California Mortgage Expert
 

Mortgage Brokers - part 1

by Dan Lewis

When applying for a home loan, it can be difficult to ascertain your options and the best deal out there. Mortgage brokers can help you shop for the best loan for your situation.
Mortgage Brokers

A mortgage broker is an independent professional assisting homebuyers with their mortgage needs. Instead of a loan officer for a bank, a mortgage broker typically works with tens or even hundreds of lenders. This independence lets mortgage brokers hunt for loans that fit the credit history and particular lending needs of a person.

Let's assume you have less than stellar credit when you apply for a loan at ABC Lender. The lender pulls your credit report and determines you don't qualify for any of the loans offered by the lender. The lender is going to drop you like a rock and move onto the next potential borrower.

Now, let's make the same assumption regarding your credit score, but put a mortgage broker in the place of a lender. The mortgage broker is going to look at your credit score, income and overall borrowing circumstance. The broker is then going to give you options and a recommendation regarding the best loan for you. Instead of hoping to get financing, you are now in a situation where you are evaluating the best financing options.

Read the end of
Mortgage Brokers


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Related Mortgage Broker Questions:

Other resources for Mortgage Broker

Mortgage broker?
I am buying first home and I am confused. My broker e-mailed me a 28 page document to sign and the numbers are nothing like what we discussed. The payment is .00 more per month then stated. The closing costs are over 2,000.00 more then what I thought and there is a paper for me to sign saying that they are not guaranteed to get me the best available loan out there for me.I am so confused and it is night time the office is closed. I don'y know if I can sleep tonight. Can anyone weigh in on this situation? Also not to mention my realtor is MIA. Another vacation, no one to turn to. I am a single mom and I wish I could find a loan that would possibly require less closing costs? Live in texas
read answers...

When mortgage broker charge you points to lower your rate, who gets that points, the mortgage broker or bank?
read answers...

Mortgage Broker in Southeastern PA?
Can anyone recommend a good Mortgage Broker in SE PA. My realtor suggested going through Marathon Mortgage but I'd like to get the best rate available. I'm a first time homebuyer and all of this is new to me. I'm afraid if I just go through this company I'll miss out on a better rate. Also, do brokers asses a fee to the mortgage company or would I pay the fee to them?
read answers...

Mortgage Broker Questions.?
Hi! I was wondering, what is the normal origination fees that mortgage brokers charge? I had one quote me 1%. I need to get a loan for about 250K, so I guess that comes out to 2500. For that much money. Are they supposed to do most of the work. Meaning have all the paper work ready, correct and submitted on time so the house closes without a problem? If I went to a bank, wouldn't they charge you a loan origination fee too? Or does the mortgage broker charge you one as well as the place where they find the morgage for you? Thanks!
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Mortgage Broker Earnings???
Can someone in the know please give me some idea of what a good broker can expect to earn in his or her first year? Also, what sort of money do really good, self-employed brokers earn? Finally, with the internet and other media full of comparisons of mortgages, is there a rosy future for mortgage brokers? Cheers!
read answers...

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