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Mortgage Brokers and First Time Buyers

First-time buyers are often intimidated when they consider taking out a home mortgage loan. The paperwork involved, the confusing terms like “points” and “escrow”, the varying qualifications, the different loan products, and even the possibility of being “scammed” – all these things can be hard to understand if you do not have any experience. Avoiding pitfalls and achieving the best result is difficult even for those who have gone through it before. Someone who is new to the home buying process is particularly vulnerable to poor decision-making and even outright exploitation.

One way to get clear explanations and a good, professional analysis of your particular situation is by using a mortgage brokers. Mortgage brokers do not lend money or approve loans. Rather, they act as a middleman between the consumer and lending entities, which are sometimes also referred to in this context as “wholesale lenders”. Using a mortgage broker is a viable alternative to going directly through a bank or other lending institution.

For first time buyers, having a relationship with a certified mortgage broker they can trust might mean the difference between succeeding in being approved for a mortgage loan or being turned down because they applied with a lender who was inappropriate for their particular situation. Using a mortgage broker means you have someone who know what they are doing to guide you in looking at lenders who are best matched with your needs.

Having a mortgage broker available to explain lending concepts and how they will impact the bottom-line of your mortgage loan will also lessen the chance that you’ll “bite off more than you can chew” as far as monthly mortgage loan payments.

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