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What is a Mortgage Broker?

Tuesday, February 9, 2010 at 4:37pm

Have you been browsing the Central Florida real estate listings? Are you interested in buying a home in the Orlando area, but unsure of the steps necessary to do so? Well, step one in buying your first home is to find out what type of home you will financially qualified to purchase. There are several ways to figure out what you are qualified for. Visiting your local bank branch, talking with a real estate agent or finding a mortgage broker are just some ways to see if your dream home is within reach. If you do not know what a mortgage broker is, or what one does, Road House Realty has provided a quick-read summary below to help you understand this and more.

A mortgage broker can usually help if the home buyer has had credit problems and cannot qualify for regular financing. Also, if you are self-employed or have a steady income job, getting a broker is one of the best ways to find finding for your home.

Since mortgage brokers are not steadily monitored or regulated in most states, doing your research in finding an honest, and trustworthy one is highly recommended. Also, if you have friends that can give refer you to a broker, this situation seems to work best. As always, find out if the mortgage broker is on any type of blacklist by checking with your state's business licensing department.

Once you have located a mortgage broker that you are happy with, make sure that everything you discuss is captured in writing. Go over all details - rates, fees and payments - with a fine-tooth comb. Make certain you understand exactly what is expected of you before, during and after financial negotiations.

Remember, in the end, you are the only one responsible to find a mortgage broker that fits with your payment abilities and standards. Using a broker, often times, can mean the difference between giving up owning your dream home or actually finding the financing to purchase that home. If you have any questions, your real estate agent, like the ones here at Roadhouse Realty, is here to help you and answer any of your questions

Please visit our Foreclosure Page and get the best deal on your next dream home or visit our Communities page and learn about the best areas to live around Central Florida.

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