FAQ's
What is a Mortgage Broker?
Answer:
A mortgage broker is an independent real estate
financing professional who specializes in the
origination of residential and/or commercial
mortgages. Mortgage brokers normally pass on the
actual funding and servicing of loans to capital
sources who act as loan "wholesalers."
Question: Why should I choose a mortgage broker?
Answer:
Over 50% of Americans do because of their expertise
in the complex mortgage lending process. The broker
offers the consumer extensive choices and access to
affordable home loans while balancing the consumer's
financial interests and goals. They offer choice,
convenience and expertise.
Question: Have more Americans been able to buy
homes because of mortgage brokers?
Answer:
Absolutely! They have pioneered the credit market,
using innovative loan packages to allow low to
moderate income borrowers, with less than prefect
credit histories, to start enjoying the benefits of
home-ownership.
Question: When should I start looking for a mortgage and
what are the benefits?
Answer:
Many people are surprised to learn that the best time
to look for a mortgage is before you look for a house.
At Effective Mortgage Company, we offer two
valuable steps which helps make your home search a
little easier.
Pre-Qualification
Pre-Qualification consists of a verbal or written
statement of the maximum amount of mortgage you
should be able to receive based on the financial
information you've provided. This helps you and your
real estate agent narrow your home search to houses
available in your price range.
Pre-Approval
A Mortgage Pre-Approval is a formal letter from your
lender which indicates to a seller and his or her real
estate agent that you have had your credit reviewed
and are "credit worthy." It also shows that you have
been approved up to a certain loan amount.
There are other benefits as well. Your offer to buy can
be taken more seriously once you have finally found
your dream home. Many offers today are made with
contingencies, such as mortgage qualification, the
sale of another dwelling, etc. When you indicate to the
seller of the home you want that you have been
"pre-approved" for a mortgage, your offer becomes
more attractive. The seller knows that it's likely that a
sale to you will "go through" and not result in costly and
inconvenient delays.
Question: Do mortgage brokers really care
about the quality of the loan itself?
Answer:
Of course. The safety and soundness of the mortgage
lending community is directly linked to the success
and integrity of its home loan originations.
Brokers are regulated by several federal laws and
regulations and dozens of state laws and licensing
boards. NAMB supports reasonable and fair
state/federal regulation of mortgage brokers and
lenders.
Effective Mortgage Company is committed to get you
the best loan program at competitive rates. We will
handle all the complicated shopping through our
network of premier national lenders. Our reputation is
at stake. We are personable and we care about our
customers. We want to be your mortgage
professionals for life!
Answer:
A mortgage broker is an independent real estate
financing professional who specializes in the
origination of residential and/or commercial
mortgages. Mortgage brokers normally pass on the
actual funding and servicing of loans to capital
sources who act as loan "wholesalers."
Question: Why should I choose a mortgage broker?
Answer:
Over 50% of Americans do because of their expertise
in the complex mortgage lending process. The broker
offers the consumer extensive choices and access to
affordable home loans while balancing the consumer's
financial interests and goals. They offer choice,
convenience and expertise.
Question: Have more Americans been able to buy
homes because of mortgage brokers?
Answer:
Absolutely! They have pioneered the credit market,
using innovative loan packages to allow low to
moderate income borrowers, with less than prefect
credit histories, to start enjoying the benefits of
home-ownership.
Question: When should I start looking for a mortgage and
what are the benefits?
Answer:
Many people are surprised to learn that the best time
to look for a mortgage is before you look for a house.
At Effective Mortgage Company, we offer two
valuable steps which helps make your home search a
little easier.
Pre-Qualification
Pre-Qualification consists of a verbal or written
statement of the maximum amount of mortgage you
should be able to receive based on the financial
information you've provided. This helps you and your
real estate agent narrow your home search to houses
available in your price range.
Pre-Approval
A Mortgage Pre-Approval is a formal letter from your
lender which indicates to a seller and his or her real
estate agent that you have had your credit reviewed
and are "credit worthy." It also shows that you have
been approved up to a certain loan amount.
There are other benefits as well. Your offer to buy can
be taken more seriously once you have finally found
your dream home. Many offers today are made with
contingencies, such as mortgage qualification, the
sale of another dwelling, etc. When you indicate to the
seller of the home you want that you have been
"pre-approved" for a mortgage, your offer becomes
more attractive. The seller knows that it's likely that a
sale to you will "go through" and not result in costly and
inconvenient delays.
Question: Do mortgage brokers really care
about the quality of the loan itself?
Answer:
Of course. The safety and soundness of the mortgage
lending community is directly linked to the success
and integrity of its home loan originations.
Brokers are regulated by several federal laws and
regulations and dozens of state laws and licensing
boards. NAMB supports reasonable and fair
state/federal regulation of mortgage brokers and
lenders.
Effective Mortgage Company is committed to get you
the best loan program at competitive rates. We will
handle all the complicated shopping through our
network of premier national lenders. Our reputation is
at stake. We are personable and we care about our
customers. We want to be your mortgage
professionals for life!
