«Mortgage» is formed from two words: the French word «mort» meaning «dead» and the word «gage» from Old English meaning «pledge». Sir Edward Coke (who lived from 1552 to 1634) explained the term: the land as considered «dead» to the mortgagor, as if the person never had it.
Today, the term mortgage is used for a loan for purchasing propriety. The most common
mortgages are the home mortgages. It is not common to pay cash a home today. The
«life’ of a home mortgage is from 20 to 30 years. During all this years, the owner will pay
regularly and with the specified amount. There is also a term for the interest rate,
established to respect the seller and also the buyer conditions.
Most people think at a bank when thinking at a mortgage. It is the most trustful way to
get a mortgage; even the banks are asking the most rigorous set of documents to approve
it. The stability has its price: banks don’t give the best interest rate, but there is also the
possibility to negotiate for the best acceptable solution.
Pertinent information empowers the burrower with the knowledge to make appropriate
decisions for his family and themselves.
The banks are making their money from activities like mortgage, so there will be always
good solutions for everyone. People can «shop around» to find the best mortgage
What are the mortgage brokers? They are making all the legwork for the customer.
Specialized websites are offering «perfect loan programs» in a few minutes. A
professional research must be made to find the appropriate opportunity to buy the house
of our dreams.
Financial brokerage is a licensed company or individual who obtains a loan for borrowers
by selecting the best available solution at the best available rate. Real estate brokers help
borrowers to get a loan in accordance with their needs, making in the same time a
profitable investment for the financial brokerage or lender. All the work can be done
online, leading to a fast win-win situation for all.
The load mortgage broker has a professional expertise with direct access to many loan
products, providing customers efficient and cost-effective options that are meeting their
specific needs. He will provide customers with choice, convenience and expertise.
A good broker is the customer’s mentor, guiding him to the entire loaning process,
balancing the client’s financial goals, offering extensive choices.
A professional mortgage broker is using loan packages with less than perfect credit histories,
permitting to his customers to enjoy the benefits of home-ownership.
A mortgage broker isn’t a banker, neither another financial lender. He is (or must be) a
real estate professional offering products and services. A broker can act as a banker too,
when funding loans.
Maybe the best part of a home mortgage broker activity is the help he is giving in
assessing the requirements and saving the customers time. Having contact with many
banks they can offer advices on the ways to overcome the frontiers to loan qualification.
A mortgage broker also knows the laws and regulations, simplifying the borrowers’ task.
He is taking the application and obtains the credit report and appraisal. He counsels the
customer on the approval process; obtain the credit report and appraisal, collecting the
necessary documents. He also provides separate services and facilities to wholesale
lenders; market the lender’s product also. Mortgage broker also is assembling and
delivering the completed loan package.
The mortgage broker really cares about the quality of the loan; the safety and soundness
of the mortgage lending community is linked to the success and efficiency of its home
loan originations. Consumers who exercise their choice choose mortgage brokers because
they are dedicated to their customers, who are the consumers, and in the same time the
May the broker steer consumers to the lender who pays the highest fees to the broker?
Isolated instances of steer can occur, but the free-market economy is protecting the
customer giving him a powerful weapon: the vigorous open competition. Each consumer
can shop and compare the prices; his final option will lead him to the best solution. The
level of choices has no precedent.
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