t is recommended that you customer is to find the best rate
work with a mortgage broker possible and make sure all the
or a mortgage lender before documents are prepared by the
you shop for a house. You don't closing date. To do otherwise
want to end up falling in love could cause the mortgage broker
with a home and then finding out to lose customers and tarnish
you can't afford it. Getting their reputation with other real
pre-qualified or pre-approved for estate professionals.
a loan can help you decide what
price range fits your situation. A mortgage lender is the actual
So what's the difference between institution servicing your loan.
a mortgage broker and a mortgage A lender could be a bank, a
lender? credit union, or a
quasi-government company like
A mortgage broker is basically a FNMA or "Fannie Mae". Sometimes a
retail seller of a loan. They get lender will sell the loan to the
paid a commission from the lender open market, but still continue
and a service fee from you. The to service it. The fee of a
service fee can include an lender is typically less than
origination fee, a processing that of a mortgage broker. The
fee, a closing fee, and/or points mortgage broker, however, might
on the loan. The fees will be find you a better rate because
listed on the documents you sign they are not bound by the
at the title company, on the day policies of one institution. It
of closing. The advantage of is, therefore, debatable that
using a mortgage broker is that going directly to the mortgage
they have information on a wide lender for a loan will save you
range of lenders and loans that money.
can fit your needs. A mortgage
broker's obligation to his/her Then who should you use? The
answer is easy. Find the one who Realtors work with lenders all
gives you the best deal. All the time and yours might have a
mortgage brokers and mortgage good feel for one that is
lenders should tell you their reliable and honest. In the end,
fees upfront, so shop around. It though, you should use the
is also a good idea, in some mortgage broker or mortgage
instances, to use a lender lender that is right for you.
referred to you by your realtor.
About the Author:
Michael A. Stazko is a food lover and founder of http://www.buyandsellnorthtexas.com , http://www.bigdallasrealestate.com , and http://www.bigsandiegorealestate.com .
Read more articles by:
Michael Stazko
Article Source: www.iSnare.com 
