A mortgage agent works as an independent intermediary that brokers mortgage loans for people or companies. It is not uncommon to have a mortgage agent that works for just one company. This person will most likely earn a percentage, or commission, on the amount of money that you borrow. There are also independent mortgage brokers, however they will most likely earn a fee for any leads that they bring in. Richmond Hill Mortgage Agent Association is one of the authority sites on this topic.
When considering an agent, there are many things to consider. Primarily, it is important to make sure that they are licensed in the state. If the mortgage agent is not licensed then there is a good chance that you could be cheated. Secondly, you should make sure that they have an up to date licence and insurance plan.
The third thing to consider when hiring a mortgage agent is whether or not you would like your broker to be licensed. This will ensure that the mortgage agent is bound by law to act according to the rules and regulations set out by the state department. The last thing that you should consider before hiring a mortgage broker is the commission that they will earn from the sale of your mortgage. You may think that commissions are high, but this is not necessarily true. There are many lenders out there who are willing to offer you extremely low commissions. Just make sure that you understand all the costs, charges, and other fees associated with the deal before you sign on the dotted line.