What is a mortgage broker?
A mortgage broker works with a person or company searching for a mortgage and the banks or lending firms that offer mortgages.

Why deal with a mortgage broker?
By using a mortgage broker, you have the negotiating power of a skilled professional, you save time because you do not have to seek out the different options and your broker may have access to lending firms you may not otherwise have the opportunity to deal with.

How does the mortgage broker get paid?
The mortgage broker gets paid a percentage of the mortgage from the bank or lender.

Are there any hidden fees?
Generally, the lender pays all fees; however, a good broker does not mind providing a breakdown of all fees he or she will collect.

How can a mortgage broker get a better rate then the bank?
Mortgage brokers have access to hundreds of lenders and will have up-to-date information about the best rates available.

Why should I go to a mortgage broker first?
Choosing a mortgage broker makes sense because there is no cost to you, but you gain access to loans you may not otherwise qualify.

How long does it take to process a application?
Depending on what type of loan you are looking for, the process may happen within 24 hours, or within the business week.

What is a variable rate?
With a variable rate mortgage, the rate moves up or down based on the current market rates.

What is a fixed rate?
A fixed rate loan keeps the same rate for the entire term, no matter if the current interest rate goes up or down.

What is the minimum down payment for a home?
This varies depending on your credit and the cost of the home. If you pay less than the standard down payment, you may have to pay an additional insurance premium. The lowest down payment is 5% with the insurance coverage.

Can I still get a mortgage if I have bad credit?
Yes, there are more options than ever for those with bad credit or no credit. A mortgage broker can help you find the options that work best for you.

Can I buy with no money down?
There are special loans available for those who want to buy with no money down. This may further limit the amount for which you qualify, but a mortgage broker can help you determine if one of these options work for you.