An individual or an organization that acts as an intermediary between the borrower and the lender is known as the mortgage broker. When an individual is planning to buy a new home, brokers usually provide assistance in financing the same in a planned manner.
1. They are not associated with the bank and are different from the loaning officer.
2. They have a better understanding of the real estate market and can guide the borrower in deciding the type of mortgage and interest rate.
They can also guide on the interest rates and other beneficial deals from different banks and financial institutes so the borrower can make an informed decision.
3. These brokers usually partner with the real estate agents and are in regular touch with the loaning officer that gives them an upper hand while negotiating the bank terms.
If you want to get started understanding loan options for your mortgage, contact Mares Mortgage to find out more.