Nosari Home Mortgage, Inc.

Chris Nosari

  • About
  • Blog
  • Apply
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • Mortgage FAQ
  • Reverse Mortgages
  • Reviews
    • Zillow Reviews
    • Facebook Reviews
    • Additional Reviews
  • Contact
You are here: Home / Home Mortgage Tips / 3 Things Your Mortgage Broker Wishes You Knew

3 Things Your Mortgage Broker Wishes You Knew

July 12, 2016 by Nosari Home Mortgage, Inc.

4 Things Your Mortgage Broker Wishes You KnewAs the mortgage market has become more competitive, it has become a more common choice for many people to choose a mortgage broker to assist them with the lending process. While it’s great to have someone to help you with the fine details, there are some important differences between what a mortgage broker does and what you might think they do, so here are some things to be aware of.

They Can’t Approve Your Mortgage

Many people think that having a mortgage broker is a surefire way to obtain a home loan, but because brokers are a separate entity from the bank, they do not have the authority to approve your application. Instead, a good broker will be able to give you information about the best loans for you and ensure all the guidelines for the application are met.

The Rules Of Down Payments

According to founder of Arcus Lending, Shashank Shekhar, “You can’t borrow a down payment it’s just not allowed.” Many people may not know this, but a down payment needs to be money that you’ve come up with on your own. If much of your down payment money was gifted to you, it’s important to let your broker know so this can be documented in your paperwork.

Financial Changes Can Impact Your Application

When you’re going through the process of getting a mortgage, it can be easy to forget to consult with your broker or let them know of any changes, but it’s very important to keep them in the loop so your approval isn’t impacted. A large expenditure or change in your finances can cause issues with your mortgage, so ensure that before you do anything big you contact your broker to determine how to proceed.

Utilizing a mortgage broker for a home purchase is becoming more popular with the competitiveness of the industry, but there are things you should know before reaching out to a professional. Contact your local mortgage specialists for more information.

Spread the love

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage

Chris Nosari


Nosari Home Mortgage
APPLY NOW  
Click to Download Our App  
Visit Our Main Site  

Sign Up For Our Free Newsletter

Connect with Us!

Get A Free Rate Quote!

  • This field is for validation purposes and should be left unchanged.

Recent Articles

  • What’s Ahead For Mortgage Rates This Week – June 27, 2022
  • Can I Qualify for a Mortgage After Declaring Bankruptcy? Yes — and Here’s How
  • Can I Qualify for a Mortgage After Declaring Bankruptcy? Yes — and Here’s How
  • A Home Loan For an AirBnB Property: What To Know
Nosari Home Mortgage
1001 Hwy 62 E
Mountain Home, AR 72653
Phone: 870-425-8351
Fax: 870-425-8353
NMLS: AR #136034 | MO Lic #2358
Equal Housing Lender

Looking For Something?

Categories

Copyright © 2022 · Powered by MySMARTblog