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Janice Said:

Should I use a mortgage broker to find me the best FHA lender?

We Answered:

screw these online companies I have worked for 3 major lenders and 1 broker by far brokers can get you the best deals find someone who knows what they are doing and they can for sure give you the best rate and closing cost. Some brokers are not fha approved but the good ones are. Even as a employee of a major lender I still went through a broker but did my loan through my company through the broker(if that makes sense) becuase the broker gets wholesale rates and the rate they give you is based on how much they make and in this economy a lot of brokers are willing to work for less just to get the business which gives you a better rate. Good luck

Erica Said:

What's the difference between a mortgage broker & a mortgage lender?

We Answered:

A mortgage lender is actually lending you their money. The money that they obtained by investors investing in the company. Wells Fargo, Countrywide, Washington Mutual. They are direct lenders. Meaning you borrow the money from the place who is underwriting, processing and funding your loan. They can only lend their money. So if they charge 7% interest rate, that is what you get. You can save money on closing costs going this route, but the interest rates are usually higher to compensate. Although a lender only has access to his rates and loan programs, they usually have friends in the business who they can refer you too if they cannot help.

A mortgage broker is a middle man who shops with several, maybe dozens of different companies to find the best rate. A direct lender can only offer you his rate, where a broker knows what all the companies are charging. He finds the loan that best fits your needs. He doesnt lend his own money, and packages up your information and sends it to the company who will lend you the money. Obviously, there is an additional (broker) fee for him doing the leg work for you. The money you spend on him will be worth it if it saves you a significant amount on the interest rate. Also, the different lenders will usually use the brokers credit report to qualify you, so your credit isnt being pulled by dozens of people.

Sherri Said:

Will I be still dealing with the mortgage broker once the financing went through or directly with the Lender ?

We Answered:

the lender

Jorge Said:

As a mortgage broker/lender--can we offer customers giftcards if they choose to do a loan thru us?

We Answered:

Mortgage brokers/IFAs are akin to estate agents and traffic wardens and this looks like a further example of very sharp practice to entice business.

Grace Said:

What is the difference between a lender and a mortgage broker?

We Answered:

Ignore that first one.

The lender is the one that gives you the money to purchase a home.

The broker is the person/company that works sort of like a real estate broker. They hook you up with the lender for a commission that the lender pays. Differant lenders pay differant commissions, so this is not always good for the borrower.

Marshall Said:

What makes a shady and unprofessional Mortgage Broker or Lender?

We Answered:

What YOU might consider shady and unprofessional I might consider a business relationship.

So I guess if someone offered me something I knew was not right or feasible that would be shady.