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Mortgage Lender: The Broker
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.
Home Equity Mortgage Specific links
Home Equity Mortgage News
Negative Equity More Widespread Than Previously Thought, Report Says - Wall Street Journal (blog)
 Los Angeles Times | Negative Equity More Widespread Than Previously Thought, Report Says Wall Street Journal (blog) Today, it rolls out its new negative equity report, which shows, among other things, that nearly 16 million US homeowners, or 31.4% of all homeowners with a mortgage, were under water in 2012. They owe $1.2 trillion more than the value of their homes. 44% of Cook County homes with a mortgage are underwater Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... More than 30% of mortgage borrowers still underwater |
Beware the home-equity loan - Gettysburg Times
Beware the home-equity loan Gettysburg Times One in five American homeowners is underwater, owing more on a mortgage than the home is worth. That led to mortgage defaults and record numbers of foreclosures. It began with credit cards. Once you start running a credit-card balance, a home-equity ... |
Freddie Mac: 30-year mortgage rate down a tick at 3.78% - Los Angeles Times
 KELOLAND TV | Freddie Mac: 30-year mortgage rate down a tick at 3.78% Los Angeles Times Sales of new homes were rising in a recent survey, with the low rates helping to make housing more affordable. But many homeowners are trapped in homes worth less than their mortgages, restraining home resales and holding back the recovery in the ... Mortgage rates hit 4th straight record low Bankrate: Mortgage Rates Hold at Record Lows |
Bankruptcy Judge Gives ResCap Approval To Stop Funding HELOCs - Fox Business
Bankruptcy Judge Gives ResCap Approval To Stop Funding HELOCs Fox Business ResCap, once one of the largest subprime mortgage lenders, will continue honoring draws on certain home-equity lines that are originated and held by Ally Bank, Ally's banking subsidiary, Wednesday's filing said. A spokeswoman for ResCap said the ... |
Bankruptcy Judge Gives ResCap Approval To Stop Funding HELOCs - Wall Street Journal
Bankruptcy Judge Gives ResCap Approval To Stop Funding HELOCs Wall Street Journal ResCap, once one of the largest subprime mortgage lenders, will continue honoring draws on certain home-equity lines that are originated and held by Ally Bank, Ally's banking subsidiary, Wednesday's filing said. A spokeswoman for ResCap said the ... |