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Why you need a Mortgage Broker:
Transactions by Independent Mortgage Brokers account for a significant amount of consumer loan operations across the nation, originating over half of all residential loans here in the U. S. The use of a mortgage broker is a key solution touted by most consumers in the market.
Define Mortgage Broker and what do they do.
A mortgage broker is a licensed, independent contractor who specializes in the origination of mortgages, working with an average of 20-30 different lenders at any one time. With comprehensive professional expertise and direct access to hundreds of different loan products, your mortgage broker provides the most efficient way to obtain financing tailored to your specific financial needs. The term “mortgage broker” can be used to describe a person or a company. In most cases, when someone refers to a “mortgage broker”, he or she is referencing a company. Oftentimes, the terms “mortgage broker” and “loan officer” are used interchangeably. A loan officer can assume the title of “mortgage broker” even if he or she doesn’t hold the license.
Mortgage brokers obtain discounted interest rates from wholesale lenders. Through research and rate shopping on the customer’s behalf, the mortgage broker can access information about the best programs lenders have to offer. Because of mortgage brokers, consumers can conveniently rest at a “one stop shop” or a mortgage superstore and avoid the hassles of comparing loan programs, rates, and lock periods, or of patrolling the transactions for possible breakdowns. The mortgage broker is responsible for staying abreast of current market conditions and finding the most accurate and up-to-date information about cost effective loan options. Additionally, the mortgage broker serves as the link between the customer and the professionals who handle appraisal, title, escrow, lending, underwriting, and any other services which might affect the consumer’s transaction.
Advantages to working with a mortgage broker are:
- Consumers get the best rate at a discount.
- One stop shop without the hassle of multiple applications and different lender requirements
- Can use one credit report for multiple banks, which lowers the amount of inquiries
- Consumers are given clear and complete communication from the beginning to the end of the process.
- Consumers are informed of all loan costs and provided with a Good Faith Estimate.