Florida mortgage brokers - It is important to make sure that you are working with a licensed and professional mortgage broker. In the state of Florida you can contact the Florida Office of Financial Regulations to make sure the mortgage broker you are working with, or planning to work with, is licensed.
Call the Compliance and Licensing Division at 1-800-848-3792.
You can also check to see if your mortgage broker is licensed on their website at:ww.flofr.com/licensing/download.htm
To find out if you are working with an honest, reputable mortgage broker in the state of Florida you can contact the FAMB (Florida Association of Mortgage Brokers). All members are bound by a strict code of ethics to which they must adhere to continue their membership. You can contact the FAMB by calling 1-800-289-9983 or by visiting the online at famb.org.
Contact the NAMB (National Association of Mortgage Brokers) to find a reputable mortgage broker to do business with in your area of Florida. The NAMB has a strict code of ethics that its' members must abide by to continue their membership. The NAMB can be contacted by calling 703-342-5870 or visiting them online at namb.org.
What is a mortgage broker? - A mortgage broker is a mortgage professional who arranges for the financing of a home loan for a borrower with a mortgage lender. A mortgage broker generally has the ability to utilize the services and programs from a wide array of different lenders which gives him/her the ability to find the right mortgage program for each individual borrower. Most mortgage brokers need to be licensed by the state(s) that they conduct business in.
A Mortgage Broker is a person or organization specializing in finding mortgages for those wishing to buy property. A mortgage broker does not finance or refinance mortgages. They help people find lenders and lending plans that serve their unique needs.
Working with a broker can eliminate the need to "shop" different lenders to see who has the best rate. Shopping for lenders is part of a broker's job. However, some brokers are able to find mortgages with better rates than what other brokers offer. For this reason, it is common for borrowers to shop many different brokers .
You should know that, just because a broker quotes you a certain rate, it doesn't constitue a guarantee to give you that rate. Mortgage interest rates change on a daily basis, and until you've locked into your rate, it is subject to change. Some unscrupulous lenders will quote a rate that they know is lower than they can get. They do this to entice you into using them for your loan, and then they suddenly change your rate. They may say it's due to a change in the market, when in reality they were lying all along. For this reason, it is usually best to work with a mortgage broker you trust, somebody who looks at your entire financial picture and makes suggestions for what loan will be the best fit for you.
Mortgage broker - A firm that originates and processes loans for a number of lenders.
The term broker generally applies to those who are licensed as a broker. However, many mortgage loan officers who are not licensed as a broker also call themselves mortgage brokers.
Brokers are typically able to offer the widest array of mortgage products. Most mortgage bankers are limited in their programs.
One of the many benefits of using a Mortgage broker is the wide array of products that brokers have access to.
Choosing a mortgage broker to provide your home loan is very important. First find one that is knowledgeable and trustworthy and then begin talking about rate and fees.
How to find a reputable mortgage broker - If you are looking for a mortgage and need the services of a reputable mortgage broker there are many ways to find one. You can do an internet search for a mortgage broker in your city. You can also look in the phone book under mortgages.
It is a good idea to check with any applicable Mortgage Professional Associations, when looking for a reputable mortgage broker. For example Mortgage Bankers Association(MBA), the National Association of Mortgage Brokers(NAMB), and in California, the California Association of Mortgage Brokers(CAMB) - And many others located Nation wide.
Ask the broker for references. If a broker cannot or will not give you references then its time to continue the search.
You may also have your realtor or any friends or family members refer you to a mortgage broker they have used in the past.
Reputable mortgage brokers charge rates and fees that do not vary based on age, gender, race, religion, or national origin. If you feel you have been discriminated against contact your state licensing authority to file a complaint.
In most states, mortgage brokers are licensed by the state government. Always make sure that your mortgage broker has a current, valid and proper license. In addition, in many states it is easy to check if the broker has had any violations recorded against his license.
Make sure when searching for a broker that you first find a good, knowledgeable broker that makes you feel at ease, has knowledge of the programs available, and is someone that you can work with. Once you find this then it is time to talk rates and fees but make sure and find a good broker first.
