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.
A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also 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, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.
In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker’s most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.
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