A Mortgage broker is an intermediary that is helping you identify the best loan option for your unique situation and collecting all the information needed for your mortgage loan application. Most of the times a Mortgage Broker works with Wholesale Lenders.

A Direct Lender is a bank or  other financial institution that will qualify you for one of their specific loan programs. This is called Retail Mortgage. (limited loan products, stricter guidelines, less flexibility)

Here is why a Mortgage Broker is better for you:

1. Direct, clear communication. The mortgage business is challenging to navigate thru. I can help you understand the entire process. Also I can get you a competitive interest rate, usually with lower fees and we close on time or earlier.
2. I am a licensed and regulated financial professional. I do the work, collecting all the documents from you, ordering your credit to review your credit history and credit scores, verify your income and employment. I use this collected information to find you the best options for your unique situation with the best lenders.
3. I help you to shop and compare other deals you might have, obtain quotes from other lenders, look at their pricing and details and present you with the best option that fits your specific need.
4. I save you a lot of time. It takes hours to apply for different loans! Constant back & forth communication with underwriting of the loan to ensure the transaction is on track. I save you the hassle managing this process.
5. I work on your loan from the beginning to close and I am invested in you throughout and I will be with you every step of the way. Banks and Direct Lenders use a “Retail & Manufacture” mentality, passing you on to other people throughout the process which can be frustrating, confusing and cause delays.
6. If your application involves challenges and most have them, I have the ability to find a lender who can provide a competitive interest rate without significant changes and overlays, whereas a direct lender or bank would be limited to their own product guidelines and restrictions. Direct lenders and banks don't shop different lenders for you. One example is a direct lender and bank might not even be able to qualify someone with a 580 credit score, but a broker has lenders that would allow a low score for traditional financing (FHA, VA) without a negative impact to the interest rate, process and/or closing.
7. Just like your real estate agent, I work for you! I don’t get paid unless you close on your loan. For this reason, I am more accessible to you than lender- and/or bank employees. If and when you have questions along the way, it is easier to get the answers you are looking for more quickly and more thoroughly.
8. I can for sure find more competitive mortgage interest rates than a direct lender or a bank. I am paid to shop for the best rates and loan programs for you.
9. Customization and Personalization is key! You can meet with me face to face, at any location, your home, our main office or completely online to get your questions answered by me (ONE PERSON). This is more reassuring and convinient for you than talking to different people every time you contact a direct lender or bank's call center.
10. My loan volume is much less than a direct lenders or banks which means I can focus more on you. I care more about you and your total satisfaction. You will be happier with the process and the service you receive from me.

• For each type of loan you will get the pros and the cons for your situation from us.

• A 20% down payment is every lender’s ideal, but it’s not always required. Qualified buyers can find mortgages with as little as 3% down, or even no down payment. Again, there are considerations for every down payment option.

• Very important question is, what is the annual percentage rate, or APR.

• You will have a single point of contact throughout the mortgage loan process and you will be updated on the progress: by email, phone or an online portal. We set service expectations upfront.

• From start to finish it can take about three months. We have experienced turn around times as short as 21 business days.

• Yes we do.

• If you put down less than 20%, the answer will probably be "Yes."

• You can see how monthly payments on mortgage loans are truly calculated using the real math, or you can simply find a payment calculator that does all the work.

• Refinancing simply means obtaining new financing for something you already own

• This depends on when you close your home loan and if you pay prepaid interest at closing.

• FHA stands for Federal Housing Administration, a government agency that insures the mortgage loans to help low- and moderate-income borrowers achieve the dream of homeownership.

• It’s an important first step to ensure you can actually get a mortgage, while also determining how much you can afford.

• In short, a lot of them, from tax returns to pay stubs to bank statements and other financials like a brokerage account if using assets from such a source. Check Required Documents

• A mortgage broker is a knowledgeable individual who can guide you through the mortgage process, and do so by shopping your loan scenario with any number of lender partners, instead of just one. It is the best option to get the best deal.

It does depend on how the lender or broker defines points. Are they discount points or a loan origination fee?

• Prepayment penalties are no longer allowed in some states, so it's important to ask about this.

• Interest rates fluctuate and change daily, so you might want to lock your loan if you have reason to believe that interest rates are moving up. Lenders typically charge up to one point to lock in a loan rate. Before doing this, find out if they charge a fee, if the lock-in protects all the loan costs, how long the rate will be locked in, and if they'll give you the lock-in in writing. The alternative is to pay the prevailing rate and points.

• Closing your transaction on time is a big issue. Your purchase contract will include that date to close escrow, but it's generally subject to the lender's ability to close on time. It can mean extra costs or problems for you if the lender can't do that for one reason or another. Ask about any increase in the interest rate if your lock-in expires, and what happens with any additional expenses that you might incur if you have to pay movers to reschedule. Find out how these costs and other costs are addressed.

• Questions? Please ask me. Click