US Mortgage Brokers information

 What do loan Loan Brokers do?

Simple, they act as a financial intermediary between parties (a lender and a borrower) to a transaction in exchange for a fee or commission. In the UK loan market, this is usually interpreted as being independent of any particular lender so that they have the whole range of lenders to introduce intending borrowers to.

US Mortgage Brokers


Why do people use Brokers?

Simple again, because they specialize in fitting intending borrowers to lenders they have a very firm understanding of what each lender is looking for in terms of customers. They also have a refined knowledge of current interest rates and forms of loan available, and they are often in an advantaged position of close association with particular lenders. This association regularly results in an enhanced service in terms of time scale to decision and presentation of funds due to the regularity and quantity of business that passes between them.

For people searching for a loan when they have accumulated a bad credit history, for whatever reason, it is often to a broker that they will turn for their best chance to achieve the loan they need at the most reasonable interest rate.

The broker industry is policed and regulated by The Office of Fair Trading (OFT) under the Consumer Credit Act. Any company wishing to introduce loans has to be a licensed credit broker under a license issued by The Office of Fair Trading. Most secured brokers are members of The Finance Industry Standards Association (FISA), which promotes and enforces standards that exceed those that are obligatory under the OFT.

Brokers will take a full financial fact find about any prospective borrower in order to ensure that the suggested loan is the most applicable for the client and their individual circumstances. Issues in the choice will include the client’s loan purpose, income(s), job, a form of employment (employed/ self-employed), joint or single application, residential status (tenant or homeowner), outstanding loans (of all types), the credit history (missed repayments, defaults, county court judgments, etc. that are registered against the individual) and electoral roll searches. Any combination of results in the above information will affect the advice given.

What are the benefits of using a loan broker service?

Personalized Service
Some offer as close to an automatic online system as they can, whilst others practice individual broking techniques as a result of introductions. What is common is that the services are committed to achieving the lowest APR for the full circumstances presented by any individual applicant.

Best APRs for homeowners, secured or unsecured
Whether your needs are small or large, short-term or long-term, if you are a homeowner you may be able to obtain favorable consideration even in the case of unsecured loans.

Best rates for Bad Credit applicants
Lenders prefer to see the full picture when taking on loan requests from people whose past or current credit history isn’t absolutely clear. You may receive a more favorable response if the lender knows everything relevant about you upfront, and because they have taken the application in full knowledge it is more likely to complete!

No obligation
The service is provided completely without obligation. You will be fully consulted on the decision to proceed with any loan scheme and you are free to withdraw at any stage during the application.

Full online Application Form
The Loan Brokers will normally require you to complete information about the amount and term of the loan you want PLUS information about your financial position. They need this in order to agree with lenders to accept your application.

This particularly important where there is any question of bad credit history or arrears on current loans etc.

You complete this information only once.
The broking company can then use it to get the best possible deal amongst all the lenders in their extensive panels. You do not have to repeat the full information for each lender you are presented with. You can be sure that if the information entered is true and complete, the lender will be willing to proceed.

Quick response (lenders may be found in minutes)
The process of booking is to achieve an individual service for the customer based on their unique circumstances. The brokers selected pride themselves on the speed of their service. They will contact you as quickly as possible, typically within 10 to 15 minutes, by email or by telephone.

Full loan details emailed or telephoned direct
The call or an email, arriving within minutes of completing the form, will identify lenders and schemes and the relevant details, informing you of the next steps.

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