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A Whole Different Kind Of Mortgage Broker
By: Kigo Kare
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.
About the Author:
Kigo kare is an author and mortgage analyst dedicated to helping homeowners
maximize the investment in their homes. Discover how to quickly build a minimum
of $40,000 worth of home equity and pay your mortgage off in 10 years or less
without making biweekly mortgage payments. Visit:
http://kv.iwarp.com/mc.html
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