides the
most efficient way to obtain financing tailored to your specific
financial goals.
What Do Mortgage Brokers do?
In the volatile home-lending market, Mortgage Brokers can serve as
"police,"
offering their clients security, safety, and peace of mind. One of
the Broker's most
important functions is escorting your loan application through the
entire process,
constantly patrolling the component transactions for possible
breakdowns. A
professional mortgage broker can wade through the mountains of rate
data and
program options, researching current market conditions to find the
most accurate
and up-to-date information about cost-effective loan options.
Brokers handle the Details!
There are literally thousands of variables that can affect the
outcome of your
mortgage transaction. That's why you need a mortgage broker to act
as liaison
between the title and escrow company, real estate agent, lender,
appraiser, credit
agency, the underwriters, the processors, attorneys, and any other
services which
may effect your transaction.
A mortgage broker also:
• Discusses and
explains financing program options
•Informs
you, in writing, of lock-in options
• Explains all
documents of the loan application
• Explains all
associated costs of the loan application
• Explains the
disbursement of all loan applications
• Explains the
loan process, from application to closing
• Provides you
with a good faith estimate of cost and fees
• Communicates
with you throughout the loan process in a timely manner
• Coordinates the
final closing of your transaction
Brokers and loan officers are your resource for
questions or concerns after your
transaction closes. |
