Mortgage broker is the other name of home loan expert. Home buying is a
major financial event for most of us. Consumers in general agree that
services of mortgage broker is very helpful. Question is what a good
broker means and what are the advantages of using a mortgage broker?

A good mortgage broker is

-certified and licensed.

-skilled and experienced.

-connected with bigger network of lenders.

-organized , serious and honest in dealing.

Duties

His duties are

-to investigate your financing options and shop for a loan product that fits your needs,

-to gather all needed documents for you,

-to walk you through the home loan mortgage process and legal disclosures,

-to investigate your credit report and make advice, processing the loan (This might also be performed by a Processor),

His Fees

Brokers get paid by the Lenders. They generally work on commission,
Once he is done with the loan process , he receives a percentage amount
from the Lender. Usually their services are free to borrowers. In some
cases, Some brokers charge client a fee directly. He must disclose any
such service fee during the initial contact with the client.

The advantages of using a mortgage broker

Broker vs bank

A mortgage broker provides superior customer service and possess better
quality and efficiency compared to the local bank branch
representatives. A bank would never tell you if another bank had better
home loan rate, but a broker will.

Broker vs lender

If you want you can always go directly to a lender, you must be
educated in the kinds of loans currently available. Different lenders
will have different mortgage home loan programs. This is why it is
important that you select a lender who does have the loan you need.

But going directly to lenders won’t give you any financial benefit.
Lenders offer lower prices to brokers because they perform essential and
important services for them that they would otherwise be forced to
provide for themselves.

Broker Vs Loan officer

A
mortgage broker works like a middleman between the buyer and the
lender, a loan officer typically works directly for the lender. Loan
officers who are employed by a single lender operate very much like
brokers except they provide the programs of only one lender.

A
broker knows how to shop the best possible rates from the list of
wholesale lenders with a view to get the lowest interest rates. They
tend to offer more options or more home loan mortgage programs. You
should interview and ask your broker all possible questions before you
decide to work with and let him run your credit check, only then you can
have the advantages of using mortgage broker.