| When you need to purchase a new home most | | | | find a company that offers bad-credit |
| people do not have the capital to be able to | | | | mortgage loans. He may even be able to find a |
| fully buy one. They will need to take out a | | | | choice of offers for you and you can pick the |
| mortgage or loan to make up the difference on | | | | best deal for your circumstances. |
| the amount they have and the purchase price | | | | |
| of the new home. | | | | It may be faster getting your mortgage |
| | | | through a bank or credit union but you may |
| There are 2 main ways of getting a mortgage, | | | | not always get the best deal. The mortgage |
| through a bank or through a mortgage company. | | | | broker should be able to get you a better |
| To help with getting a mortgage you will use | | | | deal on your mortgage, although it may take |
| a loan officer or a mortgage broker. | | | | longer to arrange because he is acting as the |
| | | | middleman between you the borrower and the |
| The main difference between a loan officer | | | | mortgage company, the lender. It can be |
| and a mortgage broker is that the loan | | | | time-consuming to resolve mortgage matters |
| officer works for the bank or mortgage | | | | between these two entities because of all the |
| company that is offering the mortgage and the | | | | paperwork involved and the financial checks |
| mortgage broker is independent. They may use | | | | needed. |
| a number of different companies to arrange a | | | | |
| mortgage with and there fore give you the | | | | While the mortgage broker can help with |
| borrower more choice. | | | | filling in the applications and details it is |
| | | | up to the borrower to check and submit |
| One of the main advantages of having a broker | | | | correct information so that they do not get |
| arrange your mortgage for you is that they do | | | | into financial difficulties later on. |
| have a wider choice of products and companies | | | | |
| to choose from. On the other hand you need to | | | | While buying a home is one of the most |
| be aware that the mortgage broker is paid | | | | stressful things you can do, it is also |
| from the closing fee made on the mortgage. | | | | usually a sound financial investment. However |
| | | | it is always best to get good and sound |
| So if you have a poor credit history most | | | | financial advice from an independent |
| banks will not give you a mortgage. The | | | | financial advisor, someone who is familiar |
| mortgage broker on the other hand can search | | | | with property or an independent mortgage |
| around all the companies he deals with to | | | | broker. |