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