Welcome to Mortgage Guide
Washington Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Mortgage Broker
from:A mortgage broker is a very valuable asset to many lending institutions and consumers. This individual is dedicated to helping potential homebuyers connect with their ideal lender. The task is not simple but the seasoned professional is well prepared to take care of your needs.
There are many real estate property lenders. These establishments come in a number of different forms and each one is unique in its approach. A consumer can easily become very confused when it comes to choosing the right source of funding for their new home.
The mortgage broker can work with the potential homebuyer to establish which lenders make the best match. This professional typically works with lending institutions that have wholesale loan departments. This helps to keep the costs of the loan reasonable.
Wholesale Loan Divisions
Large, well-established banks that deal with mortgages typically have a wholesale loan division. The wholesaler will have retail chains of its own that consumers can visit directly. These lending companies also use a mortgage broker to help make connections.
A good broker will have relationships with a number of different lenders. This professional works closely with the potential homebuyer and the loan companies to make a perfect match. Everyone wins in this approach in most cases.
The wholesale lender actually completes the loan transaction. The mortgage broker serves as a very valuable liaison between the consumer and the lending institution. The loan division completes the loan and the borrower makes the agreement with the lender. The broker is a valuable middle man.
Mortgage Broker Benefits
Having choices is typically a good thing. However, having too many choices can be very confusing. Consumers may lose a great mortgage loan simply because they never explored the right lending institutions. The broker serves to make a great connection that works for everyone involved.
Since the liaison works with a wholesale lending division, the cost of the loan remain the same as they would if the consumer went directly to the lender’s storefronts. The creditor is able to keep the costs down when working with a broker just as it can when the consumer enters one of its stores.
The mortgage broker is also well versed in the required paperwork and various requirements. This individual helps the consumer organize his information and acquire the best home loan possible.
Washington Mortgage News
Mortgage applications drop in week - The Money Times
Washington -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 6.2 percent, an industry group said. The Market Composite Index, which measures mortgage loan application volume, fell 6.2 percent from ...
Read more...FDIC chief presses for gov't action on mortgages - WTOP Radio
WASHINGTON (AP) - The head of the FDIC on Tuesday pressed again for more aggressive government action to help millions of home borrowers avert foreclosure, saying federal money is needed to ensure economic recovery. Federal Deposit Insurance Corp ...
Read more...SEC puts off vote on credit rating rules - CNN Money
WASHINGTON (AP) -- The Securities and Exchange Commission on Wednesday delayed a plan to adopt new rules aimed at stemming conflicts of interest in Wall Street's credit rating industry. The commissioners decided to take up the new rules at the same ...
Read more...Paulson Defends Changes to Rescue Package - Washington Post
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke waged a stout defense on Capitol Hill Tuesday of their management of a $700 billion financial bailout. Treasury Secretary Henry M. Paulson Jr. defended his decisions on using ...
Read more...Treasury boss changes bailout - San Francisco Gate
In answering questions about the shift in strategy, Treasury Secretary Henry Paulson ruled out using the fund to bail out the troubled auto industry and said his priority will be stabilizing the financial system and reviving a consumer credit market ...
Read more...