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Home > Financial Services > Mortgage Brokers > First Integrity Home Loans
First Integrity Home Loans
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
First Integrity Home Loans is a Statewide Licensed Mortgage Broker Business dedicated to providing you the lowest mortgage rates combined with the highest possible standard of service. With over 20 lending institutions, they can provide you with the greatest selection of loan options available. They offer refinance, debt consolidation, home equity loans, purchase and many other loan products.
As brokers they can put loans together at wholesale rather than retail rates. This along with their low overhead means mortgage rates lower than many banks with more personal service. Additionally, a good broker understands current technology used by many mortgage lenders to determine your credit score and make lending decisions. If you have challenged credit or other issues, working with a broker can help you navigate these factors and qualify for a home or debt consolidation loan.
Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan.
Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.
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