Why Use A Mortgage Broker?
Mortgage brokers have the ability to obtain the best possible rate for your situation by shopping all approved lenders. Since the broker works with many different national lenders they are not forced to recommend one set of loan programs to you but can seek out many different options that are offered. Brokers do the loan shopping for you. When you apply for a loan with a mortgage broker you are effectively applying for a loan with all the lenders the mortgage broker is approved with.
Mortgage brokers obtain rates at wholesale. It costs no more to do business with a mortgage broker. In fact independent surveys have shown that in many cases the fees charged by a broker are less and the interest rate obtained is lower than if the borrower went directly to the lender. Mortgage brokers work on a contingency basis. They are not compensated until the loan closes. (Be aware. Some mortgage brokers charge a non-refundable up-front application fee.)
When working with a mortgage broker only one credit report is used. If you were to apply to multiple lending institutions for a mortgage, each lender would do a credit check. This may lower your credit score. A lower credit score could mean you may not qualify for the best interest rate possible with any lender.
A mortgage broker deals exclusively with mortgages. By combining professional expertise with access to many different wholesale lenders and hundreds of loan products, a broker provides consumers the most efficient and cost-effective method of offering home financing options while still providing individualized attention tailored to the consumer's needs and wants. A mortgage broker represents you in obtaining financing that best fits your specific financial goals.
We choosing a mortgage broker check to see if they are members of the local a National Association of Mortgage Brokers. Check with your local Department of Banking or Commissioner of Banks to see if they have had any fines or complaints against them. Make sure you receive a written Good Faith Estimate and Truth in Lending form when shopping among mortgage brokers.
Adrian Skiles, GML
Related Tags: rate, refinance, mortgage broker, florida mortgage, florida home loan, mortgage company, lender
Adrian Skiles, GML has over 20 years experience in the mortgage and real estate industry. He is currently President/Broker of Florida Mortgage Group, Atlanta Mortgage Group and The Mortgage Group of North Carolina. On the web at http://www.efloridamortgagegroup.com/, http://www.atlantamortgagegroup.com/ and http://www.mortgages-northcarolina.com/.
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