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Global Mortgage Inc
Lanham, MD
301-731-4092

Countrywide Home Loans
Missoula, MT
406-721-0616
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Bank of Sunset and Trust CO
Sunset, LA
337-662-5222

American Security Residential Mortgage
Camp Springs, MD
301-316-5440

All Fund Mortgage
Raleigh, NC
919-873-1262
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All Line Mortgage
Spokane, WA
509-326-5040

Branco Mortgage
Columbus, OH
614-322-1747

Citibank (West), FSB
Henderson, NV
702-568-7801
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Bank Of America - Banking Center, Vashon Island
Vashon, WA
206-463-3653
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Phases Mortgage Services, Inc
Colorado Springs, CO
719-548-1646

Capital Office Solutions
Columbia, MD
301-621-3059

BB & T - ATM Location, Covington-Main, Branches, Branch Bridgewater, Covington
Covington, VA
540-965-1100
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Advantage Mortgage
Moorestown, NJ
856-231-9900
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Mortgage Brokers-What to Expect

If you are considering working with a mortgage broker when looking for funding sources for your next home purchase it is a good idea to make sure you know exactly what the function of your mortgage broker is and how he or she can help you to find the mortgage that will best suit your needs.

First, it is important to understand that a mortgage broker is not actually a lender. This means that while they do not lend money to you for you to purchase your next home they can play an important role in the process. Mortgage brokers really act as a type of mediator between you, the borrower, and the actual lender. Their duty is to locate lenders for you, process the initial loan application and then submit the application to the lender for final approval. When the loan has been completed and processed the mortgage broker will have nothing further to do with the servicing of your mortgage loan.

Although this does not occur all of the time, in some cases your mortgage broker may also be a real estate agent. Some real estate agents like to provide this as an additional service to their clients because it can save you a significant amount of time because you won’t have to search around for prospective lenders.

Mortgage brokers are an excellent resource if you are looking for something other than a conventional loan or if you have a spotty credit record. In the case of the latter, a mortgage broker can help you to shop around for lenders that will provide you with the best rates possible in spite of your credit history and credit score problems.

If you want to reduce the amount of fees you have to pay up front for your mortgage loan it can also be a good idea to use a mortgage broker even if your credit score and history are impeccable. Keep in mind that most mortgage loans contain origination fees in addition to discount fees if you want to reduce the interest rate on your mortgage loan. Mortgage brokers can come in handy by helping you to compare offers from multiple lenders and find the one with the best offer based on your needs.

In addition, when you utilize the services of a mortgage broker you only have to worry yourself with filling out one application instead of a half dozen applications or more. This can be a convenience and time saving advantage.

While the mortgage broker will usually come back with at least one, if not more offers from lenders for you to review, keep in mind that you are under no obligation to take any of these offers.

It is also important to know that mortgage brokers are regulated by the real estate commissions in the areas in which they work and are held to a code of ethics if they belong to a brokers association. They are also licensed and bonded professionals, so if you have problems, do not hesitate to contact the appropriate regulatory commission in your area.

By taking the time to understand the advantages a mortgage broker can offer you, the scope of their duties and your rights when working with a mortgage broker you can be sure to find a mortgage that will meet your needs.

Whether you’re looking for something more than a straight traditional mortgage, want to reduce loan costs or believe you may have trouble getting approved due to a spotty credit history, a mortgage broker can help you get started.
 
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