The Real Estate Encyclopedia
What are the Benefits of using teh Services of a Mortgage Broker?
Category - Mortgage Questions - Refinancing FAQ's
A mortgage broker helps you obtain a home loan for a purchase as well as refinance. Prior to using the services of a mortgage broker ensure that you check to make sure they are properly licensed. In most states the mortgage broker is licensed by either the Department of Corporations or the Department of Real Estate.

Your mortgage broker will do a pre-qualification to determine how much you qualify for, meaning how much you may borrow based on your personal financial circumstances.

A Mortgage Broker can get the best program for you as they are approved with multiple lenders as opposed to an inhouse lender at for example a abnk where he can only offer the bank's inhouse programns to you.

Mortgage brokers make or arrange first mortgages and junior mortgages. A junior mortgage secures a loan which is secondary or junior to one or more other loans on the property. Some home loans arranged through brokers are very similar to a home loan you might obtain independently from a bank, savings and loan association (S & L), credit union, finance company, or other type of lender. Some brokers offer shorter loan terms and/or different repayment plans.

You may wish to check with the Better Business Bureau at www.bbb.org to see if the company is a member and if any complaints have been filed against the company.

Also see the National Association of Mortgage Brokers

 
Category(s)
Mortgage Questions - Refinancing FAQ's
Home Buying Questions - General Home Buying FAQ's
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