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Mortgage Brokers - The Nuts and Bolts
from: Dan LewisUsing a mortgage broker to shop for home loans can make the
borrowing process a lot less stressful than doing it yourself.
Here are the nuts and bolts on getting a good broker.
Competent Mortgage Brokers
There are a couple of obvious situations where going with a
mortgage broker makes perfect sense. If you have less than
perfect credit, a mortgage broker is going to be able to open
your eyes to numerous loan options a traditional bank would
never tell you about. If the idea of handling the mass of
paperwork involved in the loan application scares you, a
mortgage broker is definitely going to be a savior since they
will take on that burden. Still, how do you know if you are
talking to a competent broker?
The first issue to address when considering whether to use a
mortgage broker is scope. Scope refers to the number of
different lenders the mortgage broker works with in home
financing. Generally speaking, the more lenders the broker works
with, the better mortgage options you will get and, ultimately,
the better financing. A good mortgage broker should have at
least eight different lenders they work with and be able to go
find others should your particular situation call for a special
financing package. If the broker identifies only two or three
lenders, you need to move on to the next broker.
The second biggest issue is the mortgage broker's knowledge of
the lending industry. By knowledge of the industry, the broker
should be able to identify multiple lending programs and the
various lenders and options for each. For instance, you might
ask the broker who he works with and the loan options available
for a person with a 580 [poor] credit score. Further, ask the
broker if he has arranged funding for such loans before and the
specifics of the loans used. If the broker shows a depth of
knowledge and starts rattling on about options, you've found the
correct broker. If they don't, you haven't.
Broker Fees
Mortgage brokers are paid upon performance. If they don't get
you a loan, they don't get paid. The positive aspect of this is
you can be the mortgage broker is going to bust their tail
coming up with a solution for your problem. The negative aspect
is you need to make a determination as to whether the options
give to you are good loans for your situation. The commission of
a mortgage broker is typically paid out of the loan proceeds,
but costs such as appraisals are your responsibility. The broker
should have no problem telling you their commission rate on the
loan.
If you don't trust banks to give you the best deal or have been
turned down by a lender, mortgage brokers are a great way to
find good deals. Understand the nuts and bolts of what they do
and you are on your way to getting a loan.
About the author:
Dan Lewis is with http://www.gwhomeloans.com - a San Diego
mortgage brokers providing San Diego home loans. Visit
http://www.gwhomeloans.com/services.html to learn more about
options on San Diego mortgages from a San Diego mortgage broker
company.
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