4/3/2024 0 Comments Home loan arranger refinanceYou wouldn`t go to an Italian restaurant and order a hamburger, and you wouldn`t order spaghetti at a hamburger place. ”Some lenders specialize in five-year adjustables, for instance,”Ĭontinues Gumbinger, ”while another might make 20-year, fixed-rate loans. ”A broker knows which lender specializes in which type of loan,” says Gumbinger. A borrower`s basic choice is between a fixed-rate and an adjustable-rate loan, but there are many variations, depending on the term of the loan or adjustment periods. Banks and other lending entities also charge borrowers points when they originate the loan directly.īy dealing with multiple lending sources, brokers can also offer borrowers a broad menu of loan choices. Mortgage brokers typically make their money by receiving all or a portion of the upfront loan fee, or points (one point is 1 percent of the loan amount) from the lender. Getting a loan through a broker shouldn`t cost you any more than going to the lender directly, says Patricia Cunningham, director of consumer affairs for the Office of the Commissioner of Savings and Residential Finance, the state office that regulates brokers. He has contacts with lots of lenders and you won`t be using up money putting in applications at different lenders yourself.” ”A broker can be expert at pleading your case,” observes Keith Gumbinger, media coordinator with HSH Associates, a mortgage data firm in Butler, N.J. The mortgage broker also offers borrowers the economical approach of paying one application fee to have their loan request reviewed by several lenders. ![]() The broker has access to lenders who may not have to follow the same set of requirements, she explains. ”We may recommend that a customer go to a mortgage broker if we can`t make the loan,” says Susan Schroll, a loan officer with Glenview State Bank. ![]() In fact, your local savings and loan or bank may even refer you to a mortgage broker if they turn down your loan request. ”A mortgage broker may have a venue to service his loan request.” ”A borrower may go into his local bank or savings and loan and find that he does not fit the standard (debt to income) ratios,” says Fleming.
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