Investment & Financial Articles
Title: A Different Kind Of Mortgage Broker
Author: Craig Romero
Article:
There's a different kind of mortgage broker on the block and
they're giving conventional mortgage brokers a run for their
money. With today's current economy, consumers have to be as
budget conscious as ever, and it's showing in every consumer
decision they make - including shopping for a mortgage.
Gone are the days where the consumer waits with baited breath as
to whether or not the corner mortgage broker can find financing
for the home they want to buy. Say hello to today's new mortgage
seeker; the one who has lenders competing for their business,
makes educated lending choices and is making upfront mortgage
brokers more popular than ever.
So what is an upfront mortgage broker? The main difference
between an upfront mortgage broker and a conventional mortgage
broker is that an upfront mortgage broker discloses their fees
to the borrower up front and in writing. The borrower will pay
the broker a fee in addition to paying the wholesale loan price.
With conventional mortgage brokers, borrowers don't know the
true cost of the loan until after the application has been
submitted. The conventional lenders add a markup to the
wholesale rate of the mortgage to make their profit. While on
the surface it may seem like the prices quoted by upfront
mortgage brokers compared to the quotes received by conventional
lenders would not be the wise choice, don't be fooled.
The quotes you get from an upfront mortgage broker will be an
accurate reflection of what you're really going to pay. Just
because a conventional mortgage broker promises you the moon,
does not mean that he can actually deliver it. There are other
reasons that have conscious consumers choosing upfront mortgage
brokers over the traditional conventional brokers.
While conventional mortgage brokers don't always have the best
interests of their customers in mind, upfront mortgage brokers
gain nothing by providing their borrowers with anything other
than the mortgage that best suits their needs. There are also
times when mortgage brokers are given rebates by third
parties.While a conventional broker may keep this rebate as a
part of their profit, an upfront mortgage broker will always
pass this rebate on to the borrower.
With consumers appreciating honesty and no-nonsense approaches
when dealing with their lending needs, upfront broker methods
may just change the face of mortgage lending forever.
About the author:
Discover how to quickly build a minimum of $40,000 worth of home
equity and pay your mortgage off in 10 years or less without
making biweekly mortgage payments. Visit:
www.wisemortgageinfo.com
Craig Romero is an author and mortgage analyst dedicated to
helping homeowners maximize the investment in their homes.
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