About Brokers

You Buying a home or Refinancing can be very confusing. There are so many people involved in the process. Below is an explanation of the key players involved in your transaction! This should help you understand who is who!

Business Brokerage 1. Lender - A lender is the agenctyt that lends money for a home purchase or refinance. Lenders can be banks, savings & loan aasociations, credit unions, or even government agencies and private individuals.

Information Refinancing, Home loans, mortgages FAQ Refinancing, Home loans, mortgages Free Course by Email Refinancing, Home loans, mortgages Prequalify Myself refinance 7 Step Refinancing Plan What is refinancing ( mortgaging) Refinancing is when you replace your existing mortgage bond with a new one from either the same lender or a new lending company. This is usually done to get a better interest rate to reduce monthly repayments or to release home equity funds. Refinancing is usually done through a refinancing broker.

Forex Broker 2. Mortgage Banker - A mortgage banker is a person or compnay tyhat is contracted to originate, finance, close. sell and service home loans on behalf of an institutional lender. Mortgage Bankers and Lenders are synonymous.

If you decide to refinance, shop around by calling several lending institutions to ask what interest and fees they charge. Remember, you don't have to refinance your mortgage with the same lender that provided your original mortgage. Also, check with your Better Business Bureau for a reliability report on lending institution(s) you're considering.

Online Brokerage 3. Mortgage Broker - A mortgage broker is a middleman who charges a fee to match up a homebuyer or owner to an appropriate lender for their indivual needs.

Can you buy your dream home Find out just how much you can afford! Refinance Breakeven Should you refinance your mortgage Use this calculator to determine when you will breakeven! Rent vs. Buy Are you better off buying your home, or should you continue to rent Refinance Interest Savings Use this calculator to see how much interest you can save by refinancing your mortgage!

Real Estate Broker 4. Loan Processor - The loan processor is employed by the lender, mortgage banker or mortgage broker. This person is in charge of verifying employment, assets, and analyzing the applicants infomation in order to qualify.

Real Estate Appraisals, Check the property values before you buy or sell. Useful for buying, selling or refinancing. Mortgage brokers and real estate brokers tool.

Agency Brokerage Spark 5. Escrow - The escrow company is a nuetral third party that is incharge of executing the lender's instructions, incharge of holding and dispursing funds from a realestate transaction or refinance and reviewing the title report. They are a critical part of the transaction.

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Business Broker 6. Title - The title company is incharge of insuring the title of the property from fraud for a fee. They provide the preliminary title report and record any changes in title with the local county recorder.

Brokerage Account 7. Real Estate Agent - The real estate agent is reposible to the buyer of a home to show/list properties, coordinate the sales transaction and communicate with escrow and title on the buyers behalf.

Stock Broker 8. Loan Signing Service - The loan signing service is typically contracted by the escrow officer to coordinate the time and location for the appointment to sign the loan documents. They also provide a notary public who will supervise and notarize loan documents.

Brokerage Online Stock Trading Now you are more familiar with the key players involved with your purchase or refinance transaction. This information should help you sort out who is who and that there is much more involved in this process than you though! Good luck with your transaction!

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