Mortgage Broker Basics

Many of you reading this will be wondering what exactly is a mortgage broker? I hear the names of some other industry professionals and I wonder the same about their work titles too. You may have seen this link on facebook and are wondering, "why are you trying to help me? I can go to my bank for a mortgage". Well as you read, you will find out that may not be the best solution for you.

So what is a mortgage broker?

A mortgage broker basically negotiates the terms of your mortgage on your behalf. A good mortgage broker will tell you how to become mortgage free sooner, explain how to keep more money in your pocket and help you plan a mortgage strategy moving forward. There is much more involved to this profession as you will read about in future blog posts, stay tuned.

I have access to many different lenders and banks that will lend you money to buy a house. Each of these institutions are competing for your business. A major attraction for people looking to purchase a house is the interest rate on their mortgage. When lenders want to attract more business they will typically lower their interest rates. *You should not be strictly driven by interest rates when obtaining a mortgage*. This will be a topic in future posts, stay current. There are different qualifying criteria, lending programs, restrictions and easements from a suite of different banks and lending institutions. This allows me to match each persons unique financial situation to a lender that will accommodate them.

I am always working for you and with your best interests in mind. I am paid a referral fee from the chosen lender, so no money comes directly out of your pocket for my service. My compensation is priced into the interest rate of your mortgage; remember nothing in life is free. I am compensated differently for the term or type of mortgage you obtain. I am transparent with my compensation, so you know I am strictly motivated to help you. I do not receive bonuses or any other incentives from the lender we choose for your mortgage. I want to keep more money in your pocket and add to your bottom line, not the banks. Ask me how to become mortgage free sooner.

If you have made it to this point, thank you for spending 2 or 3 minutes with me. Visit my website yycmortgage.com for more information on saving money or contact me directly at 403-809-5447.

Cheers,

Chad Moore
403-809-5447
chad@yycmortgage.com
yycmortgage.com
follow me on twitter