A Mortgage Broker works to connect home buyers or homeowners with their best mortgage options possible. When you hire a Mortgage Broker, they will first gather and review your financial information and documentation. They’ll then look at the loan amount you’re requesting, your down payment/existing equity, income, and your credit score. Once reviewed, they’ll match you up with a number of favorable borrowing options to consider.
When you’re applying for a mortgage without a broker, you’re responsible for researching current mortgage rates, understanding mortgage terms (closing costs, fees, and other conditions), and sort through mountains of data to compare your choices.
Keep in mind that Mortgage Brokers are not bank or lender representatives. Instead, they independently research mortgage options and establish relationships with each Bank/Lender in support of YOU.
Service to clients is free of charge 99% of the time. Lenders/Banks that best fit your mortgage needs pay the Broker and therefore you have nothing to lose and everything to gain.
Give us a call if you have any further questions as we’re happy to elaborate.
In short: A Line of Credit is a loan that can be used for any purchase. It can be paid off at any time, has a maximum limit based on one’s application/income/assets, and can be either secured or unsecured. With low minimum payments and no demands to pay in full as long as the payments are up to date a Line of Credit may be an excellent choice when it comes to needing short term funds.
- A secured line of credit is guaranteed by an asset called collateral, such as a home or a car.
- An unsecured line of credit is not guaranteed by any asset—for example, a credit card.
- Unsecured credit always comes with higher interest rates because it’s riskier for the Banks.
- Both types can be used when needed and as often as required with minimum payments and no pressure to pay it all back in full.