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tips to find the best mortgage broker...

This is a discussion on tips to find the best mortgage broker... within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; Here are some tips to find the best mortgage broker for your mortgage loan: Contact state and local boards of ...


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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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Old 07-16-2010, 11:31 AM
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Default tips to find the best mortgage broker...

Here are some tips to find the best mortgage broker for your mortgage loan:

Contact state and local boards of Realtors for lists of mortgage brokers in your area. Ask your own real estate agent or friends for references.

Call recommended brokers and ask how many different lending institutions they work with.

Ask prospective brokers how they are compensated. Brokers work for either a flat fee or a percentage of the mortgage amount

Ask what types of institutions, or individuals, the broker works with. This can be particularly helpful if you are having trouble getting a loan through conventional local lenders..

Ask about different loan programs that might be available. A good mortgage broker keeps a steady eye on the markets and can provide you with help getting a special deal, such as public money that is available for first buyer.

Do you have more tips to find the best mortgage broker ?

Thanks.
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