How to Know When to Work With A Mortgage Broker | Artur Verbitsky

How to Know When to Work With A Mortgage Broker

by arturverbitsky | Feb 1, 2023 | Artur Verbitsky, Real Estate

Many people looking to buy a home often wonder if they should use a mortgage broker. Often, the answer is yes Most brokers agree that regardless of whether you’re buying or renancing, it’s always best to work with someone who can specialize in all areas of nancing.

More importantly, when it comes to mortgages, you need to understand the dierence between banks and brokers, how they oer dierent services, and their pros and cons.

Here’s what you need to know about using a mortgage broker: What

Is A Mortgage Broker?

A mortgage broker is a person who works with a client to assess their needs, shop for appropriate nancing and handle the application process. Mortgage brokers work independently or for mortgage brokerage rms, banks, or other nancial institutions They do not lend themselves but rather connect clients with lenders who will fund the loan.

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2/8/23, 2:27 PM How to Know When to Work With A Mortgage Broker | Artur Verbitsky | Real Estate

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A mortgage broker can help with :

1. Assessing the client’s nancial needs

2. Obtaining an appraisal of comparable homes and determining future earnings potential.

3 Identifying potential lenders and lenders’ requirements for lending

Why Would You Choose A Mortgage Broker Over A Lender?

A mortgage broker may be able to help a client in a couple of ways. They can oer the best nancing plan to their customer, as well as oer a complete range of mortgage products, such as adjustable-rate mortgages or 100% nancing

Many people don’t realize that dierent types of lenders have dierent lending criteria and their own particular rules and regulations regarding loans. This means you can’t just walk in and expect to get the loan you want. Just because a lender is willing to lend money doesn’t mean certain types of borrowers will qualify

How To Find A Mortgage Broker Get referrals

Contact people you know, and ask for recommendations. You could also get a recommendation from an agent or your real estate agent.

Find out how they get paid

Mortgage brokers work for a commission, usually paid by the lender. Make sure you nd out how much their commission is and how it compares to any fees you’ll pay your lender.

Ask who they work with

Mortgage brokers typically work only with a particular type of lender.

Ask about the process

Find out whether they’ll work directly with you or will pre-screen your application and submit it on your behalf

Check their license

In most states, you must be licensed or registered to be a mortgage broker.

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