Mortgage Broker, Irvine, CA – Benefits, Duties, Fees

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Mortgage Broker, Irvine, CA – Benefits, Duties, Fees

We often hear the line saying, “a mortgage broker can make you broke.” But that isn’t true. While you pay for the fees associated with the services that a mortgage broker, Irvine, CA, provides, the benefits far outweigh the charges. Here are some of the reasons why:

Doing the legwork

A mortgage broker, Irving, CA, is a licensed and regulated professional, serving as an intermediary who connects borrowers to lenders to seek out the best fit relative to the borrower’s unique financial situations. The job can involve plenty paper works, including the review of your financial information and documentation – income, assets, employment records, credit reports.

Mortgage application assessment

Like in any other application that involves some serious amount of money, a mortgage broker makes a thorough evaluation of your documents. The goal is to ensure that you have the needed requirements and that these requirements are viable to secure a favorable mortgage loan deal. For instance, a broker helps determine an appropriate loan amount, loan-to-value ratio, your ideal loan type, and other pertinent information. They then submit the documents for the loan application to a lender for approval.

Being there in the entire application process

As a licensed professional, a mortgage broker uses his skills and arsenal of information to make your application a success. You can expect that your broker is there during the entire process – from the application through closing.

Mortgage broker vs. loan officer

Why is a mortgage broker different from a loan officer? A mortgage broker works as an independent entity, while the latter is usually associated with one institution. In other words, a loan officer can offer mortgage options only from the institution they work for – like banks and other lending institutions. A mortgage broker, on the other hand, connects borrowers to various lenders.

Mortgage broker costs

Two ways one can pay for a mortgage broker: (1) fees paid by borrowers or (2) commissions paid by lenders. The amount that a broker gets paid, in general, can be up to 2.7% of the total loan amount. Borrowers pay between 1% to 2% of the total loan amount.

Online looking for a reputable mortgage broker, Irvine, CA? Contact Homeplus Mortgage today at 800-810-7587.