1. A mortgage broker is a licensed financial professional
Emphasis on “licensed.” That means you can not just work with someone who says he is a mortgage broker, Anaheim, CA. Check the license or certification to ensure that he is indeed licensed to offer their service. Note that a mortgage broker plays an essential role in your goal as a home buyer as he acts as a middleman between you and prospective lenders. He does most of the legwork – gathering documents, pulling your credit history, verifying income, and applying for loans on your behalf. Therefore, work with a legitimate and highly qualified one.
2. A Mortgage Broker is either lender-paid or borrower-paid (but never both)
Usually, a mortgage broker gets lender-paid compensation, but sometimes, borrowers-paid compensation – but never both. He gets between 0.50% and 2.75% of the loan amount. If you choose to pay the broker yourself, ask about what’s their lender-paid compensation rate; what’s their borrower-paid compensation rate. The rate could be the same, but then again, exercise due diligence, and make sure you shop around to pick from several options.
3. A mortgage broker is different from a loan officer
A mortgage broker, Anaheim, CA, works for independent entities (mortgage brokerage firms), deals with a list of lenders, and (again) earns from lender-paid-fees. On the other hand, a loan officer is employed by lenders to work for them. Lenders pay a set salary, plus bonuses for writing loans for that lender who hires him.
4. A mortgage broker can be an instrument in getting a great mortgage deal
A highly-qualified mortgage broker has access to an array of lender options. They send out the loan applications on your behalf, shop around for the best possible mortgage deal available in the market. They save time, and they make the process of loan application more efficient for you.
Online looking for a reputable mortgage broker, Anaheim, CA? Contact HomePlus Mortgage today.
Call us at 800-810-PLUS (7587)
