Mortgage Brokers: the Full Advantage Over Bankers
Mortgage Brokers, unlike Bankers, act as intermediaries between the borrower and the lender.Whereas a Banker is confined to a few limited mortgage loan products, the
Mortgage Broker usually has a wide spectrum of products that will fit most any needs. A typical Mortgage Broker has 20 to 50 times the number of loan products, plus the old standard programs any bank could showcase. The Mortgage Broker often works with the wholesale parents of a few banks that are eager to expand their business beyond their individual branches, as well as many other loan institutions across
the country. Sometimes, Mortgage Brokers have arrangements with private lenders, insurance companies, and even retirement fund trustees that like the security that home mortgages provide. They offer products that often meet the needs of those with less than perfect credit. The additional products that Mortgage Brokers provide often have much more liberal underwriting qualifications. They allow for greater flexibility to fit the needs of their clients. Most Mortgage Brokers can offer programs that provide:
Cash out up to 100% of the Value of the property
Debt Ratios at 40% or more
Refinancing without a long history of repayments on Original Mortgage
Less than Perfect Credit
Credit for those with late payments, liens, and even recent Bankruptcies
Self Employed, Part Time Employed, permitted
Many other possibilities banks refuse to underwrite
Most Mortgage Brokers are very knowledgeable about the industry as a whole and have placed many loans with institutions with great service and reliability. Since Mortgage Brokers represent the client not the lender they are better on service. To them you are a person, not a number. They are not paid, until they close your loan. They are financially inclined to find you a loan that meets your needs, and knowledgeable to overcome obstacles in your path. Bankers are paid to find reasons to reject a loan. Mortgage brokers are paid to get you a mortgage. Not all problems are curable, but most Mortgage Brokers are more proficient to solve those snags and land you a loan. They often have good working relationships with underwriters, appraisers, title companies, attorneys and other professionals needed to make your loan a pleasant experience, not a root canal. Some Mortgage Brokers even make house calls, so you may not even have to leave your home.
Remember they work for the client, not the bank.
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