Hi Judy,

The other posters are correct a mortgage broker is a facilitator. The broker does not actually make the loan but they, on your behalf, contact several banks to try to get you the best mortgage terms and rates available for a purchaser with your credit score and your financial situation. They save you the tine consuming step of calling several banks. I am a broker with Joyce Realty and we are also a full service real estate company. We have Joyce Financial --a Mortgage Broker as well. If you want to speak to one of our financial experts feel free to call me at 914-588-1873.

Good luck with your purchase.

Maureen McEnroe
Lic. RE Broker
Joyce Realty

I'll be happy to provide you with a few phone numbers. Please feel free to contact me on my cell @ 845-656-2527.

Judy,

For the sake of clarification, a mortgage broker is a person who originates loans. They know where the money is. It may come from banks, pension funds, private investors. They themselves do not have the money.

On the other hand, a mortgage banker can originate the loan but may also sell and service the loan In other words they can use their (the bank's) money or like mortgage brokers, can use other peoples money.

All thinks being equal, there is probably little difference between the two if you can obtain the same loan at the same rate with the same fees, it really doesn't matter if your loan is brokered or not. Just keep an eye on the origination fees (points) you are being charged when comparing loans.

Yes definitely you should and also see what your bank is offering. Call me I have a few mortgage brokers that I work with. Cell: 914-261-4652 Check out my website

The right mortgage broker could be the best thing you ever did. Banks require you to conform to their profiles. Mortgage brokers, on the other hand, may have agreements with 200 or more banks and they will shop the perfect fit.

It is important that you choose a mortgage broker with a good reputation; some of them are lenders as well.

Judy, I have some I personally recommend; if you are interested, contact me at Gail@GailGladstone.com for the information.

Judy, yes you will need to get pre-approved in order to begin your home buying in earnest. I am a Broker Associate, ABR in the Pearl River office of Better Homes and Gardens - Rand Realty. In addition to the full service we provide as a brokerage we also have our own Mortgage company, Rand Mortgage, which can be a great help in having the transaction run smoothly and swiftly. If I can be of further assistance, please don't hesitate to call me @ 845-323-3470.

Good Luck.

Getting that preapproval letter is indeed what you will need to begin the process of looking for a home with a realtor.

But, in my personal opinion, I prefer that my clients do not use mortgage brokers. I recommend to my clients to use a local bank, credit union or savings and loan.

Why?

In my particualr area, mortgage brokers are middle men. They represent several lending institutions not necessarily in your local town. I have seen very high fees charged by them. I have had documents get lost going to them and causing additional delays.

Using an established bank in the local area, I am able to meet directly with the loan officer handling that account should that be necessary. My buyers are able to also meet face to face with the loan officer, deliver documents to them directly, etc.

Local lenders are members of the community and take a personal interest in the success of the transaction.

How do you find a local lender in your area?

Who do you currently do your banking with? Ask them if they have a mortgage department and begin there. Ask your friends and family who have mortgages who they used.

Your realtor should also be able to provide you with a list, at least 3, of local lenders that you can interview. You should not only feel comfortable with your realtor but also your mortgage person as you will be working very closely with both of them throughout the process.

Good luck.

Hello Juday, As A Rockland County Agent for 9 years I think it would be wise to contact a Mortgage Broker. Most banks have very few programs to offer, although sometimes work effectively as well. If you need some phone numbers or contacts for a Broker or care to discuss please feel free to contact me ASAP. Thanks


Allan Erps
Licensed Real Estate Salesperson,ABR
Better Homes & Gardens/Rand Realty
95 South Middletown Road
Nanuet, New York 10954
Direct (845) 770-2141
Fax (845) 624-7137
Cell/Text (845) 304-3040
Email: allan.erps@randrealty.com
Website: allan.erps.randrealty.com

GREAT QUESTION:
Yes if you are going to purchase a home UNLESS paying by cash you will require a mortgage broker to structure your loan. It will require your credit scores, debt ratio, 2 years of employment history, and bank statements qualify, 3.5% downpayment or more based on all of the above.

No Realtor can work with till you are lender approved. Sales offers are submitted with letter of your ability purchase a home.

NOW is a great time purchase home. You receive annual tax benefits.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911