Friday, August 13, 2010

Sources for Obtaining a Mortgage

Mortgage Brokers: Mortgage brokers have increased market share and now are the single largest source for mortgage loans. A mortgage broker obtains financing through the wholesale department of a lender.
Because mortgage brokers can represent many different lenders they often have the most choice in loan programs. It normally does not cost you more to use a broker. This is because lenders offer wholesale prices to brokers. Mortgage Brokers then mark up the price and quote retail prices.
Because mortgage brokers have a wide range of programs they can often find the best program to fit your needs. Many mortgage brokers are small entrepreneurial firms that are flexible and willing to work with your demands and schedules.
The key is finding a GOOD mortgage broker. There is little consistency between mortgage broker firms. The difference in rates, programs and service between mortgage brokers can be dramatic. The best way to locate and identify a GOOD mortgage broker is:
  1. Ask if they are a member of NAMB (National Assoc. of Mortgage Brokers).
  2. Ask for references. Check with the Better Business Bureau or your local chamber of commerce.
  3. Ask your friends if have done business with mortgage brokers they are happy with.
  4. Find out which mortgage brokers publish or advertise their rates daily. This way you can monitor their rates.
  5. Use mortgage brokers on the Internet!! Support electronic commerce and do business with companies on the 'Net. Let's build that highway together!


Post a Comment