Mortgage Companies

 

In this article we will discuss mortgage companies and some definitions related to them..

 

At the beginning what is a mortgage company?
Mortgage companies are often the originator of a mortgage; they market themselves to potential borrowers and seek funding from one of several client financial institutions mortgage company michigan that provide the capital for the mortgage itself.

 

What does a mortgage broker do?

Mortgage brokers exist to find a bank or direct lender that an individual seeks with a specific loan the individual is seeking. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications

 

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Who is the lender in the mortgage?

Loan officers are employees of lenders or mortgage brokers. Loan officers employed by mortgage brokers may also be involved in loan processing. In the case of a one-person mortgage broker firm, that person is both the broker and the loan officer

 

What does a wholesaler do?

Wholesale, wholesaling, jobbing or distributing is the sale of goods or merchandise to retailers; to industrial , commercial , institutional ,or other professional business users; or to other wholesalers and related subordinated services. In general it is the sale of goods to anyone other than a standard consumer.

 

What does a broker do for you?

A broker is an individual or party (brokerage firm) that arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Distinguish agent – one who acts on behalf of a principal.

 

How to choose a mortgage lender in 8 steps:

1-Update your financial portfolio before choosing a mortgage lender
2-Start checking the current mortgage interest rates
3-ask each lender what their mortgage rate is
4-compare rates to loan terms at each lender
5-request a written explanation of estimated charges required at closing time
6-compare each written documentation from each lender
7-narrow your choices
8-contact the selected lender to lock the interest rate you have navigated.

 

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