Save Money With a Certified Mortgage Broker

(MENAFN- Patrick Otto)


Buying a house is a major commitment and one that will likely require more money than any other purchase you’ll ever make. It’s also filled with anxiety-producing moments, particularly if you have to get a mortgage, which most people do. Fortunately, certified mortgage brokers can help you navigate the complex world of home loans and save you money in the process. Here’s how.


Identify the Best Mortgage Rates


The primary function of a certified mortgage broker is to act as an intermediary between you and the various mortgage lenders you’ll be researching before you choose one to work with on your loan. They do not represent the lender, so they are solely focused on finding the best mortgage rates for you. They have access to many lenders, all of which have different advantages and disadvantages depending on what you’re looking for in a loan.


Identify the Best Loan Types


Certified mortgage brokers also know all the various types of loans that are available and whether you qualify for them. For example, if you’re a veteran, you’ll have the option of getting a VA loan and a mortgage broker will ensure you complete all the application requirements so that you can take advantage of this benefit of your service. There are many other types of loans you may be eligible for as well, including first-time homeowner’s loans, FHA loans, USDA loans, jumbo loans, and more.


Get Paid by the Lender


One of the best parts of using a certified mortgage broker is that they are usually paid by the lender you end up getting your loan through. They get a commission that ranges between 0.5% to 2.75% of the loan’s principal. You do not have to pay them at all out of your own pocket, which means you get their services at no charge to you….

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