*Includes persons with a past history of bad credit, or you just want to start over again, and have minimal credit or don't have any credit!
The services of a Professional Mortgage Broker can help you obtain the home loan that's right for you.
Recent changes in federal mortgage disclosure laws require that Mortgage Brokers disclose information on the income they traditionally earn in helping people buy homes. The various kinds of lending institutions charge these fees, but they may be expressed differently.
This brochure will help you in your search for the best loan by explaining the different fees that are required in obtaining your loan.
In helping you obtain home financing, Mortgage Brokers earn an income by arranging loans for people like you. This income is generated from the service they provide through their expertise, experience, and ability to match your home loan needs with the right lender and the right loan for you.
More specifically, Mortgage Brokers perform the up-front work with your application. They take your application, gather all necessary and required documentation, verify credit reports and appraisals, and prepare your loan package. This process of preparing your loan package for submission to lenders for approval is known as "processing" your loan. They may also assist in the closing of your loan.
Mortgage Brokers are mortgage origination and processing specialists. They are able to shop around to find the best rate and the best loan for you because they have many lenders and many loan products to choose from. These capabilities allow your Mortgage Broker to be the lowest cost producer in getting a loan. Industry studies have been conducted by both the Mortgage Bankers Association (MBA) and the National Association of Mortgage Brokers (NAMB), confirming that Mortgage Brokers' cost are significantly lower than those charged by other lending institutions.
For all of these reasons, Mortgage Brokers can remain competitive with other lending institutions while earning income from the loans they arrange. This income is what is known as a "Good Faith Estimate". It will have little or no effect on your loan; it simply allows you to see who is collecting the fee for the origination of your loan.
Included with this fee are others that, by law, must be disclosed to you within three business days of your application on your Good Faith Estimate. These fee disclosures are required to be as accurate as possible, based on the information available to the Mortgage Broker at that time. Once your loan reaches the closing stage and becomes final, you will receive a precise statement of the actual fees associated with your loan on what is called a "HUD-1 Settlement Statement".
When shopping for a home loan, compare the rates, points, and fees between lending institutions.
The costs will be reflected in the APR (Annual Percentage Rate), and don't forget...the bottom line is what it costs you!
We sincerely hope you will be happy in your newly acquired or refinanced home. As professional Mortgage Lenders, we're pleased to be of service to you now and in the future, making the loan process as trouble-free as possible.
