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WHAT IS THE ADVANTAGE OF USING A BROKER FOR MY HOME LOAN?
Mortgage brokers specialize in finding lenders and originating loans. They're paid on commission to match homeowners, who need to borrow, with lenders, who want to loan. Some mortgage brokers handle loan processing and take loan applications, obtain credit reports, and order the title reports and appraisals.
However, mortgage brokers do not underwrite the loan - they sell the loan to an investor. Essentially, mortgage brokers arrange funding for buyers by connecting them with sellers, and because they work with multiple lenders as opposed to being an employee of one lender, they can usually find very competitive rates.
What is a Loan that Originated in a Portfolio?
What is the "Secondary Market"?
What Kind of Documents are Required for a Loan?
What is a Credit Check and Who Performs Them?
What Does a Lender Have to Disclose to You by Law?
What is PITI?
Why Do I Need Private Mortgage Insurance (PMI)?
Where Do I Get Private Mortgage Insurance (PMI)?
What is an Interest-Only Loan?
What are the Limits on FHA Loans?
What Is Seller Financing?
What are the Primary Institutions of Money and Mortgages?
What is the Advantage of Using a Broker for my Home Loan?
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