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