The
Definition of an Arizona Mortgage Broker
So you've decided to buy a home and now you
need to know some terminology, huh? Well, let’s start with the term Arizona Mortgage broker located in Phoenix Arizona. This is a big
one. In simple terms, this is the person who will prepare the loan application,
communicate with your lender, make sure your loan is approved and processed,
and essentially save your life! In technical terms though, Arizona mortgage brokers are a little bit different. Investopia
defines a mortgage broker like this:
“An intermediary who brings mortgage
borrowers and mortgage lenders together, but does not use its own funds to
originate mortgages. A mortgage broker gathers paperwork from a borrower, and
passes that paperwork along to a mortgage lender for underwriting and approval.
The mortgage funds are then lent in the name of the mortgage lender. A mortgage
broker collects an origination fee and/or a yield spread premium from the
lender as compensation for its services.”
Basically, they are the matchmaker between
you and the bank who will lend you the money to buy your home. And a good
mortgage broker will make sure it is a match made in heaven!
Arizona
Mortgage Brokers Explained
Don’t confuse Arizona mortgage brokers with mortgage lenders. They do not
actually do the lending of the money. Often times, brokers will work for
lenders, though not always for one specific lender. Sometimes they will work
for several. They will use their clients financial information to match them up
with the perfect payment system and interest rate. Since each individual buyer
is vastly different, along with each individual lender being vastly different,
there is a large market for comparing and combining buyers and lenders in the
real estate market. Arizona Mortgage Brokers do just this and are experts in their
field.
Everything
You Need to Know About an Arizona Mortgage Broker
You’ll soon find out not long after you enter
into the home buying process how mentally and emotionally taxing it all can be.
Can I afford this? What paperwork do I need to dig up? What are the interest
rates and how do they affect my mortgage? These questions have probably already
floated through your mind. Not surprisingly, and not unusually, you probably
will not know all the answers, nor will you be able to find the answers on your
own. That’s where an Arizona mortgage
broker comes in. They can help you through every step of the home buying
process and make sure you are comfortable with your payments and 100% happy
with your purchase. Don’t take the home buying process lightly, and don’t try
to do it on your own. Feel confident about your decision by utilizing the
services of an Arizona mortgage broker.
How
Will My Arizona Mortgage Broker Help Me?
Like I said, you don’t want to go through
this process alone. Find an Arizona Mortgage Broker in Phoenix Arizona you can trust, and
one that understands you and your needs during this time. Your broker will
communicate with different lenders to make sure you get the best interest rate
possible. He or she is probably not employed by a lender, which is a comfort to
you because you know that they will be working hard to compare different rates.
Once they find the lowest rate and best lender possible, they will lay out all
the details for you.
Don’t go at this blindly. You need to stay
informed as to what is going on, but you also don’t have to know every last
real estate term in the book—that’s your broker’s job. Your broker will be in
constant contact with you to make sure you are moving in the right direction.
They will gather paperwork from you, prepare a loan application, and get you
your Good Faith Estimate (GFE).
Broker/RI/CEO/MLOSetabay Home Loans
Tel: (623) 582-4444 | Fax: (888) 279-6917
NMLS 1057378 | AZMB 0923961 | MLO 1057378
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