A mortgage broker functions much like a travel agent. Just as a travel agent can access many different airlines, a mortgage broker can access many different lenders to find a product that fits your needs. A banker functions like an airline selling you seats on their flight, even if a competitor has more convenient or less expensive flights available.
Most of the time it does not cost you anything. A broker is buying your loan at a wholesale price and shopping around for the best price, usually saving you money.
We refer to the loan origination fee and discount fees as points. Remember this, rates do not change. The cost to buy a rate (discount fees) changes. Yes, you can opt for a rate with the lender paying the origination fee and no discount fees in order to avoid paying any points.
Even before you are ready to buy a house, you need to talk with a mortgage professional and get pre-approved. They will pull a credit report and review your income and assets. If it is too soon, they will help you set a plan to get prepared (improve or consolidate debt, save money, etc.,). They will also be able to tell you what range you can buy in and discuss loan options.
Mortgage Mart is a company designed to be user friendly. We are in it for the long haul, so we can work for you and what is in your best interest. Our team concept allows you to talk with any of our representatives-someone is always ready to help you. We pride ourselves in the personal attention we give each loan. With over 11 years in business, we have established many good relationships with lenders, underwriters, appraisers, and escrow people to eliminate many of the typical loan hassles.
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