Saturday, January 14, 2012

What is a Mortgage Broker? Bill Rayman of Los Angeles Weighs In

 What are the benefits of using a mortgage broker?

 A mortgage broker is a company that has relationships with lenders and their products in much the same way that an independent insurance agent has access to many different insurance providers. Through these relationships mortgage brokers are offered mortgages at wholesale prices. As a result the broker can now offer the lowest rates on the market by using the lender offering the best interest rates and other costs on  that particular day that fit the needs of their client.

The broker can also choose to operate on lower margins or profit than other banks or lenders. Good brokers and their agents keep up on a vast array of products from their providers.  Direct lenders have only a limited number of loan products available.

The broker does all of the processing of the loan, but does not actually service the loan once it is completed or closed. Experience brokers will almost always find ways to get difficult loans placed where direct lenders are more likely to say they just can't do it.  

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