A mortgage broker doesn't loan money. Instead, he or she works with borrowers, assisting them in finding
appropriately matched mortgage
loans. Typically, a mortgage
broker will
learn the needs of the borrower and do the work of shopping for the best loan deal from lenders offering that particular type
of loan. Brokers usually work with numerous lenders, attempting to match the right lender with each individual client. Some
brokers actually have hundreds of lender contacts. Because they have so many lenders from which to choose, brokers are more
likely to find loans for borrowers with special needs, like problem credit, than individual lenders.
Mortgage
brokers accept loan applications from borrowers and seek to lock in rates and terms with lenders. They also provide required
state and federal disclosures. Additionally, brokers gather all necessary documents, including, but not limited to, credit
reports, tax returns, employment verifications,
asset disclosures, and property appraisals. Once an
application file is deemed complete, the mortgage
broker submits
it to the appropriate lender, who then handles loan approval and disbursement.
Frequently, a mortgage
broker will
provide basic credit counseling in an attempt to assist borrowers with correcting credit
issues. He or she may also advise borrowers on ways to obtain better loan rates. Brokers answer questions and assist borrowers
in understanding both the application process and loan details as well. The mortgage broker only offers assistance before the loan process is complete. Once the borrower has obtained
a mortgage,
the broker
is effectively out of the loop and all questions must be asked of the lender.
Lori has the expertise necessary to procure her clients the
best loan program for their specific needs and is licensed with several banks nation wide enabling her to access
a variety of interest rate options.
