Information About Mortgage Brokers
Learn more about mortgages, what mortgage brokers do and more.
What is a Mortgage?
Mortgage lending is used to finance private ownership of residential and commercial property. It is the security interest of the lender in the property you wish to own, therefore your house functions as the collateral. You must pay the loan back with interest over a period of time. Business and home owners want to get the best mortgage interest rate possible. To learn terms involved with mortgage lending, please see our mortgage glossary conveniently placed right here on our web site.
What is a Mortgage Broker?
A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential and commercial mortgage loans. 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 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 mortgage broker’s most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions 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. Whether you are refinancing your home loan or purchasing a new home under a FHA home loan, they make the process easier for you.
Mortgage 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 title and escrow company, real estate agent, lender, appraiser, credit agency, insurance companies, the underwriters, the processors, attorneys, and any other services which may affect your transaction.
A mortgage broker also:
- Discusses and explains financing program options
- Informs you, in writing, 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 applications
- 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