If you are a casualty of the state of the economy and finding it hard to get a mortgage, you are not alone. With the plethora of houses on the market today at prices greatly reduced from a couple of years ago, it is an excellent time to buy. But, unless you have very good credit and a steady income, you will likely be turned down for a mortgage loan. If you have your heart set on taking advantage of todays housing prices, let a Mortgage Broker help you get a loan.
The job of a mortgage broker is to find the borrower a loan tailored to their specific needs. Brokers are independent real estate financing specialists that work with multiples lenders (up to 40 lenders is the industry average) to obtain the best loan for each unique borrower. In essence, the primary task of a broker is to match a lender to a borrowers unique needs. Once a mortgage is closed the mortgage brokers job is done. The lender takes over from closing to fund and service the loan.
It is easy to find a mortgage broker to assist you in obtaining mortgage financing. Whether you are looking to refinance or to originate a mortgage, a mortgage broker can help you with the best rates and options available to you. To find a broker near you, go online and search mortgage brokers. OR, if you are dealing with a real estate agent, they may be able to suggest a good broker.
When you are turned down by a traditional lender such as a bank, you are done with them. They do not try any further options for financing; you are on your own to go apply elsewhere. If you utilize the services of a broker, you fill out one application. With just one application and one credit report, a broker searches for the best loan deal from their numerous lender resources. If you shop for your own loan, with every application you fill out a credit report is performed. When multiple credit report requests are placed, it can actually lower your credit which can be very damaging when you are looking for a loan. When you work with a broker, only one credit report is ever requested which does not harm your credit.
For a borrower with less than perfect credit, inability to document income, no down payment or short time on a job, these can be real loan breakers when you shop on your own. However, a skilled mortgage broker has access to solutions to these problems. Brokers dont just shop local lenders; they shop the whole country to find the best loan to fit the borrowers unique situation.
If you are worried you cannot afford the services of a mortgage broker, relax! Brokers are paid by the lender, not the borrower.
So, if you have been denied a mortgage by one lender, dont think your situation is hopeless. Use a mortgage broker to find you a loan with the best rates and options for your particular situation. Before you know it, youll be in a new home all your own.
The job of a mortgage broker is to find the borrower a loan tailored to their specific needs. Brokers are independent real estate financing specialists that work with multiples lenders (up to 40 lenders is the industry average) to obtain the best loan for each unique borrower. In essence, the primary task of a broker is to match a lender to a borrowers unique needs. Once a mortgage is closed the mortgage brokers job is done. The lender takes over from closing to fund and service the loan.
It is easy to find a mortgage broker to assist you in obtaining mortgage financing. Whether you are looking to refinance or to originate a mortgage, a mortgage broker can help you with the best rates and options available to you. To find a broker near you, go online and search mortgage brokers. OR, if you are dealing with a real estate agent, they may be able to suggest a good broker.
When you are turned down by a traditional lender such as a bank, you are done with them. They do not try any further options for financing; you are on your own to go apply elsewhere. If you utilize the services of a broker, you fill out one application. With just one application and one credit report, a broker searches for the best loan deal from their numerous lender resources. If you shop for your own loan, with every application you fill out a credit report is performed. When multiple credit report requests are placed, it can actually lower your credit which can be very damaging when you are looking for a loan. When you work with a broker, only one credit report is ever requested which does not harm your credit.
For a borrower with less than perfect credit, inability to document income, no down payment or short time on a job, these can be real loan breakers when you shop on your own. However, a skilled mortgage broker has access to solutions to these problems. Brokers dont just shop local lenders; they shop the whole country to find the best loan to fit the borrowers unique situation.
If you are worried you cannot afford the services of a mortgage broker, relax! Brokers are paid by the lender, not the borrower.
So, if you have been denied a mortgage by one lender, dont think your situation is hopeless. Use a mortgage broker to find you a loan with the best rates and options for your particular situation. Before you know it, youll be in a new home all your own.