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Home > Financial Services > Mortgage Brokers > The Mortgage Man

The Mortgage Man

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.

They are totally honest. This means they tell it like it is. They’re not shy of being straight and down to earth. There’s no misleading talk and there are definitely no hidden costs. What you see is what you get. They are here to get the best deal for you, so try them out and you will be pleasantly surprised. The banks normally offer the following type of home loans. One of their consultants will help you choose the one that best suites your needs and they will help you try and keep the paperwork to the minimum. This is the most popular one. The interest rate is linked to the base home loan rate, which moves up and down fortunately more down recently. So if the base rate goes up, so does your rate.

The interest is fixed for a specific period, normally around one or two years. The fixed home loan interest rate is just about always higher than the base home rate. The fixed rate protects you from increasing rates and gives you the peace of mind in knowing exactly what your payment will be. The down side you will not benefit from any decreases in the interest rate. Very seldom available and if available the qualifying criteria are very generous. With this one you benefit from decreases and have a maximum rate built in.

The interest is guaranteed to decrease by a small amount every six months for an agreed period. This gradual reduction applies regardless of whether the home loan interest rate rises or falls.

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