Tuesday, January 2, 2018

What Is a Mortgage Broker?

Click Here! The best place to start a discussion about becoming a successful mortgage broker is with a definition. A mortgage broker is a financial professional who acts as an agent between borrowers looking for mortgages and the institutions that offer them. The term mortgage broker is used to refer to both the individual broker and the brokerage firm. It is the job of the mortgage broker to find a lender that offers a program that best suits the needs of the borrower. A mortgage broker works with a number of lenders, with the range being as low as 10 or as high as 100, depending on the mortgage broker. The large number of lenders allows the broker to find more loans than a borrower ever could on his own.  http://56160fpkf3-m9sf0vosoviwo4u.hop.clickbank.net/ The mortgage broker contracts with the borrower and takes the application. The mortgage broker then presents the loan to several lenders with programs that fit the borrower's needs. The borrower could do this without a mortgage broker, but it is time consuming, and the broker has access to better rates than those offered directly to home buyers. The mortgage broker offers another valuable benefit to the borrower. He makes a recommendation on the best loan option, based on his expertise and the borrower's financial situation. Comparing rates, terms, points, and conditions are difficult without knowledge and experience. This is what the mortgage broker offers to the borrower. According to the National Association of Realtors, 65 percent of borrowers use a mortgage broker to secure a home loan. As consumers realize the benefits of using a broker, the demand will continue to increase. This is good news for professional mortgage brokers and those entering the field. The bulk of the mortgage broker's day is spent on two main tasks: finding clients and finding loans for existing clients. New brokers are often surprised at the amount of time that needs to be devoted to finding borrowers. The job of finding new clients is important and not just in the beginning of your career. New business is needed on a continual basis to earn commission, which is how brokers are paid. Click on link below for more Real Estate related topics... www.fullcirclehousing.com