A
mortgage broker's duty is to relieve most of the
stress of applying for a mortgage. Mortgage brokers
find the loan best-suited for the customer's individual
situation from a number of different sources. Because
mortgage brokers deal with a variety of lenders,
they are usually able to pull together a larger variety
of loan choices.
The broker
can save the borrower time and money by pulling everything together
in the loan application
and presenting it in the best possible package to the lender,
thereby increasing the likelihood that the lender will approve
the loan.
Brokers can easily and quickly put their customer's application in front of several
different lenders. Brokers are experts at making the mortgage application process
as quick and painless as possible.
Some brokers require upfront fees for their services, but many earn their commissions
on yield spread, and charge NO upfront fees to the borrower.
