Q: Why should I use a Mortgage Broker?

A: Mortgage Brokers work with a number of lenders to find the right loan program to match a particular borrowers needs. With their great resource of loan products, they will be able to present you with the most suitable program for you!

Q: Will a mortgage broker be able to find me a better rate than a mortgage bank?

A: Mortgage brokers work with a variety of lenders including commercial banks, thrifts and mortgage bankers. Brokers have access to lenders who may not have offices in your state, but are licensed to do business there. They will be your best "source" for the best rate.

Q: Doesn’t a broker charge a fee for a loan resulting in me paying more for this loan?

A: Not necessarily, because the broker is processing the loan and so it costs less for the lender to make the loan. Although the broker may charge a fee up front, the lender has already discounted the loan rates to the broker for this benefit, so in the long, the borrower benefits from the reduced rate!

Q: What documents do I have to provide in order to get the loan?

A: Be prepared to provide verification of income (including a pay stub and the two previous years tax returns or W-2's), bank account numbers and details of your long-term debt (credit cards, auto loans, any child support, alimony, etc.) If you are a self employed person, you may have to supply business financial statements. Each lender requires specific information, so this is based on the lenders requirements.

Q: Can I open additional credit lines during the loan process?

A: Yes, but no! You don't want to have credit information change due to obtaining a new credit card, etc., during this process. It could stop the loan from closing. Same thing with your personal or financial status changes. Should you change jobs, get an increase or decrease in salary, change your marital status, whatever, it is your responsibility to notify the lender or any of these changes.