Are you in the market for a new mortgage? You may be aware of two common sources – banks and mortgage brokers. But what exactly does a broker do, and why opt to work with them over traditional banking options?

A mortgage broker is the vital connection between you and the provider of your loan. They facilitate an easy process by preparing all necessary documentation, such as a credit report, so they can assess your financial status and determine if you’re eligible for a mortgage making the entire process a lot easier.

A mortgage broker is the ultimate package of expertise, assistance, and guidance. Their mission? To make buying a home an effortless process for you while ensuring that the lender and mortgage product are suitable for your needs.

How Does A Mortgage Broker Benefit You?

When you decide to get a mortgage broker, the initial step they take is evaluating your financial stability and loan eligibility. This entails examining your credit score, calculating your LTV ratio, and reviewing previous financial papers. With this knowledge, a mortgage broker can determine and suggest the best loan options for you based on your likelihood of approval. Additionally, since they don’t just work with one bank in particular, brokers have access to numerous types of loans originating from multiple lenders – enabling them to provide homebuyers an extensive selection of alternatives. This is one of the key differences compared to a bank that provides an advantage to homebuyers.

For new homeowners, a broker eliminates the need for tedious legwork and guesswork throughout the purchasing journey. Instead of presenting an exhausting array of choices, your mortgage expert can sift through the options to locate products that best match your needs.

After your broker has identified the ideal product to suit your needs, you can start the mortgage process by obtaining pre-approval from a lender. Pre-approvals are generally based on credit scores and reveal how much money the lender is ready to lend. If you want to realize your dream of owning a home sooner than later, it’s best that you get pre-approved for an appropriate loan amount as soon as possible.

After you receive pre-approval, the next step is submitting a mortgage application. To make sure borrowers can afford to purchase and sustainably repay their loan, lenders require applicants to submit an official mortgage application form.

Acquiring a mortgage necessitates an incredible amount of effort. Lenders ask for extensive financial credentials, including credit score, past employment record, income level and much more before they make their decision – which can take some time to get together. It is crucial that you ensure all documents are in ready to go and in proper order prior to submitting your application.

Mortgage brokers are a great resource to help with the home loan process. From gathering credit reports and organizing documents, your broker will assist in getting everything ready for submission. This expedites the application process immensely and ensures that all paperwork is organized correctly. Once it’s approved, you can begin closing procedures and become an official homeowner!

How Does a Mortgage Broker Get Paid?

Mortgage brokers are legally obligated to be transparent with their fees and compensation through a document called the “Closing Disclosure.” Buyers can rest assured that they will remain in-the-know throughout the entire process. Plus, this policy helps maintain fairness for all parties involved by ensuring transparency and clarity of communication.

Brokers must set their fees at the onset of the process and are unable to modify them throughout. Furthermore, Qualified Mortgage regulations limit brokers from collecting more than 3% on a loan.

Why Should I Work with a Mortgage Broker?

Mortgage brokers are your saving grace, providing you with guidance and assistance every single step of the way. The process of purchasing a house is often tedious and difficult – thankfully mortgage brokers exist to make it simpler for you so that you can be more focused on other aspects of owning this new home!

Brokers provide:

• Specialized advice and expertise
• Greater ease of communication
• A more nuanced understanding of the mortgage industry
• The ability to simplify and expedite the process for their clients
• Answer any questions and address any concerns the client may have
• More options to the consumer, by enabling them to shop the market for the best price
• Accountability and competition among their providers

If you are trying to buy a house but have credit issues, lack of down payment resources, or if you’re a veteran looking for housing opportunities, the experienced brokers at Sword Mortgage are here to help. Our team of professional mortgage brokers offer various solutions that open the door to expanded possibilities and make your situation manageable. Whether it’s using FHA loans or crafting innovative alternatives tailored to meet your needs – There is always options available with the right plan for success!

We understand searching for a new home can be an intimidating and overwhelming process. With the assistance of Sword Mortgage, you’ll have access to trusted guidance and reliable resources that will enable you to make informed decisions. Sword Mortgage makes purchasing your dream house easier than ever before! Our loan officers will take the time to fully explain your options and help you understand all aspects of your unique situation before making a decision. Call 770-826-0222 to speak to a mortgage professional or get started on your loan application process today.