5/12/2021 0 Comments Mortgage BrokerIf you are in the market for a new mortgage, you may be wondering who you should use to obtain your mortgage. There are three main types of mortgage brokers that you can use to obtain your loan. Your broker's specialty is in getting you the best possible rate for your loan. When you go to get a mortgage, it is important to choose one with whom you feel comfortable and who will not try to pull a fast one on you. Knowing a little bit about these three types of brokers will help you make the right decision.To find a skilled mortgage broker, please visit https://www.huntergalloway.com.au/mortgage-broker-brisbane/. An interest only mortgage broker is the first type of broker you will encounter. These brokers are not associated with any bank or financial institution and do not work with loans that have PMI or Private Mortgage Insurance. They work directly with lenders to find you the best rates possible for your loan. While this type of broker has the advantage of offering lower rates than banks or financial institutions, they will usually charge a fee for their services. An FHA or Federal Housing Administration broker is the second type of broker you will come across. These brokers are associated with a federal housing administration, which insures mortgages taken out by government employees and their family members. A broker that works for this particular agency has excellent relationships with numerous lenders and will often give you a fixed rate which remains constant throughout your life. These brokers do not have access to prime credit rates and will usually charge an upfront fee for their services. You should use caution with these brokers because sometimes they will recommend a loan that is not in your best interest. The third type of broker you will come across is a credit union or cooperative mortgage broker. These brokers will work directly with your bank or credit union. They are not associated with any lender and will shop around for your loan. They receive referral fees from your lenders and may work closely with them to get you the lowest rates possible. Some credit unions also offer incentive programs where you can receive a discount if you secure a certain amount of points. The main advantage with these brokers is that they have great relationships with your lenders and therefore will be able to secure you the best possible interest rate. The fourth type of broker you will come across is a wholesale mortgage broker. This type of broker will not actually deal with one specific lender, but rather will have access to a large number of mortgage lenders that specialize in a certain type of mortgage. The advantage of using the services of a wholesale mortgage broker is that they have extensive experience in dealing with different lenders and can therefore secure you the lowest mortgage rate. Although they usually do not have as much negotiation power as a Hunter Galloway mortgage broker with a credit union or FHA, they can still help you obtain the best mortgage rates for your situation. Whichever mortgage broker you choose to work with, the most important thing to remember is to shop around for the best mortgage rate. Finding the right broker will help you save a considerable amount of money on your mortgage, but if you make a mistake in your application it can cost you a lot more than that. One way of saving money is by using a broker that you have found through a recommendation. Make sure that the broker has a proven track record of finding the best mortgage deals for their customers. Also be sure to check out the mortgage broker's website and ensure that it contains everything you need to know about the products they offer. This will help you make the best decision about which broker you are going to work with to find your mortgage. Check out this post that has expounded on the topic: https://simple.wikipedia.org/wiki/Mortgage.
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