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The Story of the Great Mortgage Brokers and their Commitments

By Jeorge Benson Subscribe to RSS | January 13th 2012 | Views:

Mortgage broker loves to play hide and seek with the interest rates and keep the customers guessing as to what is coming next from their sack. If you are a mortgage broker then you will surely enter into the ping pong game of interest. So are you all set to reduce your risk of losing the sale and that too without losing the commission at the same time?

Mortgage broker or a mortgage agent quotes a potential borrower the best available rate and that too at the same time. The broker also manages to answer all the questions and all the related concerns of the client’s and discloses all the important points. The whole process then continues as then the broker explains the associated weaknesses in the borrower’s loan application and also helps the borrower to solve all the related issues.

The broker assists the borrower in getting through all the necessary paperwork and helps them to avoid the pitfalls associated with it. The mortgage broker then submits the loan to the lender after discussing all the elements for choosing that particular lender. Then the commitment for the loan is then obtained.

After this process the borrower then goes ahead to check for the commitment and then the borrower moves forward to look for the property available. So after this whole process is completed you will manage to get the property. Then the mortgage broker assists the borrower with some of the key issues like they help them identify with the lawyer or for that matter a notary public agent and then take care of all there outstanding and pending issues.

After a few weeks when the completion date gets over at that time the borrower proceeds to go to his her bank and then he inquires about the bank’s interest rate. The bank employee gives all the required information and approves the loan. So with all this the borrower receives a lower interest rate.

Then finally the borrower conforms to the mortgage broker or the mortgage agent about the lower rate that they have received. The brokers face a tough time ahead because the borrower it seems is not very happy with the result and the borrower most often loses this game. So from the start itself one should get to know about the various loans that are available. The broker should take out time to explain to his customers about the various restrictions and limitations that are attached with it.

Jeorge Benson - About Author:
We are value based agents, not transaction based. This means we will do more than just get you a mortgage; we will get you the best mortgage, which includes the best rate and conditions. In the world of commodity financing we offer you a personal approach by offering you mortgage broker and a mortgage agent.

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