Welcome to Mortgage Guide
Washington Mortgage Article
. For a permanent link or to bookmark this article for further reading, click here.
Loan & Credit Facts
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.
Washington Mortgage Specific links
Washington Mortgage News
Supreme Court says families cannot sue mortgage company over loan discount fee - Washington Post
 KLEW | Supreme Court says families cannot sue mortgage company over loan discount fee Washington Post WASHINGTON — The Supreme Court ruled unanimously Thursday that three families cannot sue a mortgage company for allegedly charging them a loan discount fee without giving them a lower interest rate. The high court's decision tosses out lawsuits filed ... Court: Families cannot sue over loan discount fee |
Average US rate on 30-year mortgage dips to record low of 3.78 percent; 15 ... - Washington Post
Average US rate on 30-year mortgage dips to record low of 3.78 percent; 15 ... Washington Post WASHINGTON — The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Mortgage buyer Freddie Mac says the rates on the 30-year loan dipped to ... |
Mortgage Q&A: Borrowers hit by mess others made - Washington Times
 Washington Times | Mortgage Q&A: Borrowers hit by mess others made Washington Times By Henry Savage SPECIAL TO THE WASHINGTON TIMES The very real credit crunch continues. The political pundits keep preaching the sermon of the common-sense lending that's needed to get credit flowing again in hopes of jump-starting the housing market ... |
Washington mortgage delinquencies up, foreclosures down - Seattle Post Intelligencer
 Bloomberg | Washington mortgage delinquencies up, foreclosures down Seattle Post Intelligencer Photo: Don Ryan / AP Washington mortgage delinquencies were up in the first quarter, but foreclosures fell, according to a new report. The Mortgage Bankers Association reported that 7.21 percent of Washington mortgages were at least 30 days past due at ... Mortgage Delinquencies in U.S. Fall to Lowest Since 2008 Mortgage delinquencies at lowest level in five years |
Add a personal message:(80 character limit) - Boston.com
 Boston Globe | Add a personal message:(80 character limit) Boston.com WASHINGTON — Americans bought more new homes last month, the latest evidence that the US housing market could be starting to recover. New-home sales increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343000, the Commerce ... US sales of new homes rose 3.3 percent in April Housing market recovery gains traction |