MORTGAGE BROKERS: LET THEM DO YOUR MORTGAGE SHOPPING FOR YOU
Mortgage Brokers can save you time, money, and frustration as they hunt down the best mortgage for you
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A Mortgage Broker acts as a "middle man" as he finds the best mortgate rate possible for you, thus saving you lots of time and effort. Mortgage hunting can be a time consuming job, especially for someone with little or no experience. For this reason, looking for a qualified mortgage broker may be one of the smartest moves you can make in the process of securing financing for your new home. An experienced mortgage broker will know in a relatively short period of time the type of home mortgage loan you may qualify for and the lending company that will give you the best interest rate. It's their job, they know it well, and will be able to save you time and possibly money as well, as they do the work for you. They are in contact daily with lending companies and know the interest rates, and the type of loan you qualify for based on credit history, income and other factors. Mortgage brokers are online now, and it only takes a few minutes to complete the online forms and find out loan amounts and rates you are qualified for.
Where To Find A Mortgage Broker
Here are some online mortgage brokers who can give you the help you need to get the best mortgage rate possible.
- SmartMortgage USA: Let lenders compete for you, get 4 free quotes in seconds.
- NexTag: Complete online form to get up to 4 free quotes.
- Ditech.com offers several fixed rate mortgage options for you to choose from.
- Mortgages-expo: Find mortgage brokers offering bad credit mortgage loans, refinance loans, home equity loans and more.
What Else Should I Do?
Since the bulk of the work is being done by the mortgage broker, does that mean you should sit back and wait for him to call? You should try to become better informed about the mortgage loan process you are undergoing. Be familiar with terms like fixed rate mortgages, adjustable rate mortgages, interest only mortgages, points, etc. Try to figure how much of a down payment you will have. Have a general idea of the going interest rates, and know wht it means to "lock in" your interest rates. If you are informed, when your broker comes to you with facts and figures, you will have a better idea of what he is talking about & you will have a better idea if what he is recommending is something that you are comfortable with.
Gather together your documents so that they are ready when the mortgage broker asks for them. Documents you may be asked to provide are Federal and State tax returns for the previous two years, W2 forms, bank statements, a listing of your assets and their value. This can be real property such as automobiles and boats, or other assets such as stocks and bonds. Being ready when he asks for your documentation will get your application processed faster. If he forgets to tell you what he will need, be sure to ask.
Shopping for a mortgage can be stressful, but using a mortgage broker to do the job for you should take some of the stress out of house and mortgage hunting. That's his job, to find you the best mortgage rate you qualify for in as short a time period as possible. Happy Hunting!