Securing the best deal

There is thousands of ways of getting a mortgage loan. You can go to your bank or credit union directly, use a mortgage firm or online lender, and tell a Home Loan to do everything for you. Brokers are, in short, middlemen that act as liaisons between lenders and borrowers. They collect all your information and documents and shop on behalf of you using their lender connections.

A broker has two jobs in his hands: First, to assist you in finding the best mortgage at your desired rates, and second, to guide you through the qualification process and the acceptance of the loan. Brokers use their connections with bank and mortgage lenders, as well as their wholesale prices - to shop on your behalf. You will find the best loan plan for your particular credit sales and home buying situation, and they will assist you with the lowest possible interest rate. A broker can ensure that the overall loan process is quicker than a borrower.

There are several ways to pay Home Loan. In most cases, a fee is paid - typically 1 to 2% of the loan. The borrower or lender pays this commission when it is closed. Many brokers offer "no-cost" loans, meaning that the borrower does not pay any charges or work expenses for the broker. The lender pays the broker's commission technically when it closes. The major difference between a broker and a conventional loan officer is that brokers are charged per transaction while loan officers get a fixed annual salary so that they are not as motivated by the amount or size of the loan.

Like everything else, working with a Home Loan has both benefits and disadvantages. One of the main advantages of using a broker are that many lenders are prepared to accept poorly credited lenders,