Debt Help And Credit Repair
Strategies

We’re all shopping for the lowest rates, and that’s because, small variations could mean great savings, or major increase in paid interest.

Did you know that some lending institutions provide mortgages only through mortgage brokers?  And that some of these mortgages have been discounted?

In this article, I’ll show you how to find mortgage brokers or agents who have access to these mortgage programs.

What’s so special about mortgage brokers?

Mortgage brokers and agents provide some advantages to lenders.

• They do much of the legwork and paperwork that lenders would normally have to do.
• They bring volume of business to lenders

Since mortgage brokers work for the customer and not the lender, some financial institutions are providing preferred rates to mortgage brokers in order to attract more of their business.

In other words, qualified customers who deal with a good mortgage broker could find discounted mortgage programs.

What’s a discounted Mortgage Program?

Discounted mortgage programs are available to qualified individuals with poor to good credit.  By “discounted” we mean lower than what you would find on your own.

For example, an individual with poor credit could find outrageous rates that are as high as 25%--and even higher.  A mortgage broker could have access to lenders who would lend to that same individual, but with less than half the interest rate.

The same principle applies to individuals with good credit, although the difference in interest rate would not be as drastic—but substantial enough to save you 1000s of dollars.

Where do you find these mortgage brokers or agents?

Not all mortgage brokers are born equal.  The main factors that determine the quality of a mortgage broker are:

• Their connections to lending institutions and private lenders
• Their knowledge and experience
• Their level of ethics and willingness to go the extra mile to help their clients

You can learn a great deal about a mortgage broker by their attitude toward you.

• Are they knowledgeable?
• Do they take the time to find solutions to obstacles that you’re facing?  Obstacles could include not enough of a down payment, etc.
• Do they go the extra mile to qualify you for a mortgage?

Take the time to speak with your mortgage broker and get to know them.  The mortgage broker wants your business, so the chances are that he or she will do what they can to get you approved.

What is the cost of a mortgage broker?

The mortgage broker normally gets paid only when you sign up for a mortgage program through them, and it’s the financial institution who pays for the broker’s fees.

So their services are free for you—if the mortgage is provided through a financial institution. 

Unfortunately, most private lenders won’t pay for the Mortgage broker’s fees—you’d have to pay for their fees in those cases. 

The good news is that you only pay if they find you a mortgage and if you sign up for it.  So you can pay for their fees by taking a slightly bigger loan.

There are exceptions where the mortgage broker may ask for a fee even when you’re getting a mortgage from a financial institution.  This generally occurs when they have to work extra hard and for a longer period of time to get you approved.

In these instances, the mortgage broker should tell you ahead of time and before doing the work. 

Beware of fine prints
Some mortgage programs may seem great at first glance but carry in their fine print heavy penalties and surprises. 

Some of these hidden surprises could cost you your home, so the interest rate is not the only factor to look for.

An experienced, ethical, helpful mortgage broker is aware of these traps and will help you find mortgage programs with better terms.

I hope this article has helped you.

If you have more questions, write them down in the form below. 

Sheriff Guirguis
Co-Founder
PayItDownFast.com

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