Independent mortgage brokers have had a significant positive impact on the lending industry. Today the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.
Mortgage Broker vs Bank?
We are licensed, both individually and corporately. We endure rigorous testing both state and federal. We are background checked which includes fingerprinted criminal checks and are required to maintain personal minimum credit standards. We are required to take advanced education and training as well as yearly continuing education and testing. We are also bonded. Unbelievably, NONE of these are required for bank loan officers (working at federally or state chartered depository institutions).
Further more, we generally have many more loan options and products to choose from.
What is a Mortgage Broker?
A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. A mortgage broker is an independent contractor working with (on average) as many as 40 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, we provide the most efficient way to obtain financing tailored to your specific financial needs.
What Do Mortgage Brokers Do?
In the volatile home-lending market mortgage brokers serve as safeguards. We offer our clients security, safety, and peace of mind. One of the broker's most important functions is escorting your loan application through the entire process. As professional mortgage brokers we wade through the mountains of data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.
Brokers Handle the Details!
There are thousands of variables that can effect the outcome of your mortgage transaction. You need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, processors, attorneys, and any other services which may effect 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