A good mortgage broker helps to make the closing of a mortgage loan as seamless as possible. Friends, who are homeowners, and your buyer rebate agent will be able to recommend mortgage brokers who they have worked with locally. Interview a few mortgage brokers before choosing to work with one who you have full confidence in seeing you successfully get the loan that works best for you.
A mortgage broker is the middleman that matches you up with loan products from different lenders where they are paid through a loan origination fee cost by you; or when it is a no-cost loan then they get paid by the lender after the loan closes.
Their main responsibility is to find you loans that match your borrowing criteria, and guide you through the mortgage loan process if you need help in understanding the loan product’s monthly interest and principal payments, fixed or variable terms of the loan, and annual percentage rates.
In addition, they help to make sure every document and requirement that the lender requests from you is provided to the lender in a timely manner. The lender expects little to no surprises for lending out large sums of money to clients that mortgage brokers bring to the table.