A mortgage broker represents companies that invest in mortgage loans. So the mortgage broker arranges for you to get the financing you need to buy your house, and then checks to see which end lender is interested in buying the paper on that loan. You could go to a mortgage broker in your city and end up with a loan from one of your big banks in town. When you use a mortgage broker, you get your money, and the investor gets an investment. The broker gets a fee for providing the loan. Learn more here about what mortgage brokers do and how to choose the right mortgage broker.
Do mortgage brokers have a fiduciary responsibility to their clients? Mortgage brokers are paid to represent the best interest of their client. Mortgage brokers have a duty to take care of their client and help them in the biggest debt of their lives, the acquisition of a new house. Watch this Expert Real Estate Tips segment for more information on a mortgage broker's fiduciary responsibility to their clients.
What is the difference between a mortgage broker and a mortgage lender in real estate? Do mortgage brokers have an advantage over mortgage bankers with loan sources? Do mortgage brokers and mortgage bankers have the same access to funds? Watch this Expert Real Estate Tips segment for information on mortgage brokers and mortgage bankers.
How do you shop for mortgage brokers? Finding a mortgage broker is not just about an interest rate quote. Find a mortgage broker you can trust who will work with you one on one. Watch this Expert Real Estate Tips segment for more information on shopping for great mortgage brokers.
Has your mortgage broker added mysterious fees and services to your closing costs? They could be mortgage broker junk fees. Learn how to protect yourself from inappropriate closing costs in this Expert Real Estate Tips segment on mortgage broker junk fees.
What are mortgage brokers paid and how is payment calculated? What is a good faith estimate and how can you tell junk fees from legitimate costs? Watch this Expert Real Estate Tips segment for more information about mortgage brokers fees and how mortgage brokers are paid.
Learn about mortgage basics including two common types of mortgage loans and what it takes to qualify. Your credit score will have an impact on what kind of mortgage loan you can get. Being informed about your credit score and your options will help you get the right mortgage for you.
Not sure whether to get a mortgage loan through a mortgage broker? Learn what mortgage brokers and mortgage bankers do and how they get paid. How can you find a good mortgage broker?
When shopping for a home loan, is it better to go through a mortgage broker or a bank? When you get a loan through a mortgage broker, he's compensated with fees often paid by the lender. Mortgage brokers represent "end" lenders, the companies that invest in mortgage loans.
When it comes time to buy a house, the biggest purchase that you will ever make, you need to make sure you have the right mortgage for your needs. It might not be the cheapest, but it might work if the interest rate, fees, and timeline are correct for your budget. The loan you choose needs to work for your personal finance situation not only on the day you close, or for the first year, but for the entire time you plan to live in the property and keep that loan.
There's a wide world of difference between different types of lenders. Knowing how mortgage brokers, mortgage bankers, and other types of lenders operate can help you make a smart move with your money.