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WHAT IS A MORTGAGE BROKER?

Reblogger

Real Estate Agent with Rise Realty

January 14, 2014 04:29 AM

When you have decided to buy a home you might have a lot of questions. The more answers you get the better you are equip to save your hard earn money and understand the process. Plus you're more confident and comfortable with the process which makes buying a home more of a pleasure and excitement than a scaring thing.

So the Question is one you might have thought of and Dora Griffin gives us a good explanation.

WHAT IS A MORTGAGE BROKER?

What is a mortgage broker and how can I know I want to work with one? If you are in the market for home financing, you may want to explore this.

A mortgage broker is a company not affiliated with one particular lender or bank.

A mortgage broker can have several lenders to choose from offering products for different types of situations. They may offer more products as a result than a bank. I know of some banks that have a good variety of products and some that are limited. A mortgage broker usually will align with lenders who offer products that are used in their market.

Often a mortgage broker can offer everything a bank can and frequently with more personal and better service. Not all brokers have all products just as all banks don't have all products. Not all banks take a month or even months to close, but few can close in say two weeks.

When searching for a lender for a home purchase or refinance the most important element is to locate that person who puts your needs first.

Keep in mind when you see the word broker being tossed around some people may be using it incorrectly. What I see in particular is a statement that brokers may charge more so they make more. First of all, brokers above all, cannot charge more on one loan than another. Furthermore they are the one entity that has to disclose their income.

When shopping for home financing indeed check all your options and don't be scared off by the two different methods of disclosure. When you speak with a mortgage broker you will get a lot more information than simply "here is the rate". As a seasoned Kentucky originator I spent a lot of years in retail and have been a mortgage broker for six years. In either setting the desire to help consumers realize their dreams is and has been my driving force.