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