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Mortgage Brokers

Mortgage Library: Shopping for a Mortgage: Mortgage brokers

Mortgage brokers handled about $333 billion in mortgage transactions last year -- accounting for about half of all mortgage transactions in the nation. Mortgage brokers have access to a variety of lenders and often offers the most choice in loan programs. They assist the consumer in completing the application and loan selection process and direct them to suitable lenders to fund the mortgage. Mortgage brokers are paid a fee by the borrower or the lender when a loan closes.

Related Articles:

The Varied Roles of Mortgage Brokers in Lending This article (HUD) can help you understand the various types of mortgage brokers today, how mortgage brokers originate loans, how they are compensated.

Another article Can mortgage brokers save you money? permits you to understand that you don't pay extra for using a mortgage broker because he obtains discount pricing from the lenders.

The mortgage broker and the prospective borrower execute a mortgage broker contract. HUD is proposing a new Mortgage Broker Contract to provide essential information to consumers concerning the broker's functions in the transaction, its duty to the borrower (whether it does or does not represent the borrower), and compensation to be received in the transaction including the amounts paid by the borrower and by the lender. This contract is to permit consumers to understand a broker's functions and fees before becoming obligated to use the broker's services.

Shopping For a Mortgage Information that will help you shop for a mortgage most effectively.


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