Website Articles

June 24 2006

A Different Kind Of Mortgage Broker

There's a different kind of mortgage broker on the block and they're giving conventional mortgage brokers a run for their money.

With today's current economy, consumers have to be as budget
conscious as ever, and it's showing in every consumer decision they make - including shopping for a mortgage.

Gone are the days where the consumer waits with baited breath as to whether or not the corner mortgage broker can find financing for the home they want to buy.

Say hello to today's new mortgage seeker; the one who has lenders competing for their business, makes educated lending choices and is making upfront mortgage brokers more popular than ever.

So what is an upfront mortgage broker? The main difference between an upfront mortgage broker and a conventional
mortgage broker is that an upfront mortgage broker discloses their fees to the borrower up front and in writing.

The borrower will pay the broker a fee in addition to paying the wholesale loan price. With conventional mortgage brokers, borrowers don't know the true cost of the loan until after the application has been submitted.

The conventional lenders add a markup to the wholesale rate of the mortgage to make their profit. While on the surface it may seem like the prices quoted by upfront mortgage brokers compared to the quotes received by conventional lenders would not be the
wise choice, don't be fooled.

The quotes you get from an upfront mortgage broker will be an accurate reflection of what you're really going to pay. Just because a conventional mortgage broker promises you the moon,
does not mean that he can actually deliver it.

There are other reasons that have conscious consumers choosing
upfront mortgage brokers over the traditional conventional brokers.

While conventional mortgage brokers don't always have the best
interests of their customers in mind, upfront mortgage brokers gain nothing by providing their borrowers with anything other than the mortgage that best suits their needs.

There are also times when mortgage brokers are given rebates by third parties.While a conventional broker may keep this rebate as a part of their profit, an upfront mortgage broker will always pass this rebate on to the borrower.

With consumers appreciating honesty and no-nonsense approaches when dealing with their lending needs, upfront broker methods may just change the face of mortgage lending forever.

Apply for a loan now!

Back to Main Articles Page

Articles

24/06/06

11 Deadly Mistakes When Applying for a Mortgage

11 Deadly Mistakes When Applying for a Mortgage ...

24/06/06

2nd Mortgage - Better Than Refinancing

You have probably received refinancing offers in the mail or advertised online touting your ability to pull out your home’s equity. But a 2nd mortgage, also called an equity loan, may be a better financing option than refinancing your mortgage. 2nd mortgages ...

24/06/06

2nd Mortgage Loan After Bankruptcy - Get Approved Online

A 2nd mortgage loan after a bankruptcy is possible in as little as two years. Refinancing your mortgage can help you make needed home improvements or pay off high interest debt. Refinancing with adverse credit history requires savvy shopping on your part to ...

24/06/06

4 things to watch out for when choosing a mortgage company

We all know that there are a lot of mortgage companies out there. But how do you know which company to choose? Some companies have flashy advertisements about low interest rates, but are they really the best company to choose? A mortgage is a very large investment, ...

24/06/06

40-Year Mortgages: An Alternative to Interest-only Loans?

Interest-only loans are quickly becoming a mainstream loan product. Borrowers who were initially turned-off by the perceived risk associated with an “interest-only” loan are now starting to see the benefits: Lower payments, less money tied up in equity, more ...

24/06/06

5 criteria to get your Home Loan Mortgage approved

Why do some people get their home loan mortgages approved in a breeze while others struggle through with hiccups? What are the differentiating factors between one application and another? What do lenders look at when they evaluate you? ...

24/06/06

5 Things In Selecting The Best Mortgage - You Should Know

Your goal is not only to find the best rates and programs, by searching through a huge number of lenders products, and save yourself thousands of dollars on mortgage payments every year, but also, to save time and hassle by simplifying the loan process ...

24/06/06

6 Helpful Tips On Mortgage Financing

Here are some mortgage tips that can help you obtain a mortgage with less hassle, and at a lower overall cost: ...

24/06/06

7 Reasons to Choose a Mortgage Broker over On-Line Lenders

1. Personal Advice: Breakwater Mortgage Corporation calls Hampton Roads and the surrounding communities (Norfolk, Suffolk, Chesapeake and Portsmouth) home and an on-line lender could be located anywhere. Breakwater Mortgage Corp. is located in Virginia Beach ...

24/06/06

97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month.

97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month. ...

See all articles

Current Rates