Those purchasing a home for the first time may be unfamiliar with tips
and techniques for selection a good mortgage lender or broker. If
buying a home, choosing the right broker makes a big difference. You have
the option of completing a loan application with individual lenders, or
opting to use the assistance of a mortgage broker.
The Role of Mortgage Brokers in California
Using a mortgage broker to find a fitting loan program is very
beneficial. Each homebuyer has a different situation. Fortunately, there are
many loans available to help homebuyers achieve their dream. For example,
if you have poor credit, it is possible to find a loan that is catered
to those with low credit scores. Secondly, programs that offer closing
costs assistance are available for those with little money.
The responsibility of a mortgage broker is to match you with a
potential lender. There are many mortgage lenders to choose between. Thus,
selecting the right lender may be challenging. Besides, contacting each
lender and inquiring of their loan programs is time consuming. If using a
broker, you avoid the legwork.
Mortgage brokers will gather all your personal information, and submit
it to lenders for review. Within a few hours, you can expect mortgage
quotes from lenders eager to have your business.
Benefits of Using a Mortgage Broker to Find a Lender
Brokers have access to many different types of loans. In fact, a broker
can match you with a lender that offers specialized assistance. For
instance, many government programs and private lenders provide huge down
payment assistance to families with moderate to low incomes.
Furthermore, if using a mortgage broker, you will receive more than one
mortgage offer. When using a broker, lenders literally compete for your
business. After lenders remit their quotes to the broker, the broker
will email you with their offers. This gives you the opportunity to
thoroughly review offers before selecting a lender
Why Apply Online?
The easiest and most effective method of finding a lender is to work
with online brokers. The internet offers convenience and speed. Some
brokers offer instant quotes. Upon receiving and reviewing lender quotes,
you may be able to submit a formal loan application through the brokers
site. Once the loan approval is finalized, the lender will deliver the
necessary documents for you to sign.
View our recommended California mortgage lenders online.
Carrie Reeder owns ABC Loan Guide, an online resource with information about mortgage brokers and bad credit mortgage lenders online.