What is a Mortgage Broker?

Mortgage Brokers arrange financing for borrowers.

• As a Mortgage Broker I am able to shop the lender that will best fit the customer's needs for a loan, whether it be:
• the best program based on the customer's needs
• the best interest rate
• or a combination of both
  
• The Best Program?
• How long will you own the property (home). This will help determine whether a fixed rate, adjustable rate, or interest only rate mortgage is right for your present needs.
• What is your history of buying homes, and/or re-financing. This will help determine the lowest loan payment. (This lower payment can allow you to build more equity for the future that could be used for remodeling, college, medical expenses, credit card debt, or for investing.)
• Marginable credit issues could effect your ability to qualify for some loans. If you are self-employed or have had credit problems that have prevented you from securing a mortgage loan through traditional channels.
   
• The Best Rate?
• The best mortgage rate might not be the lowest available based on you present and future needs.
  For example:
  If you are on a fixed income, a fixed rate may be the best program for you.
  If you need more available cash for monthly expenses then an adjustable rate or interest only rate will provide a lower monthly payment. 

• Loan Amount on $100,000.00
• Fixed Rate Mortgage:
  $100,000.00 @ 5.75% Interest Rate + Principle =
  Total over the life of the loan = $
• Adjustable Rate Mortgage:
  $100,000.00 @ 5.00% Interest Rate + Principle =  
  Total over the life of the loan = $
• Interest Only Mortgage:
  $100,000.00 @ 3.75% Interest Only Rate =
  Assuming that the liber rate stayed the same through the life of the loan and you set up a 30 year amortization schedule, your monthly payment would =
  Total over the life of the loan = $