What is a mortgage broker? A mortgage broker is a person who acts as an independent intermediary that brokers mortgage loans for other people or companies. These mortgage brokers have a range of responsibilities that they must fulfill and you would want to be sure that the broker you are considering is fully qualified for the job. Here are some of the responsibilities of a mortgage broker and what you can expect from a mortgage broker in your local area. The main responsibility of the mortgage brokers is to get you pre-approved for your loan. When a mortgage broker gets pre-approved for your loan, they do this by working with lenders and presenting them with your information and documentation. In many cases you can get a quicker loan approval than if you go through an agent or broker directly. This means that if you need a quick loan approval you may want to consider using a mortgage broker. Many mortgage brokers like Hunter Galloway are independent and do not work for one particular lender or another. Therefore, you can expect them to provide all of your mortgage rate offers to all different lenders that you apply to so that you can compare the different lenders. If the broker receives a high level of referrals, then this means that they have built a good reputation with different lenders and getting you pre-approved for a good mortgage rate is very easy for them. Mortgage brokers who work for a number of lenders will also receive information from all of these lenders and compile this into their loan offers. All of this mortgage rate information is then presented to you to help you make the best decision possible on where you will purchase your new home. It is important to remember that the mortgage broker works for you and not for a specific lender. This means that if you need to make a change to your mortgage terms or other things related to your home purchase, a broker is not obligated to make these changes or any additional requirements. This also means that a broker cannot force you into anything that you may not agree with and a mortgage broker can not force you into a mortgage that you may not be able to afford. The job of a mortgage broker is simply to provide you with the information you need to make an informed and educated home purchase decision. An interesting fact about a mortgage broker is that he/she is not required to have a license in the state that they work in. This is why most brokers are considered "intermediate" or "non-licensed" brokers. What this means is that a broker does not need to have a license to work in the state that he/she works in, so if you have questions or concerns about the broker's job or business practices, you can call the office of the secretary of state in your state to obtain the necessary information to file a complaint. You can also find information about the real estate agent in your area through the law enforcement, consumer affairs division of the department of financial services in your state. In conclusion, mortgage brokers are in the business of lending money and make money by securing mortgages for customers. It is their job to look out for the best interests of their customers, but their goal is not to make a profit themselves. Whether or not you feel that a broker is right for you depends on your situation, your goals, your credit union and your lender. Talk with other homeowners to see what they would suggest. Visit https://www.dictionary.com/browse/mortgage to get the definition of mortgage.
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