Mortgage brokers are independent financial advisors who find and secure suitable home loans for people. A mortgage broker works as an independent financial intermediary who brokers mortgage loans for individuals or companies on their behalf. They find the best mortgage deals and arrange them on the buyer’s behalf, providing all the documentation necessary to the lender and acting as a third party between the buyer and the bank or building society.You may want to check out Smart Home Mortgage Tips To Help You for more.
Mortgage brokers are usually employed by lenders to find the best mortgage rates and loan terms for their customers. A mortgage loan officer is employed by a bank or building society, the role of which is to shop around for the best possible deal and then present this to the customer. Sometimes, a mortgage loan officer will also be accounts assistant working for the bank or credit union loan officer to ensure that all paperwork is carried out correctly and any information provided is complete and up to date.
The main advantage of working as a mortgage broker compared to becoming a full time real estate agent is that many of them already have a network of contacts and can source out the best mortgage deals from around the country. They can even source deals off of the Internet making it possible to get the best mortgage rates for customers without leaving the comfort of their own home. In comparison to a full time real estate agent, mortgage brokers usually only need to do paperwork and meet with the client once a week. Although there will still be occasional face to face meetings, a large amount of paperwork can be avoided and a lot of this paperwork can be completed over the phone. There are however many differences between a mortgage broker and a full time real estate agent; a mortgage broker can take on many more clients and act in more varied ways, whereas an estate agent needs to concentrate on a specific area of the market.