What is a mortgage broker. how can he help me.?

Asked by Francisco, Thu Dec 25, 2008

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Fred Glick, Agent, Mountain View, CA
Fri Dec 26, 2008
The other answers are perfect. But, make sure you are using a qualified mortgage broker.

There is an organization called http://www.upfrontmortgagebrokers.org that you will find qualified brokers that you can be assured will treat you right and find you the best deals.

God luck!
0 votes
Joan Patters…, Agent, Rancho Cucamonga, CA
Thu Dec 25, 2008
Hi Francisco,

A mortgage broker actually finds you the best deal on a loan. He/she has several lenders that they work with and will put you in touch with the best program that you qualify for. Just as Kelli Yates stated, he will "shop/submit your loan to many, many different banks." Which for you means you will get the best deal out there instead of going to one bank in particular that will try to keep your loan there. He/she will get a cut from the bank that ends up giving you the loan, but who cares when he/she has gotten the best deal for you and saved you time and money!

Good luck,

Joan Patterson, B.A.., A.s.P., G.R.I., Realtor
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Dec 25, 2008
Mortgage broker is a person who represents the lender(S) qualifies you to purchase the home, works with real estate agent, lender, title company, appraiser to assure the property you located works within your financial "means", licensed by state, . Mortgage broker will request all your banking records, confirms debt ratio, employment history, credit scores, interviews you for short and long term goals, determines which loan program works best for you and your family.

Mortgage brokers is 1st person you start with for any real estate search. Once approved realtor then locates your home based on your specifications, lender approval amount
Web Reference:  http://www.lynn911.com
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Kelli Yates, Agent, Auburn, CA
Thu Dec 25, 2008
A mortgage broker can do the same thing as any bank can do for you...but can submit/shop your loan to many, many different banks; whereas a banker just tries to keep your loan 'inhouse'. Also remember that a 'bank' does not have to disclose all the fees being charged; whereas a mortgage broker HAS to show you all fee, including 'rebates' to them.
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