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Understanding What A Mortgage Broker Does

Luminate Marketing Team • September 3, 2021

Find yourself wondering what a mortgage broker is? A mortgage broker acts as an intermediary between the borrower and the lender and controls transactions between the two. They take care of finding the best mortgages and interest rates by using their personal network of financial institutions and lenders. 

 

Handing off house keys

Working with a mortgage broker is perfect for someone who does not want to deal with extra work and headache and is especially great for first time home buyers that need a bit more guidance and support. 

 

Why would you want to use a mortgage broker

If you are in the market for a new home and want to find home loans that aren’t readily advertised to you, then you should work with a mortgage broker. A mortgage broker can save you a lot of time getting preapproved for different loans, especially if you do not have amazing credit. They make the process stress free and manage it from start to finish and can have access to loans that could be beneficial to you. 

 

Make sure you do your do-diligence when looking for a broker and read through all of the information they give you. Ask your friends, family or even real estate agents if they have someone they would recommend.

 

A few quick facts to get you better acquainted with what a mortgage broker does and does not do:

 

How much do you pay a mortgage broker?

According to Forbers Advisor, mortgage brokers can be paid multiple ways, depending on who is the one paying.

 

I found a mortgage broker, now what?

 

Once you find a loan that works best for you, your mortgage broker continues to participate in the home buying process. They will work with the bank’s underwriters, the closing agent and your real estate agent to make sure everything goes as planned. 

 

With all that Covid-19 is doing to the housing market currently, it may be a better time than ever to work with a mortgage broker to get things done smoothly, quickly and right the first time. 

 

Questions to ask your mortgage broker:

Whether you are a first time home buyer or purchasing a multi-million dollar home, you have found the right person. Ken Venick has over 30 years of experience in the mortgage loan business and can put you or your client in the right mortgage loan product for their unique needs. Contact us today!

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