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Home > Financial Services > Mortgage Brokers > FSBO Mortgage
FSBO Mortgage
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.
FSBO Mortgage 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.
All of their recommended mortgage professionals are seasoned in the FSBO transaction and can get both the buyer and seller through the transaction. They can help you receive assistance in taking care of such necessary things not normally handled by mortgage companies. Many have relationships with licensed professionals that will assist you with the legal contracts, etc. Many offer this at no additional charge. Their recommended mortgage companies are also helpful in making sure the contracts are receipted, title is opened in a timely manner, and coordinating inspections etc.
They seek out the nation’s best loan origination companies with the best loan products and rates and match them to you. Though most mortgage lenders and brokers have similar products at their disposal. The difference between home loan professionals is not always just in the mortgage loan programs they offer, but the method in which those programs are applied to you as an individual customer. Each buyer has a completely different scenario and should work with someone who is seasoned in helping those with similar needs. Having the right mortgage company for your exact needs can save you lots of money in closing cost and interest rate.
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