If you are looking into purchasing a new home and are not sure about the mortgage process, there are great resources at your disposal on the Internet. Your first step should probably be looking into your own credit rating. A copy of your credit history can be ordered from one of the major credit agencies, for example Equifax, for a small fee. This can be used to evaluate what kind of mortgage and mortgage terms you are qualified to receive. Researching the actual mortgage process, including origination and amortization of mortgages, may also be a good idea. However, this can be a complicated process. A mortgage broker can help you understand both the mortgage process and the lenders who will offer you loans.
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Mortgages lenders generally do most of their business through brokers. Lending businesses, often banks, have no interest in using effort and expense to set up departments to seek out and handle customers and their applications. Brokers perform these services for them. Since this saves mortgage lenders money, savings are passed on to the broker through lower rates which are then passed onto you.
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As a part of the process, in exchange for working with mortgage lenders on your behalf, mortgage brokers generally take as their fee a small percentage of your loan. However, some are paid a set fee or an hourly fee. Not all brokers give written documentation upfront and, as with any other business transaction, it is a good idea to discuss fees with mortgage brokers before deciding to them.