Frequent Questions

A mortgage broker is a licensed professional who connects borrowers with lenders, helping them find suitable mortgage loan options.

Unlike a bank that offers its own loan products, a mortgage broker works with multiple lenders to provide borrowers with a broader range of mortgage options.

Mortgage brokers earn a commission from the lender when a borrower successfully secures a mortgage loan.

Working with a mortgage broker provides access to a wider range of loan options, personalized guidance, and expertise throughout the mortgage process.

Most mortgage brokers do not charge upfront fees to borrowers.

Yes, mortgage brokers have access to lenders who specialize in working with borrowers with less-than-perfect credit scores.

The mortgage approval process can vary, but it typically takes around 30 to 45 days from the time of application to closing.

Yes, mortgage brokers can assist with refinancing, helping borrowers find better loan terms or access equity in their homes.

Yes, mortgage brokers can guide borrowers through government-backed loan programs such as FHA, VA, and USDA loans.

The required down payment amount can vary depending on factors such as the type of loan and the borrower's creditworthiness. A mortgage broker can help determine the down payment requirement for specific loan options.

Yes, mortgage brokers often assist borrowers with investment properties and commercial mortgages in addition to personal home loans.

Mortgage brokers have access to multiple lenders and can compare interest rates to find the best options for borrowers based on their financial profile.

Yes, mortgage brokers can assist self-employed individuals in obtaining mortgage financing by working with lenders who specialize in serving self-employed borrowers.

Generally, borrowers need to provide identification, income documentation, bank statements, and other financial documents. A mortgage broker will provide a specific list of required documents based on the borrower's situation.