|Bill Rayman, Los Angeles Mortgage Broker|
|How can our broker help you get the best mortgage rates in Los Angeles? |
A mortgage broker is a company that has relationships with lenders in much the same way that an independent insurance agent does with many different insurance providers. These relationships allow mortgage brokers to receive offers of mortgages at wholesale prices. As a result, brokers can offer lower rates, often the lowest on the market. By going with the lender offering the best rates on a particular day, the mortgage broker helps their clients get more for their money.
The broker may also choose to operate on lower margins or profit than banks and lenders. Good brokers remain up-to-the-minute on on an array of products from their providers. Direct lenders have only a limited number of loan products available.
The broker handles all of the processing of the loan. Since Mortgage Capital funds most of its own loans, it usually underwrites them as well.
At a traditional bank, the employees work for the bank, not for you. As a result, in difficult situations a direct lender is likely to just turn you down, and leave you on your own to solve the problems. Experienced brokers have a fiduciary responsibility to their client and will work to find a way to meet their needs.