From the term Mortgage, you should have an idea about a Mortgage Broker. For starters, a mortgage is a type of loan secured for the purchase of a fixed asset – mostly house or land. That said, a mortgage broker works as an intermediary between the lender or mortgage bank and a borrower. This implies that a mortgage broker searches for consumers willing to secure a mortgage loan and ensures the loan is acquired. See more here.
In a home loan process, the mortgage broker is the middleman relaying the terms and conditions of both the borrower and lender to each other. Most times when you’re seeking for a mortgage loan, you may never communicate with your lender physically, and you may not know who your mortgage is placed with till the loan is acquired.
A brief explanation of the loaning process…
The process is quite easy. Once you’ve agreed to hire a particular San Diego Mortgage Broker, he/she will gather your ideas and desires about the loan, plus all your financial information (tax returns, account statements, savings accounts, etc) necessary for access of the loan and evaluate the best opportunity for the consumer. See here for information about Selecting the Best Mortgage Plan (cont’d) – Other types of Mortgage Plan.
This doesn’t toss aside the needs of the homeowner, but, to serve as a guide for acquiring the loan.
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