If you are in the market for a new mortgage you might feel overwhelmed by all the options available to you. Should you try a mortgage broker or shop for a mortgage on your own? Here is what you need to know about mortgage brokers.
Mortgage loans are easily the most intimidating aspect of home ownership. If you neglect to do your homework before taking out a mortgage loan you could easily overpay thousands of dollars for your home. You don’t need to be a financial wizard to avoid making mistakes when it comes to your mortgage; you simply need to do your homework and research lenders before applying.
Some homeowners have neither the time nor the desire to research mortgage lenders. If this is you, a mortgage broker may be able to help you find the right mortgage loan. A mortgage broker is an independent agent that is paid on a commission basis for referring your business to a mortgage lender. It is important to remember that this individual is paid by commission and does not necessarily have your best interests at heart.
Mortgage brokers have access to a wide variety of mortgage lenders and may be able to place you with loan offers that you would not find on your own. This is especially true if you have special borrowing needs such as a poor credit rating.
You need to be very careful when using a mortgage broker; read all of the fine print and never sign blank or incomplete documents. Pay close attention to all fees associated with loan offers from the broker. Ask your mortgage broker what the fees, commissions, and any bonuses they receive from your loan are.
Your mortgage broker should provide you with a number of mortgage offers to choose from. Ask them to carefully explain all aspects of these loan offers, not just the interest rates. To learn more about finding the best mortgage without being taken advantage of by your mortgage broker, register for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com
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