| It's a fact that all mortgages do not | | | | trying to locate a solution that works |
| suit all people. It's also a fact that | | | | for you. They take the time to weigh |
| all mortgage brokers are not the same. | | | | current rates and terms against your |
| As the recent spike in foreclosures and | | | | budget and financial situation. Not |
| crushing no doc loans have shown us, | | | | limited by the rules of one particular |
| some brokers are clearly more interested | | | | financial institution, their job is to |
| in personal gain than in meeting | | | | find you the best deal - whether it |
| borrowers' needs. But if you're looking | | | | comes from a bank down the street or |
| for a home in the competitive financial | | | | from across the country. |
| market we have now, a mortgage broker | | | | Translator: The world of real estate |
| may be exactly what you need to get the | | | | financing presents a whole new world of |
| best deal There are a myriad of loan | | | | language that most people have to learn |
| types out there and as many different | | | | from scratch. A good broker is an |
| financial situations as there are | | | | industry expert who not only understands |
| individuals. A broker can help make | | | | these terms but will also take the time |
| sense of your options and help you sort | | | | to explain them to you, answer your |
| through financial products in order to | | | | questions and detail how different |
| choose the mortgage that fits. So what | | | | aspects of a loan relate to your |
| should you look for in a good broker? | | | | particular financial situation. |
| Like any partner in a major business | | | | Advocate: Working with an expert has |
| transaction, you should look for someone | | | | other advantages. In addition to finding |
| you can establish a good working | | | | a financing solution that you like, your |
| relationship with. Try to get referrals | | | | broker will negotiate the deal, provide |
| from people you trust, word of mouth is | | | | you with industry information and take |
| often the most reliable advertising | | | | care of the paperwork. They will assess |
| there is. Meet with them and see if you | | | | your financial situation, gather |
| have good communication with them. Ask | | | | necessary documents, apply for |
| upfront if they make client needs a | | | | pre-approval, make the application and |
| prority. Is this someone you trust? Keep | | | | submit everything on your behalf. |
| looking until you find a solid | | | | Though mortgage brokers don't work for |
| connection. | | | | free, they don't necessarily cost you |
| You'll also want to know what the broker | | | | anything either and a good one will save |
| will do for you. Essentially, a good | | | | you money. Many brokers are paid a |
| mortgage broker is part expert shopper, | | | | finder's fee by lenders for bringing |
| part translator and part advocate. | | | | your business to them. If you aren't |
| Here's how: | | | | sure how your broker gets paid though - |
| Expert Shopper: Two mortgages with the | | | | just ask. The Real Estate Procedures Act |
| same rate are not necessarily the same. | | | | gives you the right to know. You also |
| A good mortgage broker will research the | | | | have the right to know the amount of the |
| sea of financial products on the market | | | | Yield Spread Premium, if there is one. |