The Advantages of a Professional Mortgage Broker and Mortgage Lenders

Advantages to using a mortgage broker

Mortgage brokers are companies or individuals that work closely with wholesale mortgage lenders to provide their customers with a wide selection of mortgages. A mortgage broker originates loans while the mortgage lender actually funds the loans. They are knowledgeable about the entire loan process, and they are able to use their superior knowledge to help their customers secure the best loan to fit their needs.

Another big advantage to using a mortgage broker is that they deal with mortgage lenders from across the nation. Advantages of using a mortgage broker instead of a local bank Offer a larger variety of mortgage options Normally offer the most competitive rates nationwide mortgage brokers only deal with mortgage loans, so the are highly specialized highly motivated to get their customers' loans approved.

Mortgage Brokers are the experts who assist people in finding and negotiating the financing that fits a particular situation. Mortgage brokers on the other hand, deal with a vast number of mortgage lenders while professional mortgage brokers are individuals and companies who know the laws and regulations pertaining to real estate financing individuals you can trust with your confidential information.

Mortgage Broker License

Mortgage licensing for mortgage brokers has evolved in order to protect consumers while they obtain mortgages. The license indicates that the mortgage broker has what it takes to help consumers through the maze of the mortgage origination process.

The states differ on whether a mortgage broker even needs a mortgage license, whether the mortgage broker can loan on both 1st and 2nd mortgages, or whether a physical office in the state is required. States also differ on how much continuing education they require of the mortgage brokers. To further the protection of the consumers, the National Association of Mortgage Brokers (NAMB) was formed in 1973.