Ravi Chandran
Your loans could cost you less if you use the services of a professional mortgage broker
By: Phoenix Lee/
Independent mortgage brokers are beginning to make a significant positive impact on the lending industry. Although in the initial years, it was the well-informed and the well-heeled were the ones who used mortgage brokers, more and more new real estate loans are being originated by brokers today.
Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.
Table of Contents
- Specialisation: Brokers specialize in mortgages. Banks do not specialise solely in mortgages. Using a broker provides you with a higher level of service and expertise in life’s largest financial transaction.
- Competitive: Brokers deal with multiple lenders which gives you access to these multiple lender products and rates whereas banks have 1 set of products and rates; their own. Using a knowledgeable and professional mortgage broker ensures you will receive unbiased advice, the right product for you and a competitive price.
- Flexibility: In dealing with multiple lenders a broker can easily direct a loan file to a different lending institution should a problem arise, whereas with a bank if a problem arises it could quite easily cost you a declined purchase offer or additional time and fees to apply with a different bank. Using a mortgage broker for your transaction provides an added level of safety.
What is a Professional Mortgage Broker?
A mortgage broker is an independent real-estate financing professional who specialises in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with as many as 20 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.
What do Professional Mortgage Brokers do?
In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker’s most important functions is escorting your loan application through the entire process, constantly patrolling the transaction components for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.
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Brokers handle the details!
There are literally thousands of variables that can affect the outcome of your mortgage transaction. That’s why you need a mortgage broker to act as a liaison between the seller, real estate agent, lender, appraiser, the underwriters, the processors, attorneys, and any other services which may affect your transaction.
A Professional Mortgage Broker also:
- Discusses and explains financing program options
- Informs you of lock-in options
- Explains all documents of the loan application
- Explains all associated costs of the loan application
- Explains the disbursement of all loan proceeds
- Explains the loan process, from application to closing
- Provides you with a good faith estimate of cost and fees
- Communicates with you throughout the loan process in a timely manner
- Coordinates the final closing of your transaction
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The best thing is, there’s absolutely no charge for the services of a professional mortgage broker on typical residential mortgage transactions. Like many other professional services, such as insurance, mortgage brokers are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains on you, the customer.
In summary, engaging a mortgage broker can help you save time and money and ease the process of shopping for a home loan. A good mortgage broker would be able to analyse your unique situation and recommend which home loan features are best for you. It actually makes good sense for someone who is looking to invest or someone with complex needs and goals, to use the services of a mortgage broker. It is especially an excellent option if you don’t know much about the best home loans or the home buying process.
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