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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 safeguards,
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 a
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 affect your
transaction.
A mortgage broker also:
-
Discusses and
explains financing
program options
-
Informs you, in
writing, of lock-in
options
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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
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