Buying a new home can be pricey. Besides the expense of the house itself, there can be a lot of extra costs, including Title fees, property inspection fees, appraisal fees, and mortgage broker fees. At Mile High Mortgage Brokers, we want to keep your costs to a minimum. Here are a few answer to common questions about Mortgage Brokers versus Retail Mortgage Bankers.
What exactly is a mortgage broker and what do they do?
A Mortgage Broker is basically a licensed and vetted financial advisor specializing in mortgages. We work to find the right mortgage with rates to suit your budget. We also show you your best options and our expert knowledge of the housing market means we can identify the best lenders and mortgage deals out there. Mortgage Brokers have a responsibility of care towards you, this means we have to be able to justify any recommendations we make.
Mile High Mortgage Brokers will base our mortgage recommendations on your individual unique circumstances. Some of the factors we use include:
The size of your down payment
The duration of your loan (30 years, 20 years, 15 year)
Interest rates and programs
This information helps us to see what mortgage offers you’ll be eligible for and how much you’ll be able to borrow.
Do all mortgage brokers offer the same programs and rates?
No, Mortgage Brokers and can vary a lot in regards to the rates, terms and fees they can offer. The more volume the Broker funds the better terms, rates and fees we can offer.
Mile High Mortgage Brokers is partnered with Edge Home Finance Corp. We are the 3rd largest Independent Broker in the Nation. We are also a Diamond Elite Partner with UWM (United Wholesale Mortgage) the largest home purchase lender in American. The partnership leads to a white glove consumer experience that is hard to compete with.
What are the advantages of using a mortgage broker?
You can go directly to your bank or a retail mortgage banker yourself, but you could miss out on some of the advantages a broker brings:
We are trained, qualified and vetted professionals with extensive knowledge of the mortgage process. We are not tied to one investor so we have many options to help you in your mortgage buying decision, meaning we can help make sure you don't end up with an unsuitable mortgage.
Mile High Mortgage Brokers saves you time and money by comparing the market for you and we help you with all the ‘red tape’ side of purchasing a home.
Mile High Mortgage Brokers will probably save you money. We have access to thousands of lenders and we are a Diamond Elite Partner with specific lenders and we may be able to get you an exclusive deal. Ultimately, you are probably more likely to get better rates with a mortgage broker like Mile High Mortgage Brokers than without.
How do I choose the right mortgage broker for me?
Take a look at reviews. A good recommendation goes a long way when it comes to something as important as your mortgage broker.
Use your connections. Your estate agent usually knows mortgage brokers from working in the same area, so asking if they recommend anyone can be worthwhile.
Look online. You can search locally or look for experts based on the type of advice you need.
Check the credentials. A broker should be fully qualified. To check, you can search the financial services register.
Think long-term when considering a mortgage broker. Buying a home is usually the most expensive purchase in our lifetimes, so be sure and ask questions and don’t be afraid to compare one offering with another Brokers offering.
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Edge Home Finance Corp, is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. Edge Home Finance Corp is a licensed mortgage broker in the following states CA, CO, FL, MN, NC, ND, WI and TX. The following states require disclosure of licensing information. (If your state is not listed, it does not require a specific license disclosure): CALIFORNIA – Licensed by the Department of Business Oversight under California Finance Lenders Law COLORADO – Edge Home Finance Corp, 4530 W 77th St Suite 365 Edina, MN 55435, (763) 219-8484; to check the license status of your mortgage broker, visit http://www.dora.state.co.us/real-estate/index.htm TEXAS – CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV
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