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A mortgage broker works as an intermediary between borrowers and lenders. The mortgage brokers do not have a say in the borrowing guidelines, timeline, or final loan approval. <\/p>
The brokers are licensed professionals who collect borrower\u2019s mortgage applications and qualifying documentation, they can counsel borrowers on things to address in their credit reports and with their finances to strengthen their chance of qualifying. <\/p>
As many mortgage brokers work for independent mortgage company they can shop multiple lenders on behalf of the borrower, helping them to find the best possible rate and deal. <\/p>
After a loan closes the mortgage brokers are usually paid by the lender; sometimes the broker\u2019s commission is paid upfront at closing by the borrower.<\/p>\n
The Mortgage brokers work with different lenders, and it\u2019s important for the borrower to find out which products those lenders offer. <\/p>
One thing to know is that brokers do not have access to products from direct lenders. A borrower would need to shop at a few lenders to get the best loan offer.<\/p>\n
Many mortgage brokers and mortgage lenders charge a fee of 1% of the loan amount. These commissions are either paid by the borrower or lender. <\/p>
A borrower can take a loan where they won\u2019t pay a loan origination fee and the lender will pay the broker fees. However, mortgage lenders charge higher interest rates which are negotiated by some brokers for an up-front fee to the borrower in exchange for their services. <\/p>
Before going ahead with a prospective broker they need to be asked how much they charge and who pays for the fees.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t