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Frequently Asked Questions

What is a Professional Mortgage Broker?

A Mortgage Broker is a professional trained to assist a consumer in obtaining the best real estate loan whatever the consumer's needs may be. Mortgage Brokers are not tied to one source of funding. They have many investors offering hundreds of programs. Since each investor establishes his own criteria for credit, property and income, a professional Mortgage Broker can almost always match a borrower's needs with a program to suit those needs.

Who should use a Mortgage Broker?

Since Mortgage Brokers arrange real estate secured loans, any current or prospective real estate owner can use their services. Let the professional Mortgage Broker save you time and money by doing the shopping for you with the multiplicity of rates and programs now available in the market place nationwide.

How can I make sure the Mortgage Broker I choose is a qualified professional?

A quick call to your local state licensing department, which sets the standards for Mortgage Brokers in your state, will let your know whether the Broker you choose is currently in good standing. Also, all members of the NAMB adhere to a strict code of ethics and proudly display their membership in their offices.

Will it take more time if I use a Mortgage Broker?

Your Mortgage Broker will actually save you precious time by shopping the lending market for you. With a Mortgage Broker, you make only one loan application. The loan request is then fully processed in the shortest time possible by a highly trained and motivated professional staff. The Mortgage Broker does not usually earn a fee until your loan is closed.

Isn't it more expensive for the buyer to obtain a loan through a Mortgage Broker?

No, not necessarily. In fact, in this day and age, many banks and mortgage companies originate their loan portfolios strictly through Mortgage Brokers. A Mortgage Broker is more likely to have the right program for you than any other type of lender. This makes the Mortgage Broker competitive with Mortgage Bankers and Savings institutions on any loan program available to the public and provides the consumer with a better rate of approval.

What about real estate loans other than a personal residence, can a Mortgage Broker help them?

Mortgage Brokers can handle any and all real estate loan transactions. Raw land, apartment buildings, office complexes and industrial warehouse facilities are only a few of the other types of properties which a Mortgage Broker normally can handle.

What is NAMB, and how does it work for you?

The National Association of Mortgage Brokers(NAMB), founded in 1973, promotes the Mortgage Brokerage industry by providing continual education opportunities for its members and the real estate community. All members adhere to a strict code of Business ethics which governs their daily activity. with members throughout the United States, the NAMB has become a leader in our industry.