What is a mortgage broker?
A Mortgage Broker works just like your insurance broker, while your insurance broker finds you the best deal on insurance, a Mortgage Broker finds you the best deal on your mortgage.Because we are independent and deal with several different lending institutions, we can offer you a wider range of options and more competitive rates. Being independent allows us to give you impartial advice based solely on whatever is in your best interest. We pride ourselves on being experts in our field, and while you may find negotiating with financial institutions frustrating, that’s our specialty.
• A mortgage broker is an individual, company or group of individuals who are licensed by the state in which they are located and are approved to represent wholesale mortgage lenders to potential customers. The mortgage broker provides the origination of the loan through the loan application process and credit review. In return for providing the wholesale mortgage lenders with this service, the wholesale mortgage lender will offer the mortgage broker reduced interest rates to offer to its customers. Furthermore, a mortgage broker will process your application himself/herself, lock the rate, and submit the loan to the lender. Also, the mortgage broker should continually follow your file through the whole loan process from start to finish. Your file should never get lost during the whole process.
A Mortgage Broker is a person who: • Carries out mortgage activities for the Mortgage Brokerage. • Brings together borrowers who need mortgage loans, and companies and/or individuals with money to lend (as the Mortgage Brokerage’s representative). • Negotiates on behalf of the borrower to get the best possible financing deal from the lender (as the Mortgage Brokerage’s representative). However, a Mortgage Broker does not administer the mortgage. • May be responsible for supervising the activities of Mortgage Agents.
A mortgage broker is a licensed independent contractor that offers a selection of loan programs from various lenders they have established relationships with. Mortgage brokers can offer you a large selection of products available from different lenders. Usually banks have a limited selection of their own programs, which may or may not fit your needs. The mortgage broker takes your application and processes your loan for submission to a lender for underwriting and approval of funding for the loan.
