What Does A Mortgage Broker Does?

A mortgage broker is a person who brokers mortgage loans for individuals, companies, or other financial institutions. A mortgage broker’s services include locating a lender that offers the best loan rate, negotiating with a borrower to obtain the best loan terms, and presenting borrowers with the best loan options. A mortgage broker is licensed through the Office of the Comptroller of the Currency or the Better Business Bureau to ensure that brokers are following the laws and regulations that apply to them. These laws and regulations tend to be very strict and a broker who does not follow these guidelines can get in serious trouble with their clients. As a mortgage broker you will have a large mailing list consisting of various lenders and banks. These mailing lists are used to find the best deals for your clients. Mortgage Brokers-PLAN A Mortgage

A mortgage broker may also be able to help you find a mortgage through one of the many online lenders. Online lenders are very useful because they do not require you to meet with brokers; however, you will still need to use the broker’s resources and services. An example of a service, a broker may provide would include lending calculators. With a mortgage calculator you can estimate how much your monthly payment would be with different loan terms. The mortgage calculator will allow you to compare several different loans so you can make an informed decision before applying for a loan.

If you decide to use an online lender to complete your application, there are a few things you should be aware of. Although most online lenders are very reputable, it is still a good idea to research the company. Make sure the site has a secure server and that the privacy policy clearly outlines the process of sending in your security code. Also be aware of loan programs and fees and the terms of repayment. Some lenders may offer a low initial fee but then charge a monthly fee to accommodate the fact that the borrowers repay their loan much more slowly than most people are used to.