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Definition of Mortgage Broker from Mortgage Glossary

Mortgage Broker An individual in the business of assisting in arranging funding or negotiating contracts for a client buy who does not loan the money himself. Brokers usually charge a fee or receive a commission for their services. The traditional ways of getting a mortgage or refinancing, was to go to a local hometown bank, sit down with your branch manager, and set up an appointment with their mortgage specialist. However, time, the internet, and Alan Greenspan have changed all of that. Some times it’s just not that easy to go apply at your bank, your needs may be just a little bit different, and you may need some extra special attention. Your credit may be bad. You may be looking to buy an investment property with the equity in your current residence. You may have had a bankruptcy in the past, the bank may be foreclosing on your property and you need a lender to buy you out. You may want an interest only loan, or a five-year ARM. The list goes on and on. All of the scenarios mentioned in the above paragraph would not be considered by a traditional bank. They primarily deal with perfect credit only, and cut and dry mortgages of the vanilla variety. This is where a broker comes into play. A broker’s job is to evaluate your situation, and then find the best possible program to fit you into. Most brokers have a list of approximately two hundred and fifty or more lenders to choose from. These lenders specialize in lending money to people in unique situations. It is the job of the broker to shop these lenders to find the best rate and program to help you achieve your goals, regardless of your situation. One of the drawbacks of using a broker, is that you will most likely end up with a higher interest rate. This is a fact, but if it can save you money, get you out of a current situation, or put you into a situation you want to be in, at a price you can afford, than it is well worth it. Mortgage Closing Costs Choose Your Lender Wisely Mortgage Lenders, Mortgage Brokers, Loan Officers				You'll be re-directed to Loan Savings Solution Web Site
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