Mortgage Brokers by:Dan Lewis
When applying for a home loan, it can be difficult to ascertain your options and the best deal out there
. Mortgage brokers can help you shop for the best loan for your situation.Mortgage Brokers
A mortgage broker is an independent professional assisting homebuyers with their mortgage needs. Instead of a loan officer for a bank, a mortgage broker typically works with tens or even hundreds of lenders. This independence lets mortgage brokers hunt for loans that fit the credit history and particular lending needs of a person.
Let's assume you have less than stellar credit when you apply for a loan at ABC Lender. The lender pulls your credit report and determines you don't qualify for any of the loans offered by the lender. The lender is going to drop you like a rock and move onto the next potential borrower.
Now, let's make the same assumption regarding your credit score, but put a mortgage broker in the place of a lender. The mortgage broker is going to look at your credit score, income and overall borrowing circumstance. The broker is then going to give you options and a recommendation regarding the best loan for you. Instead of hoping to get financing, you are now in a situation where you are evaluating the best financing options.
Mortgage brokers can help anyone, but are particularly valuable in two circumstances. The two circumstances are bad credit and document overload.
If you have bad credit, even horrible credit, a mortgage broker is going to be able to hunt down loan options. Many people make the mistake of believing bad credit precludes them from getting a loan. It doesn't. The loan terms may require more points or a higher interest rate, but bad credit doesn't preclude home ownership.
For some borrowers, the monstrous amount of paperwork required in the loan process can be overwhelming. When you use a mortgage broker, the documentation is all taken over by the broker and his staff. In fact, mortgage brokers have people known as processors on their staff who do nothing but compile, organize and process all the documentation needed for loans. The do this everyday and are masters of the process.
The decision to use a mortgage broker is often a good one. A good broker is going to help you get the best loan while making the actual loan process a lot easier than going it alone.
About the author
Dan Lewis is with http://www.gwhomeloans.com - a San Diego mortgage brokers providing San Diego home loans. Visit http://www.gwhomeloans.com/services.html to learn more about options on San Diego mortgages from a San Diego mortgage broker company. The Truth About Flipping Real Estate by:Bill Vaughn Coaching for Success by:Terence Traut How To Improve Your Sales Skills by:Sue and Chuck DeFiore Tips on finding a Payday Loan by:Peter Garant Managing Project Risks (Part 2): 10 Major Mistakes Your Team Can Avoid by:Adele Sommers Instant Loans - For The Needs That Cannot Wait Long For Approval by:Steve Clark Free Annual Credit Reports - Strategies to Avoid Imposter Websites by:Nora Hansell Decrease Daily Debt - Top 10 Ways by:Chris Huff The Six Rules of Effective Communication by:Barbara Stennes Day Trading Forex Market Behaviour by:Jay Moncliff Sales 101 by:Sue and Chuck DeFiore E-gold Investing: Make Money With Currency Trading by:Charles Cruz The Dangers Of Thinking Too Big And Too Broad by:Jason Tarasi