What Is A Mortgage Broker - Information and Advice

"Get the lowest mortgage loan rates from a mortgage broker."

A mortgage broker is an individual or firm that helps people find the best available mortgage loans. They match your particular needs and credit profile with the best possible loan source. For their efforts, mortgage brokers are paid a referral fee by the lender, not the borrower.

Why use a mortgage broker?
Discounted mortgage rates aren’t guaranteed by Charter banks and lenders. They generally don’t openly offer them without you specifically asking for them. Mortgage brokers negotiate the rate on your behalf and make sure you automatically receive the fully discounted rate, subject to qualifying.

No fees ( on approved credit) Mortgage brokers charge no fee to you the borrower. They are paid a finder’s fee by the lending institution they successfully place your mortgage with.

Mortgage brokers are not connected to one lender exclusively. They have access to a pool of lenders across the country, who offer you the best possible rate and terms.

Mortgage brokers shop the market for you- that way you qualify through one application instead of having to qualify a dozen times by shopping yourself.

If you decide to shop the banks yourself remember that each time you contact a bank they will pull a credit bureau on you and this can negatively affect your credit rating.

You are under no obligation to commit to any mortgage approval a mortgage broker obtains for you.
Mortgage brokers are regulated by various State agencies as well as the Mortgage Brokers Association Code of Ethics.

Mortgage brokers are licensed and bonded professionals.

Personal, professional, quick, efficient service. You only deal with one mortgage agent who helps you through each stage of your mortgage financing; from initial discussion to determine your exact needs, to sound advice on what mortgage product may be best for you.

Often the major banks have limiting criteria with no ability to be creative or look for other avenues to qualify you for your mortgage. Mortgage brokers can be very creative in getting you approved.
 

Related Pages

Mortgage Broker vs Mortgage Banker - Information on how a mortgage broker differs from a mortgage banker - Tips on when to use each one to get the best loan rates.

Mortgage Broker - Questions to Ask - Questions to ask your prospective mortgage broker about home loans, mortgages, and getting the lowest mortgage rates.

Online Mortgage Broker - How to use an online mortgage broker to save big on your next home loan - Advice on what works and what to avoid.

Mortgage Loan Broker - How to select a mortgage loan broker - Finding a mortgage broker online - Getting the best rates by using a mortgage loan broker like E-Loan.

Mortgage Brokers and Lenders - How mortgage brokers differ from direct lenders - Both have advantages and can save you money - Comparisons and advantages of both types of mortgage lenders.

Upfront Mortgage Broker - You need a good mortgage broker - Advice about what to look for in a mortgage broker and how to get the best home loans.

Online Mortgage Brokers - How using online mortgage brokers will get you the right loan at the lowest rate - Mortgage broker advice on getting the best loan for your finances.

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