home loan brokers,Mortgage brokers, mortgage lenders,lender,mortgageMortgage brokers can provide current information about the deals being offered by different lenders. A mortgage broker can help applicants to understand and compare the different home mortgage options that are open to them. Mortgage loan applicants may not be able to get better deals by approaching lenders directly.
Bear in mind that a broker is not obliged to help you to find the best deals, unless he/she signs up to act as your agent. Due to rising loan defaults, many people feel that it should be obligatory for residential mortgage brokers to represent the interests of their clients, like lawyers and real estate agents.
Mortgage loan brokers have been accused of contributing to the increase in defaults by charging high fees and providing risky loans to people who don’t have the capacity to repay them.
Mortgages brokers contest these claims by saying that they only sell the loan products of home mortgage lenders and stick to their guidelines while processing applications. They say that the final decision about approving a loan is made by the lender.
Independent mortgage brokers claim that in the past, lenders pushed them to originate more mortgage loans for people with low credit scores, because they were more profitable for them.
If you are planning to buy a home, do as much online research as you can and use an online mortgage calculator to assess your options. Talk to several lenders and brokers to find out about the best deals. Talk to the loan officer at your bank to find out about the deals being offered to existing customers.
Obtain mortgage quotes in writing from several home loan brokers and lenders and take time to check their credentials and reputation. Ask for references and call them up to find out about their experiences with the service providers. Read the fine print carefully before you sign up, and remember that if anything seems to be too good to be true, it probably is.
Mortgage rates and fees may be negotiable, so ask brokers and lenders if they will provide better offers than those given to you by others. Mortgage lenders and brokers are known to approve loans with different rates and terms to applicants with the same qualifications.
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