florida loan : Mortgage

2008-03-25 16:06:06

( Financial )



If you are looking for a florida loan, specifically a florida mortgage loan – you will be able to find many mortgage brokers who can get you a good florida mortgage rate.

What are the advantages of dealing with a mortgage broker when getting a florida loan?

But what is a mortgage broker?
They are independent professionals who finance real estate deals. They specialize in originating commercial / residential mortgages. They pass on the servicing and funding of the loan to someone else who is the florida loan wholesaler. This could be a bank with a wholesale lending department.

A broker can work with a large number of wholesale lenders – offering you the most cost-effective and efficient way of getting a loan.

How do they get paid?
In three different ways
1. The whole amount by the consumer
2. The whole amount by the lender
3. Part of the amount by the lender and consumer.

A competitive broker is usually paid the whole amount by the lender. This can vary depending on the choice of loan program by the consumer.

Will the broker always get you the best deal?
Because the products come from a number of lenders – often they also have the best choice of loan rates and loan programs to offer. But the question is – is it really possible to know the “best deal”? There are thousands of products and lenders – so no-one can really guarantee that they are offering the lowest rate. You should base your selection on the following criteria:
1. Does the program meet your requirements
2. Points
3. Rates
4. Terms

What are Points?
It is important to compare these – they can also be called
- loan origination fees
- broker fees
- loan discount fees.

If the mortgage broker is paid by the bank don’t you end up paying more as a consumer? No, in fact not. Why? Because not only can the broker find you a better deal but it is more cost-effective for the broker to be paid by the bank because then the bank doesn’t have to keep a retail loan department.

A broker arms you with the greatest free market economy weapon – vigorous, open competition.

So for your next florida loan – choose a mortgage broker.


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