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| Tip of the Day |
Try coloring your own hair, or get a friend to help. However it turns out, you’ll either be saving a bundle on a great new color, or making a bold new fashion statement.
- How To Keep More Of What You Make |
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 Your home is probably the single largest source of financial decisions you will make in your life time. Whether you are buying a new home for the first time, refinancing your current home, or using your equity to trade up to your dream home, you need the sound advice of a mortgage professional. Mistakes can literally cost you thousands of dollars, so you'd better have someone who is looking out for you, rather than the bank. That's why you should use a mortgage broker instead of a mortgage banker.
What's the difference? Simple: the broker is working for you, not the bank. A bank loan officer is looking out for the bank. He'll get paid whether or not you get your loan. He'll still get his vacation, benefits and perks even though you didn't get your loan. On the other hand, a mortgage broker only gets paid if you get your loan. She'll work harder to make sure your application gets the attention it needs to be approved.
Another major difference is the selection mortgage brokers have over bank loan officers. A mortgage broker has access to hundreds of different lenders with thousands of different loan products. In comparison, the typical bank loan officer has just a handful of loans to choose from. If your circumstances don't fit his cookie-cutter programs, you won't get the money you need.
A good mortgage broker keeps abreast of the changing mortgage market. She knows the benefits and the pitfalls of the products offered. She will show you all the costs involved in your loan, and help you decide on the best loan for your situation. Should you buy down the interest rate? Will a 'no-cost' loan cost you more in a higher interest rate? Which is the right one for your situation? A good mortgage broker will help you decide.
She's a full time mortgage professional who's only concern is getting you the right loan. On the other hand, most bank loan officers are really branch managers who must take time out of their busy schedule to deal with your loan. It's pretty easy to see who will give you the better service.
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