value of brokers in getting loan

Guest 0.10 Dollars($)

I have read some news on the mortgage brokers fined and charged for wrong practices. Is it still worth to have a broker in getting a mortgage?

Samantha · Posted: Sat Jan 07, 2006 1:40 pm Post subject:

Hi Daniel,

It is true that there are some mortgage brokers and lenders involved in cheating, but that is not the complete picture of the market. Most of them in the business prove helpful to the people seeking mortgage.

It is entirely dependant on your situation whether you should go for a broker or search the lender and the loan program yourself.

A good broker can save your effort and help you get the best loan with low rates. They can help you make a plan on how much money that you can borrow and thus help yourself get prepared from an early stage.

You can approach them even after business hours without disturbing your work. You need worry to select the appropriate lender if are in touch with a good broker. I shall suggest you to go through our section on mortgage brokers to understand their working manner.

God bless you.

For MortgageFit,
Samantha

Cliff · Posted: Sat Jan 07, 2006 1:49 pm Post subject:

Hi Daniel,

It's unfortunate that there some Brokers out there that do things illegal and they give the rest of us a bad name. But there are some out there that are honest and will work hard for you. Just make sure you shop around before settling on a broker. Good Luck in your search.

Guest 0.10 Dollars($)

Yes I understand that all of the brokers are not dishonest. There should be some strict measures against these misleading brokers so that the market becomes healthy and clean place for all of us.

Thanks

Guest 0.10 Dollars($)

Yes I understand that all of the brokers are not dishonest. There should be some strict measures against these misleading brokers so that the market becomes healthy and clean place for all of us.

Although it is a personal choice whether to go for a loan yourself or through a mortgage broker, but getting a good broker can save much time for you to get the loan.

They are professionals in the business and know the details and the difficulties the industry. There are several lenders in the market and to choose the tight one for you can prove to be a difficult task.

Brokers can be useful in that case as they are in constant touch with the market. They are well acquainted with mortgage processes which are often difficult for a person outside the industry to go through.

But you need to select a good broker with high reputation in the market for the purpose. Strict measures are taken under law if any broker is found guilty. All of us should co-operate to make this important industry a safer place.

Murphy

Cliff · Posted: Sat Jan 07, 2006 2:02 pm Post subject:

Hi Daniel,

Normally there are guidelilnes that we must follow. It's sad though some brokers get a little greedy and think only about the fast buck and not what is best for their client and following mortgage guidelines and laws.
But again, make sure you not only shop around but ask a lot of questions.

Guest 0.10 Dollars($)

Yes Cliff,

I shall keep that in mind. Thanks to you and the others for providing me relief on the matter.

Daniel

Cliff · Posted: Sat Jan 07, 2006 2:11 pm Post subject:

Hi Daniel,
You are quite welcome. If you have any more questions post it on the board and we'll all assist you.

Guest 0.10 Dollars($)

Myhusband has been in the military for over 25 years. We are retiring in September 2006. We are going to be building a house in another state (home of record). The closing date is set for July 2006. We are going through the VA for a loan. My husband will still be on active duty when we close on the loan and plans on having a job locked in by that time also. Should this present a problem in obtaining a loan. Our credit rating scores in in the high 700's. A response is appreciated.

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