Why Use A Mortgage Broker?
- It costs no more to do business with a mortgage broker.
- We do the shopping for you from an approval list of qualified lenders.
- Because of the diversity, the opportunities for loan applicants to qualify are greatly improved.
- We have access to the most competitive adjustable and fixed-rate loans, including Easy Qualifiers (limited documentation) and Jumbo's (larger home loans).
- Our only business is to provide the lowest cost home financing on the market today for the consumer.
- Because we are a broker approved with many lenders we are not forced to recommend one set of loan programs but can go to any of the approved lenders to find the best loan. A savings and loan or bank does not do this.
- We do our best to make your loan closing fast and hassle free; however if your loan needs extra work we are there to make sure we arrange a loan for you. If the loan does not close we do not get paid!
Q. Why use a mortgage broker?
A. Mortgage brokers represent you—the borrower—in obtaining financing from a variety of lending sources.
Q. If mortgage brokers are middlemen between you and the lender, how can they save you money? Don't you have to pay extra for using a mortgage broker?
A. Independent surveys have shown that mortgage brokers do NOT cost you more than direct lenders. In many cases they even save you money. Mortgage brokers increase
competition in the market place, resulting in lower rates for everyone. Since mortgage brokers obtain their funds from a variety of sources, they allow you access to a large number of lenders. When you apply for a loan with a
mortgage broker you are effectively applying for loans with all the lenders that mortgage broker is approved with. Mortgage brokers obtain rates at wholesale, mark up these rates by adding points and then quote you a retail rate.
Mortgage brokers are NOT employees of the lender, rather they are independent contractors. Mortgage brokers are free to set their own pricing. Therefore, two different mortgage brokers using the same lender can quote you different
rates/points! This is because the two brokers may mark up wholesale rates differently. Q. Why do lenders use mortgage brokers?
A. It saves them time and money. The mortgage broker does all the legwork finding customers, pre-qualifying
them and putting together their loan package. As a result, lenders are able to offer discounted pricing to mortgage brokers.
Q. How do mortgage brokers set pricing?
A. Remember, mortgage brokers obtain rates at wholesale,
mark up these rates by adding points and then quote you a retail rate. It's that simple! This is similar to what a travel agent does. Travel agents obtain discount pricing as a result of their volume.
Shoreline Mortgage Corporation
4000 Hollywood Boulevard
Holllywood, FL 33021
Toll Free (888) 353-1558
Phone (954) 966-1313
Fax (954) 966-3606
E-Mail
Loans@Shorelinemtg.com| Apply Now
| | Home | C o p y r i g h t © 1 9 9 8 , 1 9 9 9 Shoreline Mortgage Corporation
|