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15 5 80 Mortgage Article
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Mortgage Lender: The Broker
from:Choosing a mortgage lender is a profoundly important decision that should not be taken lightly. The quest for the best interest rates and terms is one that is well worth the effort. Some consumers find that they find the best packages through a broker instead of directly with a lender.
The mortgage broker does not provide lending and underwriting services. However, this valuable establishment services as a liaison between the consumer and the mortgage lender. This connective relationship can have remarkably prolific results that may come as a surprise.
Many suggest that the best and cheapest way to do business is to cut out the middle man. However, this is not always the case when it comes to dealing with mortgages. The role of the mortgage broker is to find the best loans for its customers as well as the best clients for its counterpart lending agencies. The result is often the ideal loan for everyone involved.
Broker Benefits
Mortgage brokers are regulated. These organizations are designed to meet standards and they ensure compliance with finance and banking laws. The specific laws are contingent upon the jurisdiction of the homebuyer. It is important to find out if your state has laws designed to regulate brokers.
The broker serves to attract clients for the mortgage lender. This marketing service is one that is of great value to both the homebuyer and the lending institution. The liaison works to fit the right lender with the right client depending on several factors.
The borrower’s situation is of particular interest. The broker looks at the homebuyer’s credit history as well as his current income and employment status. These factors are merged with an assessment of the various lending institutions and their respective programs.
Once a program that suits the customer is determined the broker seeks pre-approval from the mortgage lender. This process is quite consuming and includes organizing the essential documents and proof of income and completing the application form.
The homebuyer is provided valuable information about the legal disclosures involved in the home loan process. The broker provides this service in order to help the borrower gain a full understanding about the home loan package and his responsibilities as a borrower.
The broker then submits all of the paperwork to the mortgage lender for processing. This step is all important and it requires great attention to detail. The liaison is a powerful resource that works to ensure that your loan application is up to specification and that the entire process runs smoothly for you and the mortgage lender.
15 5 80 Mortgage News
Mortgage Application Volume Up 7.5% Last Week
Mortgage Application Volume Up 7.5% Last Week
Read more...30-year mortgage rate matching record low of 3.87%
WASHINGTON (MarketWatch) - The average rate on the 30-year fixed-rate mortgage remained at 3.87% in the week ending Feb. 9, matching a record low set in the prior week, Freddie Mac said Thursday in its weekly report on mortgage rates. The 30-year mortgage data go back to 1971. A year ago, the 30-year rate was at 5.05%. To obtain the latest rate, payment of an average 0.8 point was required ...
Read more...Average 30-Year Fixed-Rate Mortgage Holds at All-Time Record Low
MCLEAN, Va., Feb. 9, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC.OB - News) today released the results of its Primary Mortgage Market Survey ® (PMMS ® ), showing most average mortgage rates inching higher on January's ...
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The average rate on the 30-year fixed mortgage stayed at a record low this week, providing some added incentive for those looking to buy a home or refinance.
Read more...Mortgage rates for the past 52 weeks, at a glance
The average rate on the 30-year fixed mortgage stayed at a record low this week, Freddie Mac said Thursday. That gives some added incentive for those looking to buy a home or refinance their mortgage.Here's ...
Read more...U.S. benchmark 30-year mortgage rate matches record low of 3.87%
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Read more...Anworth Announces Fourth Quarter 2011 Financial Results
Anworth Mortgage Asset Corporation reported today core earnings available to common stockholders of $26.9 million, or $0.20 per diluted share, for the fourth quarter ended December 31, 2011, consisting primarily of $28.4 million of net income less $1.5 million of dividends paid to our preferred stockholders.
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