"Hi, I'm James. I'm a mortgage broker. Hi James." When disclosing your profession, ever feel like you're in an AA meeting?
A segment of the mortgage broker community specialized in arranging sub-prime loans. And many of them have been accused of placing their clients in loans that they could not afford. For that reason, some mortgage brokers have been rightfully vilified.
But there are good mortgage brokers, and they have a place in the mortgage food chain.
In many cases, lenders offer their products direct to consumers. However, that does not necessarily offer you the best financing option.
Most lenders offer only their products and rates. That can be limiting. Mortgage brokers can offer you products and rates from a variety of lenders.
A good mortgage broker searches for the best loan for you, at the total best price.
Experienced mortgage brokers have unique knowledge of and access to loan programs from a wide variety of lenders.
Many lenders offer wholesale rates to their mortgage broker clients. The mortgage broker can pass those wholesale rates along to you.
Like mortgage brokers, lenders have costs associated with the loan application and processing of your loan. And like mortgage brokers, they charge for that service. As a result, their total fees are often the same, or greater, than the fees charged by the mortgage broker.
Mortgage brokers are in the business of providing a service to you. They should be paid accordingly for the service they provide. And they should clearly disclose the cost of their services.
Finding your loan through a mortgage broker can be a good way to find the best loan program and total price. Just as you would with any service provider, check out the mortgage broker's experience and hold them accountable for the fees they charge you.
A segment of the mortgage broker community specialized in arranging sub-prime loans. And many of them have been accused of placing their clients in loans that they could not afford. For that reason, some mortgage brokers have been rightfully vilified.
But there are good mortgage brokers, and they have a place in the mortgage food chain.
In many cases, lenders offer their products direct to consumers. However, that does not necessarily offer you the best financing option.
Most lenders offer only their products and rates. That can be limiting. Mortgage brokers can offer you products and rates from a variety of lenders.
A good mortgage broker searches for the best loan for you, at the total best price.
Experienced mortgage brokers have unique knowledge of and access to loan programs from a wide variety of lenders.
Many lenders offer wholesale rates to their mortgage broker clients. The mortgage broker can pass those wholesale rates along to you.
Like mortgage brokers, lenders have costs associated with the loan application and processing of your loan. And like mortgage brokers, they charge for that service. As a result, their total fees are often the same, or greater, than the fees charged by the mortgage broker.
Mortgage brokers are in the business of providing a service to you. They should be paid accordingly for the service they provide. And they should clearly disclose the cost of their services.
Finding your loan through a mortgage broker can be a good way to find the best loan program and total price. Just as you would with any service provider, check out the mortgage broker's experience and hold them accountable for the fees they charge you.
0 comments:
Post a Comment