Ameriquest has set up a toll-free number, at 1-800-420-5875, for customers inquiring to see if they qualify for a portion of the restitution from a $295 million settlement. More »« Less

I picked up a set of tips off of Best Syndication by Chris Suffern. Chris runs RefinancingTips.com.au. He has created a list of the 7 sins of mortgage brokers. You can find his list in a condensed version here on Home Equity Mortgage Guide, and in a more complete and detailed version on his site.

The 7 Sins:

Sin 1: Favouring their loan product.

Sin 2: Being influenced by commission. More »« Less

It’s very surprising how many people don’t even know what a mortgage broker is. Perhaps it is time to actually look at what they do and how they benefit someone looking for a mortgage.

A mortgage broker is in essence everyones favorite person, he is the middleman. He benefits lenders by finding people to take their offers, and he benefits buyers (you the person trying to get a mortgage) by getting you the lowest rate you are comfortable with. A broker works independently from lending firms, often on a private level or out of a brokerage. A broker is a sleuth at finding different mortgage options. They often have multitudes of mortgage sources available from which to work with.

Unlike if you were to go to a bank, a mortgage broker isn’t bound by only the options that one lender offers, he is able to look at the bigger picture and help you find the best deal. This can be especially helpful for people with credit issues, which might ordinarily prevent them from obtaining a mortgage. They can also save time by going to all the mortgage sources at once, as opposed to a potential mortgage purchaser having to deal with individual lenders at a time.

What other benefits do they hold? Well they often are very knowledgeable about mortgages, and if you know nothing about mortgages whatsoever, other than the fact you need one, they will be a huge resource. Your broker will usually help you with all the necessary paper work too. They can tell you what you need to gather in order to have the best presentation to the lender.

Your broker wants you to get a mortgage, so they will do whatever they can to help. Do not however, let you broker push you into things. They should exist as a council to you not a handler. If they seem like a used car salesman, perhaps it is time to find another brokerage.

Do your research and find a broker whom you trust. Brokers are regulated but check with your local business bureau to get the real scoop on who you are trusting your mortgage with.

If you have more questions related to mortgage brokers I would highly recommend visiting Online Mortgage Advice, which is a great unbiased place for consumers to get the info they need.

Buying a house is no child’s play and more so when you are getting it on mortgage. It’s one of the most crucial decisions of your life and must be treated with all seriousness. Once you have done the initial analysis and introspection on whether you can and want to go for a mortgage, you come to the next stage i.e. hunting for the mortgage that is best for you. This starts with getting mortgage quotes. You might get the mortgage quotes through a mortgage broker or you might get mortgage quotes directly from mortgage lenders. Before asking for mortgage quotes, you must be very clear about your requirements (you don’t want to mess this up by getting wrong mortgage quotes because you had put in the wrong requirements). You can also get mortgage quotes through websites. There are several websites that can get you several mortgage quotes free of cost and within a short time period of 1-2 days. More »« Less

Online brokers negotiate financing deals with several lenders. This may mean that you can find a better deal through their site than by working with the lender. Not all mortgage brokers guarantee the lowest refinancing rates, so you should also compare brokers.

Understanding Mortgage Brokers

Mortgage brokers specialize in finding financing. They work with many lenders to offer you several financing choices. They partner with traditional banks as well as thrift institutions, credit unions, and mortgage companies. They can even connect you with subprime lenders if you have poor credit.

Not all brokers call themselves “mortgage brokers.” But any site that offers bids from more than one lending company is a broker. Make sure you know if you are dealing with a broker, since this will affect your closing costs.

Brokers collect a fee for each loan they refer to a lender. Sometimes you will pay this fee as part of the closing costs, other times it will come out of the mortgage company’s fees. Even with the additional expense of a fee, brokers can usually find you better deals than if you shop alone.

Working With Broker Sites More »« Less