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Top 3 Myths About Mortgage Brokers Busted

a man holding a paper with mortgage labelMortgage decisions cannot be made overnight. Unless you give them a careful thought, you could commit severe mistakes. Remember that you have to endure every mistake you make at the application stage for as long as a decade or more. Having mortgage brokers explain the entire process may seem bothersome, but it’s a way to save your finances.

Below are some myths about mortgage agents and the facts behind them:

1. You must pay to work with a mortgage broker

Some homebuyers fear to work with mortgage brokers with the assumption that they must pay for the services they rendered. On the contrary, there’s nothing to pay to a broker. A mortgage broker’s job is to convince clients to sign to a deal with the lender. Therefore, it’s the lender’s obligation to pay for broker services, where most of the brokers are paid on commission.

2. Only customers with poor credit status need a broker

Mortgage brokers are knowledgeable professionals and can always advise clients on their way forward. However, as Altius Mortgage Group noted, they’re not only limited to offer credit status advice. They can also guide other borrowers, not just on the best mortgage rates in Utah, and see that your mortgage approval application approval takes the shortest time possible.

3. Mortgage brokers work for lenders

The fact that mortgage brokers get paid by mortgage lenders doesn’t mean a particular broker is obliged to work for a specific lender. In fact, a mortgage broker works for a homebuyer to ensure that they get the best mortgage deals. Brokers only suggest and refer a borrower to lenders randomly. If the homebuyer accepts and signs the contract, that’s when a broker can be paid.

Mortgage brokerage sometimes can be complicated to understand. No wonder many myths are surrounding the industry. However, having the right professionals surround you when making your borrowing decisions can save you a great deal of mortgage troubles.

October 6, 2018 at 1:00 amBusiness Electronica