Mortgage Broker Flashcards
What are the Tasks and duties of a Mortgage Broker?
- n order to estimate a client’s borrowing ability and identify an appropriate house loan, we assess their financial status and personal demands.
- Researching home loan packages and giving them unbiased advise on the best available solutions.
- Managing and facilitating the loan application and closing procedure.
What Is the Role of a Mortgage Broker?
A mortgage broker is a middleman who connects mortgage borrowers and lenders, but does not originate mortgages using their own assets. A mortgage broker connects clients with lenders and finds the greatest fit for their financial circumstances and interest-rate requirements.
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What Does a Broker Do?
In the real estate sector, a mortgage broker acts as a go-between for borrowers and lenders. A broker compiles loan choices from several lenders for a potential borrower to examine, whether the borrower is buying a new house or refinancing, while also qualifying the borrower for a mortgage with those lenders. Financial information such as income, assets, and employment papers, as well as a credit report and other information, is gathered by the broker in order to assess the borrower’s capacity to acquire finance, which is then passed on to possible lenders.
