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Mortgage Providers
You can get a mortgage from many different sources, like mortgage banking companies, commercial banks, community banks, credit unions and other financial institutions. Mortgage brokers may be a source of information about different mortgage products available from a variety of sources.

Some starting places include:

  • Your own bank or financial institution. Sometimes lenders can offer better mortgage terms to current customers.
  • Real estate professionals.
  • Family members, friends and coworkers.
    Internet research.
  • Your local newspaper or the telephone book.

Mortgage Types
There are many different types of mortgages. It's important to find the mortgage that's right for you Shop around.
Mortgages and rates vary. Keep in mind that interest rates change frequently, even daily, so contact several mortgage lenders on the same day to comparison shop.
The type of mortgage is also an important part of the decision.
Here is a few types of mortgage rates:

  • Fixed Rate Mortgages
    a mortgage with a fixed interest rate for the life of the mortgage.
  • Adjustable Rate Mortgage (ARM)
    mortgage with adjustable interest rates depending the current market rates. The first year mortgage interest rate (teaser rate) is usually a couple of points below the current market rate. ARM rates can go up to a certain limit or cap.
  • Balloon Mortgage
    refers to short-term loan where the loan payment is amortized like a fixed-rate mortgage for a number of years (5 or 7). At the end of the initial period, the mortgage full balance is due in one single payment(balloon payment).
  • FHA Mortgage
    aka government mortgage; the mortgage is guaranteed by Federal Housing Administration (FHA).


 


What is a Mortgage Broker?

A mortgage broker is an independent real estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass on the actual funding and servicing of loans to "Wholesale Lending Sources". A mortgage broker is also an independent contractor working on average, with 40 lenders at anyone time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient and cost-effective method of obtaining suitable financing tailored to specific financial goals.



What Do Mortgage Brokers do?
Mortgage Brokers are like" Policemen" offering their clients security, safety and peace of mind. One of their most important functions is escorting your transaction through the loan process, constantly patrolling the transactions for possible breakdowns.
A professional mortgage broker can wade through the mountains of rates and programs, researching current market conditions to provide you with the most accurate and up-to-date information on cost-effective loan options

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