Mortgage brokers don’t work for a specific institution.Instead, they develop relationships with many institutions and then try to find the best loan for your needs. A broker doesn’t lend you money; they find someone who will. A broker will have you fill out an application to get an idea of your financial situation, and they’ll pull your credit as part of the application process.
The broker will take your credit score and financial information and look at different lenders and loan options to find the best one for you. Mortgage brokers can be better for people with low credit scores, because the broker can you help find a lender who’s willing to work with clients with lower scores. Brokers will usually work with you and the lender throughout the loan process, and the broker is usually paid a percentage of the mortgage amount by the lender.
A broker’s job is to find you the best mortgage rate, term and cost for your specific situation, and since you don’t usually have to pay them (at least directly), they can be a good option. Remember, though, your broker is going to find you the best option from the lenders he or she has a relationship with – a broker isn’t looking at options from every major lender. Although they’re doing a lot of the work for you and have a lot of knowledge and experience that you might not have, they could be limiting your options.
If you want to work with a broker, try to find someone a friend or family member has worked with so you have some kind of a reference. Your real estate broker can recommend mortgage brokers also. When you find a broker, ask about his or her experience level, relationships with lenders, and any licenses and training he or she might have.Trulia.com recommendsonly working with someone who has a least five years of experience.
Find out how much home you can afford BEFORE you start looking! I recommend Gail Sproul with American Equity Mortgage. Gail is a twenty year veteran of the mortgage business. She can provide you with the guidance, skill and professionalism it takes to have a smooth buying experience!
Atlantic Shores Realty is ready to assist you with all your real estate needs. Our website has information whether you are selling a home on the Treasure Coast or Palm Beaches or buying a home on the Treasure Coast or Palm Beaches.
"I never got to thank you for all your help in purchasing... It is a beautiful home and with some TLC, it will be even more beautiful.
I have to add how invaluable David (Colson) has been throughout the process and continues to add his assistance. After ending my relationship with 2 other agents prior to hiring David, I hit pay dirt with him. You are very fortunate to have him working with you. I will strongly recommend any of my friends and family to utilize David (Colson) if they are interested in buying a home in the area.
Thanks again for all your assistance.