Commercial Mortgages

At times there is uncertainty as to the difference between lenders and mortgage brokers. The mortgage brokers would act for the borrower and work directly with the lender whilst the lender provides the actual money loan Mortgage brokers can work either independently or with a company.

A mortgage broker is responsible for shopping around for the right loan deal which will suit their customers particular needs. They work directly with several lenders to be able to make sure that their customers receive the best loan for their personal situation. It is not unusual for a broker to have upwards of a hundred lender arrangements. Because of this, brokers are more likely to be able to assist clients who have specialty requirements, like problem credit, than individual lenders are.

It is a rather easy process to acquire a loan. The borrower will submit applications to their mortgage brokers. The broker would take that information in order to find the right lender, lock in rates and terms. Federal and state disclosures are also provided. Credit reports, employment verifications, asset disclosures and property appraisals are acquired by the brokers and submitted to the appropriate lender when the application is deemed complete. It is then the duty of the lender to handle the disbursement and loan approval.

The mortgage broker is also responsible is to provide basic credit counseling for their customers. This may be in the form of info about the credit problems the customer may have, as well as advice regarding the methods and techniques they may utilize in order to secure better loan rates. Brokers break down the process of application and make certain their customers understand each detail of their loan. Nonetheless, when the process of the loan is complete and the borrower has acquired a mortgage, the borrow can not provide any more assistance. All future questions need to be asked of the lender.

Usually, the brokers will earn a small fee for bringing the lender and the borrower together. The buyer would indirectly pay the mortgage broker with additional loan points and closing costs. It isn't until after closing the loan that the mortgage broker is paid.

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Langley Mortgage Brokers

Langley, British Columbia