At West Coast Veterans we are a Licensed Mortgage Brokerage since 2001 and we have had a significant positive impact on the lending industry for years. Today, the use of a professional mortgage broker is one of the key strategies used by borrowers to allow for shopping of rates and fees with multiple lenders. Make sure you are aware of the difference between Mortgage Brokers and Mortgage Bankers. If you ask this simple question and check everyone’s rates the Mortgage Broker rate environment can in a lot of cases save you big money over the life of your loan as compared to other VA Lenders that are Mortgage Banking institutions or some other structure other than a Broker. Know who you are working with Broker or Banker and understand each other’s rate environments. This will go a long way to help you save money on your monthly budget and over the life of your loan.
What is a Mortgage Broker?
A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources of which there are many. A mortgage broker is also an independent contractor working with different lenders at any given time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.
What Do Mortgage Brokers Do?
In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker’s most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.
Brokers Handle the Details!
There are literally thousands of variables that can affect the outcome of your mortgage transaction. That’s why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.
A mortgage broker also:
- Discusses and explains financing program options of your VA Home Loan (Let us take the stress out of your next PCS!)
- Informs you of lock-in options
- Explains all documents of the loan application
- Explains all associated costs of the loan application
- Explains the loan process, from application to closing (And should hand hold you every step of the way and be available after hours and weekends)
- Provides you with a Loan estimate of cost and fees, or even a preliminary fees work sheet to give you an idea what you are up against until you lock and obtain an official Loan Estimate.
- Communicates with you throughout the loan process in a timely manner (transparency is key here so you know what you are doing at all times)
- Coordinates the final closing of your transaction up to the point where you get your keys (This is where we get to congratulate you and let you know it’s all over!)