Mortgage Brokers Role When Buying Investment Properties | Berkeley ...

Posted by editor | Posted in Uncategorized | Posted on 24-06-2011

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As a real estate investorunderstanding what a mortgage broker can do for you only makes sense. A mortgage specialist, agent or consultant are all basically the same affair. Unless you are buying the investment all cash or you are fashioning a deal with the seller for 100% financing the mortgage process will in all likelihood be necessary .

A mortgage broker usually owns the franchise or company while the above work under the mortgage brokers license. Mortgage agents have access to the same mortgage products as his or her broker.

When you go to a traditional bank you are limited by the mortgage products that the bank offers If you do not meet the lending criteria of that particular bank you will have to search elsewhere . Whata lot of real estate investors don?t recognise is that every time they visit a another bank, a credit check is run . The issue is that each time a credit check takes place your Beacon or Fico score goes lower. This may affect the rate you could get or stop you from being able to get qualified for a mortgage at all.

A mortgage broker checks your FICO or Beacon score one time and can have access to 40 or more lenders and their products. Traditional banks are limited to only their own products.

A mortgage specialist takes the bullying out of the mortgage process. They will negotiate aggressively with lenders on your behalf. That is what they do every day. If you?re buying an investment property you should have a mortgage specialist pre-qualify you. It?s a smart idea to know how much you could qualify for if this turns out to be your only financial option.

The entire mortgage process will be simlified by your agent, negotiate the best conceivable products and lowest rates on your behalf. They do the paperwork and provide you with the peace-of-mind that you are getting the best solution possible for your investment properties. You will be given an explanation of the entire process and have all of your questions from beginning to end answered. It is very common to have a mortgage agent show up at your house for a 9:00 p.m. appointment for your convenience (try to get a banker to come to your house). They will provide maximum flexibility in financing choices and advise you on credit and mortgage qualifications.

A mortgage agent gets paid from the lender that the mortgage was arranged with called a finders fee. Sometimes there is a brokerage fee which is paid by the borrower, depending on the circumstances. Mortgagebroker also have access to profit lenders in which case a brokerage fee is added. More frequently than not the lender pays a finders fee to the agent and there is no brokerage fee.

As a property investor working with a mortgage agent will be a fantastic asset when purchasing investment properties.

Source: http://www.berkeleyrealestategroup.com/324/mortgage-brokers-role-when-buying-investment-properties/

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