What is a Mortgage Broker in Sayville NY?
What is a mortgage broker and how can they help me get a mortgage?
A Mortgage Broker in Sayville NY is a typically a company, corporation, or partnership not an individual. They basically acts as a middleman between you the borrower and the eventual lender who grant you your mortgage whether buying or refinancing a home. They work directly with both the consumer and the end lender to help borrower’s navigate the new mortgage maze created by the Dodd-Frank act of 2010.
A Mortgage Broker in Sayville NY like The Mortgage Outlet acts as a liaison between two important entities. You the consumer which is known as the retail end and the bank/lender who is the wholesale side. Most of the time there is not additional cost to the borrower as the Mortgage Broker is paid by the lender. This works out great for the borrower as they have someone knowledgeable work ing on their behalf unlike at a Retial Bank.
Loan officers who work for a Mortgage Broker in Sayville NY must be registered with the National Mortgage Licensing System also known as the NMLS, and then licensed by the state they originate loans in. Loan officers that originate loans for a mortgage broker must go through an extensive criminal background check along with fingerprinting. They must complete pre-licensing education, pass both federal and state testing and go through yearly continuing education to maintain their license. A loan officer working at a retail bank does have to go through this process. You can look up your loan officer experiences here on the NMLS web site here
Once you have made contact with a Licensed Loan Officer at The Mortgage Outlet they start the process by asking you questions to try and figure out what might be the best loan product and program to help get you loan approval in the most efficient time. Many times they might provide you with a secured online form to help them get data on you prior to a more formal sit down meeting.
At your sit down meeting you be required to provide income, assets and employment documentation to confirm the data acquired from the online form. You will have your credit run to confirm what programs you actually qualify and why you qualify for these programs. A retail bank can collect the same data but many times the Registered Loan Originator will not have direct access to your credit report which vital to see if you can actually qualify for you mortgage.
Once the Licensed Loan Officer has your complete file, they can determine what will work best for you the borrower. The may include determining if you are going for a qualified or non-qualified mortgage, determining your Debt-to-Income Ratio, evaluate your Loan-To-Value Ratio and eventually determining which loan type and loan program best works for their borrower.
When all details are worked out, the broker will submit to the loan to the lender who they work with to gain you loan approval. Once your loan is approved the lender will send to the mortgage broker the stipulations to clear your file to close. It is the job of the mortgage broker to communicate this to the borrower and collect all conditions to enable the file to be cleared to close.
Reasons to work with a Mortgage Broker over a bank
Per the Dodd-Frank Act of 2010 they must work for the best interest of the borrower, Not Retail Banks
Mortgage Broker fees are fixed and transparent, Not Retail Banks
Mortgage Brokers have many lenders and programs to offer, Retail banks only have programs from a single source, themselves.
Mortgage Brokers are in the business of closing loans they originate, Not Retail Banks
Mortgage Brokers have a streamline process which cuts week even months off of closing time with Retail Banks.
Mortgage Brokers answers calls in the evening and on weekends, Not Retail Banks
Mortgage Brokers base their business off of Service to the Borrower, Not Retail Banks
Mortgage Brokers close loans with title issues, Not Retail Banks
I understand that talk is very cheap in this industry but see the testimonials the The Mortgage Oultet has from its past client's. A Mortgage Broker in Sayville NY like The Mortgage Outlet have a Special 30 Day closing program for those of you that qualify here should you need help when your retail bank cannot close your loan. You can always call me at 631 589 3600 and speak with me directly or one of my team members or email me at email@example.com