Stewart & Soss provides free quotes on mortgages, home equity loans, refinancing, and second mortgages. We provide everyone loan options and mortgage planning advice.
You may be wondering what really a mortgage broker is. Basically, a broker is actually a middleman who can help you find a very good package deal on a home mortgage. The mortgage broker doesn't work for a specific bank or financial institutions but instead searching around for a source that offers great conditions. If this is your first time to apply for a mortgage loan, you might want to ask if you should be working with a mortgage broker.
Well, if you are applying for a mortgage for the first time, a mortgage broker can be a great help in a lot of situations, particularly if you possess a bad credit score. He or she can also help if you are experiencing a hard time selecting a lender. A well-educated and experienced mortgage broker can easily locate lenders who will be happy to assist and do business with you despite of how bad your credit score or credit history may be.
The mortgage broker will help you learn the different rules and documents required on filing your mortgage application. Performing the research for you and searching personally for lenders who could work with you, whatever kind of situation you are in, a mortgage broker will receive a commission in return. Usually, this commission payment will range from 0.5% to around 2% of the particular mortgage amount which you choose to borrow.
It could also be better to depend on your very own instincts and also, most of all, keep in mind your financial limits. The commission that your mortgage broker will have will be covered by the bank; just the same thing happens when a sales representative successfully sold anything, he/she will get commission from any sales he/she made.
Do not let any person stress you to invest on a property which is much more expensive compared to how much you can really afford. Bank may approve you with an amount but you should be able to know if the cost would be something affordable for you. This is just important because you would be the only one who'd know that your loan payment would really be affordable to you and may also give you more chances to achieve your other financial goals and opportunities.
You shouldn't be ashamed to personally ask the mortgage broker what type of commission fee he will get for helping you get a loan. The commission fee is negotiable, and also if the bank has to pay for this commission, you are definitely the one paying since you are actually the one getting the mortgage.
Deciding on whether or not to consult with a mortgage broker may also depends upon your personality. Do you decide to spend more time trying to learn everything yourself before looking for lenders? If you decide to take more rest and depend on someone who would be much helpful to assist you in looking for a good lender, you might be better working with a mortgage broker.
By:Jossielyn Lucero
ABOUT THE AUTHOR
If you are looking for one of the best San Jose mortgage brokers, visit stewartsoss.com. They offer a free and no-obligation consultation. They are California Mortgage Refinance and Lending Company. Also visit their Yelp Mortgage Brokers San Jose review: http://www.yelp.com/biz/stewart-and-soss-mortgage-san-jose
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