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.
Saturday, January 14, 2012
What is a Mortgage Broker? Bill Rayman of Los Angeles Weighs In
About Me
In no particular order I enjoy owning unusual breeds of dogs and cats; love to travel to exotic locations where there are opportunities to learn about even more exotic animal and sea life or the culture of the locale; follow the movies, Knicks, Clippers, and the Yankees; and work way too hard supporting all those passions.
Please add my Google profile to your circles.
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