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Applying For A Mortgage? Find Out If You Should Use A Mortgage Originator

Mar 18, 2008
It is so easy to feel overwhelmed by all the options when applying for a mortgage. Every website or newspaper tells you all these great things and how much money you will save at this and that bank. The real question you must ask yourself first is if you should make use of a mortgage originator or complete different mortgage applications at different banks. The first thought I had when I applied for my first mortgage is that I will save commissions if I apply directly at a bank. Heres what you need to know.

Mortgages are by far the worst nightmare when youve found that dream house or perfect investment opportunity. It is always a hassle to get that paperwork done and then have to wait to find out if you qualify. If you dont do your homework before you take out a mortgage youll find out too late that you couldve saved yourself a lot of money. You dont have to be an economist or chartered accountant to avoid making mistakes but the truth is clear that you need to do your home work and research all the banks to know their differences and terms.

Most home or other property buyers dont have the time nor the will to research these banks and other mortgage lenders. If you feel the same as most home and property buyers then making use of a mortgage originator, to handle things like research and mortgage applications, may just be the thing you need. A mortgage originator is an independent party that is paid commission by the bank or other mortgage lenders for referring your business. 2 things are important to remember here. Firstly, you need to know that you dont pay more for your mortgage when you use a mortgage originator. The banks and mortgage lenders cut their profits to pay them. Secondly the mortgage originator may not have your best interest at heart because he/she is paid in commission.

Mortgage originators have long relationships with banks and mortgage lenders. They also have access to some of them which you may not have on your own. This is especially important when your credit history is not that great and you need the mortgage originator to negotiate on your behalf. You also need to be very careful when using a mortgage originator you never heard of. Read the fine print and never sign blank or incomplete documents. Ask them to explain all fees, bonuses and commissions payable to them.

Lastly, your mortgage broker should give you a number of mortgage offers and options to choose from. They must explain all aspects of the contract and not just the interest rate. Mortgage brokers can be of great use and save you a lot of money. Just remember to look out for the things Ive mentioned and youll be fine.
About the Author
Peter Owen helps new home buyers and property investors to reach their goals by finding suitable mortgages . For mortgage applications or if you simply need mortgage advice you are welcome to visit MillionMortgages.co.za.
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