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Why are mortgage brokers so good for
borrowers?
Often mortgage brokers do not lend
their own capital to an applicant. They have a
correspondent lending policy with major mortgage institutions
and banks. These Mortgage companies ma7y lend to borrowers
own their own. But usually they offer rates at a small
discount to brokers in order to encourage them to send
a loan package to them. Many large institutions rely
heavily on the mortgage broker to originate a large
portion of their lending portfolio.
USE
OUR ONLINE MORTGAGE RATE REQUEST FORM
A great tool a broker can offer is
the ability to surf through Mortgage Companies and determine
which institution is offering the best products and
rates for the applicant. If you went directly to any
lending source you would have to go through the application
and qualifying process and be required to meet that
specific lending institutions policy. If in the end
you do not qualify, you would have to begin the entire
process over again. When it comes to a Home Purchase
this may cause serious issues and time is always of
the essence when transfer of titles are involved. A
Mortgage Broker may help solve this problem from occurring.
If after the initial loan application the brokers' chosen
lender does not approve the application then the broker
as other relationships they can go to. This will allow
them to take all the information previously provided
to them an search varies loan products to find another
which meets the needs of their client.
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