Here are some important things to know about a mortgage broker:
- A mortgage broker acts as an intermediary between borrowers and lenders, working with a variety of lenders to find the best mortgage loan for their clients.
- Mortgage brokers can save borrowers time and money by finding better rates and terms for their clients than they would be able to find on their own.
- Mortgage brokers typically charge a commission for their services, which is paid by the lender and included in the cost of the loan.
- Mortgage brokers are required to be licensed and registered with your state’s regulatory authority.
- Mortgage brokers are legally required to disclose their compensation and any fees associated with the loan.
- It is important to carefully review any loan documents before signing and to ask questions if there is anything you don’t understand.
- Mortgage brokers are regulated by the Consumer Financial Protection Bureau (CFPB), which is responsible for enforcing federal consumer protection laws related to mortgages.
- It is important to choose a reputable mortgage broker with a track record of success and positive reviews from past clients.
- Mortgage brokers can provide valuable guidance and assistance throughout the mortgage process, including helping borrowers understand their options and securing pre-approval for a mortgage loan.
By understanding these key facts about mortgage brokers, borrowers can make informed decisions about whether to work with a broker and how to choose the right broker for their needs.
