Many people confuse a mortgage broker in Oakland with a lender. In many cases the mortgage broker is the individual that offers loan products on behalf of numerous lenders who are the ones that actually loan the money to the borrower. A mortgage broker in Oakland more or less acts as a liaison between those that wish to borrow and those who wish to lend mortgage money.
A mortgage broker is not in the business of lending money, they work with people who wish to borrow money to purchase a home; they find a mortgage which is appropriate to the needs of the borrower. The first thing the broker will do is to determine the precise needs of the borrower and then shop for the best possible loan deal from a number of lenders who offer the type of loan the borrower is Looking For Mortgage Brokers in Oakland usually work with a considerable number of lenders, they try to match the right lender to the right borrower. Some brokers have literally hundreds of places where they can get mortgage loans, this often means that a mortgage broker in Oakland is in a great position to find a loan for a borrower who has special needs such as credit problems.
Mortgage brokers take applications for a mortgage from client borrowers, they then seek to find a loan that suits and lock in a rate and term. The brokers also provide any and all state and federal disclosures, they gather all the pertinent documents from the applicant including their employment situation, income, current debt and monthly obligations as well as a credit report. Once the application and all the accompanying documents are in order the broker will submit everything to the lender who then handles the loan and makes the cash available to complete the property purchase.
It may be necessary for some potential borrows to make some corrections in their credibility, a mortgage broker can often provide basic counseling; they can also advise borrowers on ways to arrange better rates. A mortgage broker in Oakland will help borrowers understand the details of the loan. Once the borrower has been accepted for a loan the broker bows out of the process and the lender takes over.
Mortgage brokers are paid by commission in exchange for bringing borrowers and lenders together. The broker is paid once the loan is closed and the money has been disbursed to the property seller.
