Mortgage Links
BROKER HOME MORTGAGE

A home mortgage broker is knowledgeable about the entire loan process of home mortgage and is able to use their superior knowledge to help their customers secure the best loan to fit their needs. Home Mortgage brokers don't lend money. They help you shop for the best loan from a selection of lenders. Since home mortgage brokers get discounted rates from lenders, you can get a better rate from a broker as compared to when you apply for a loan directly from a lender. Once you apply for the loan, the home mortgage broker handles all the documents and works with the lender to make sure your loan gets approved. The home mortgage broker may also order a copy of your credit report, the property appraisal and the title insurance. You pay a mortgage broker at closing when you complete your home's purchase or refinance.

Once you find a lender, home mortgage broker can help you:
  • Get a pre-approval letter.
  • Get a good-faith estimate in writing, itemizing approximate mortgage costs and fees.
  • Handle pre-qualification.
  • Secure mortgage financing.
  • Determine a settlement date.
The big advantage to using a home mortgage broker is that they deal with mortgage lenders from across the nation. This helps to guarantee that the customer will have complete access to the most competitive rates and options that are available. Mortgage broker takes a mortgage brokerage for his services. The lenders will quote a price to the broker, leaving it to the broker to offer a price to the customer by adding a markup. For example, price offered by mortgage lender might be 7% and 0 points, to which the broker adds a markup of 1 point, resulting in an offer to the customer of 7% and 1 point. (Each point is equal to one percent of the loan amount).

A home Mortgage broker is highly motivated because they normally only get paid when their customer is approved for a loan. They also know which mortgage lenders have the lowest rates and which have the most relaxed underwriting standards. But bear in mind, though, they are motivated to get the lowest possible price from lenders; they are also motivated to get the highest possible price from you. Thus, a home mortgage broker originates loans while the mortgage lender actually funds the loans.
 
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