Mortgage
Broker
An
individual in the business of assisting in arranging funding or negotiating
contracts for a client buy who does not loan the money himself. Brokers
usually charge a fee
or receive a commission
for their services.
The
traditional ways of getting a mortgage
or refinancing,
was to go to a local hometown bank, sit down with your branch manager,
and set up an appointment with their mortgage specialist.
However,
time, the internet, and Alan
Greenspan have changed all of that.
Some
times it’s just not that easy to go apply at your bank, your needs
may be just a little bit different, and you may need some extra special
attention. Your credit
may be bad. You may be looking to buy an investment
property with the equity
in your current residence. You may have had a bankruptcy
in the past, the bank may be foreclosing
on your property and you need a lender
to buy you out. You may want an interest
only loan, or a five-year
ARM. The list goes on and on.
All
of the scenarios mentioned in the above paragraph would not be considered
by a traditional bank. They primarily deal with perfect
credit only, and cut and dry mortgages of the vanilla variety.
This
is where a broker
comes into play. A broker’s job is to evaluate your situation, and
then find the best possible program
to fit you into.
Most
brokers have a list of approximately two hundred and fifty or more lenders
to choose from. These lenders specialize in lending money to people in
unique situations. It is the job of the broker to shop these lenders to
find the best
rate and program to help you achieve your goals, regardless of your
situation.
One
of the drawbacks of using a broker, is that you will most likely end up
with a higher interest rate. This is a fact, but if it can save you money,
get you out of a current situation, or put you into a situation you want
to be in, at a price you can afford, than it is well worth it.
Mortgage
Closing Costs
Choose
Your Lender Wisely
Mortgage
Lenders, Mortgage Brokers, Loan Officers
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