Mortgage Broker
A mortgage broker is a licensed individual who acts as an intermediary between a and a mortgage company. A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make loans, but receives payment, usually in the form of a commission, for facilitating the loan transaction between the borrower and the lender.
Mortgage brokers take applications from potential borrowers, complete all of the necessary paperwork and obtain any required documentation, shop the package around to various lenders, obtain quotes from lenders, and present them back to borrowers. They may also perform additional services such as arrange for appraisals, order title searches and inspections, and provide other legal services as required. These additional services may or may not be included in the broker's fee.
Services offered by a Mortgage Broker
A mortgage broker generally offers the following services:
- Quotes
- Explains mortgage program
- Provides a good faith estimate
- May send a newsletter
In states where licensing is required, a mortgage broker also must complete annual continuing education to maintain their license in good standing.
The Mortgage Planner Difference
Take a moment to compare an to a traditional or mortgage broker and you'll see there's a tremendous difference!
America's Lending Partners Mortgage Planners are mortgage experts who have taken their careers to a higher level through extensive training in home financing, real estate management and ethical business practices. They analyze a customers' personal situation and prepare a Mortgage Plan tailored to fit their individual needs. And best of all...there's absolutely no additional cost for this service!
about America's Lending Partners Mortgage Planning service.
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