A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. They go between the borrower and the lender (usually a lender backed by Fannie and Freddie) and negotiate on your behalf so it’s hassle and stress free.
Traditionally, banks and other lending institutions have sold their own products. However, as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular as personal relationship outshine 800's . Today most mortgage brokers are the largest sellers of mortgage products for lenders.
Mortgage brokers exist to find a bank or a direct lender that an individual seeks with a specific loan the individual is seeking.
The majority of mortgage brokers are regulated to ensure compliance with banking and or finance laws in the jurisdiction of the consumer; however, the extent of the regulation depends on the jurisdiction.
Locally operating in Coastal Delaware since 2005 my focus is individualization of the right program for your particular needs when buying or refinancing.
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