MORTGAGE BROKERS ROLE
When selling by for sale by owner, refinancing or making a purchase it only makes sense that you understand what a mortgage broker will do for you. A Mortgage Consultant, Agent or Specialist are all basically the same thing. If your selling your property by For Sale By Owner or with a Real Estate Agent. The Mortgage process will come up, for your next purchase or that of the perspective buyers of your property.
A Mortgage Broker usually owns the company or franchise while the above work under the Mortgage Brokers license. Mortgage Agents have access to the same Mortgage products as his/her broker.
When you go to a traditional bank you are limited by the Mortgage products that the bank offers. If you do not meet the lending criteria of that particular bank you will have to look elsewhere. What most consumers do not realize is that every time they go to a different bank, a credit check happens. The result is that each time a credit check happens your fico or beacon score goes lower. This may affect the rate you could get or stop you from being able to get qualified for a mortgage at all.
A Mortgage Specialist checks your fico or beacon score one time and can have access to 40 or more lenders and their products. Traditional banks are limited to only their own products.
A Mortgage Consultant takes the intimidation out of the mortgage process. They will negotiate aggressively with lenders on your behalf. That is what they do every day. If your selling by for sale by owner you could also have a Mortgage Broker pre-qualify perspective buyers.
They simplify the entire Mortgage process; negotiate the best possible products and lowest rates on your behalf. They do the paperwork and provide you with the peace-of-mind that you are getting the best solution possible. You will be given an explanation of the entire process and have all of your questions from beginning to end answered. It is very common to have a Mortgage Agent show up at your house for a 9:00 p.m. appointment for your convenience (try to get a banker to come to your house). They will provide maximum flexibility in financing choices and counsel you on credit and Mortgage qualifications.
A Mortgage Specialist gets paid a finders fee from the lender that the Mortgage was arranged with. Sometimes there is a brokerage fee which is paid by the borrower, depending on the circumstances. More often than not the lender pays a finders fee and there is no brokerage fee.
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