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Home > Financial Services > Mortgage Brokers > MegAmerica Mortgage Group
MegAmerica Mortgage Group
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.
The firm assists you through six basic steps in procuring a loan for buying a house or renovation of your home. The six steps are; Getting your documents organized, convincing the loan company that you qualify for the loan, explains the best loan plans from various companies available within your budget, applies for the loan, obtains approval for the loan, and assists in closing the loan.
The firm operates as a full service mortgage broker and correspondent lender. The firm was founded in 1994 by Ron Wakefield as a vehicle for mortgage brokers and loan officers to increase their profits by going into business for themselves, yet still having the benefits of a larger company. Their reputation and excellent service allows them to pass on to their affiliates, the special pricing and variety of products available with their list of approved lender relationships. They offer small businesses the look and feel of big companies almost overnight by the ability to offer a broader array of services and capabilities.
Principle mission of the firm is to take the institution out of lending institutions. They accomplish this by eliminating the sluggish bureaucracies, frustrating bottlenecks and needless overhead of traditional mortgage lending institutions. They pass these savings on to their network of brokers, along with the most competitive rates and personalized service in the marketplace. They never put you in loans that don't make sense. If refinancing a loan will cost you more than it will save you, or if it does not make financial sense, they won't do it.
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