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Mortgage Brokers

 

A guide to learning the role of a mortgage broker

 

Shopping for a home mortgage can be overwhelming at times. You may have been told you should work with a mortgage broker to help get the best deal. First it is important to understand what a mortgage broker is. Mortgage brokers are not direct lenders, meaning when you close on a loan with a broker it is not their money you are closing with. The role of a broker is to work with a group of wholesale lenders and banks to try and find a loan that meets your goals. Most brokers have access to hundreds of lenders and have the ability to shop your loan with numerous institutions to try and find you the most favorable terms. You can save money with a broker, but their is no guarantee they will find you a better loan than a bank or direct lender. Like any financial service, your results will depend on your specific situation and the integrity of the lender you are working with. If you are exploring a mortgage loan then you should compare mortgage companies, including mortgage brokers, banks and direct lenders comparing  mortgage quotes will help make sure you get the best possible loan.

11-16-2007 ? LoanNetwork.com

 

 

 

 

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