|
|
 |
| |
|
Home > Financial Services > Mortgage Brokers > Independent Mortgage Brokers: What They Do!
Independent Mortgage Brokers: What They Do!
Mortgage Brokers are independent contractors. They provide different loan products from various lenders known as wholesalers. They help customers decide which loan matches their needs better. They are also in charge of processing the loan. Some of their activities involve gathering and verifying all the information needed to do the transaction: your appraisal, credit report, the verification of assets and employment.
Wholesalers establish a price to the broker; then, the broker can add a markup to offer that retail price to the consumer. This is especially important since brokers can take advantage of this to “adjust” their earnings. For example, they can charge some customers with higher markups in order to compensate what they lost with other clients. In that way, they can make a balance between earnings and looses. As their earnings are made up of the difference between the price they get from wholesalers and the one that their customers paid, they are more motivated by getting low prices from wholesalers and charging clients with higher prices.
You may be wondering why you should contract the services of mortgage brokers if you can go directly to the lender. Actually, it is more convenient to deal with brokers. Moreover, it is not as expensive as you may think. In fact, if you go directly to the lender, other employees will perform the same functions that brokers do. As brokers work with different wholesalers, they can provide you with better loan terms and wholesalers who specialize in certain types of loans or services that other lenders do not offer. For instance, some offer loans to applicants who have poor credit ratings and with minimum or no down payment at all. While doing this kind of deals, customers should consider having a little help from mortgage brokers to make sure they get the best deal.
Financial Services Companies
all are here at FinancialBrowsers.com Permission is granted to reproduce this article as long as the above resource paragraph is left intact with active links.
Back to Mortgage Brokers
|
|
|
|
|
|
|