Meadowbrook Financial Mortgage Bankers Corp and Mortgage Brokering

One of the many services offered through Meadowbrook Financial Mortgage Bankers Corp is that of mortgage brokering. While most people grasp what a mortgage is, they may not be sure exactly what a mortgage broker does and why they are important to the home buying process. The following information examines some of the mortgage broker’s roles and responsibilities.

• In the simplest terms, a mortgage broker is the go-between professional who works as an intermediary betwixt the mortgage lender or bank and the borrower. This is an important position as it smooths the process of acquiring a mortgage loan. The mortgage broker is a liaison between the retail side of the mortgage acquisition and the wholesale side.
• When a new customer contacts a mortgage broker for the first time, they will schedule a face-to-face meeting. During that meeting, the broker will learn what the potential homeowner is looking for, and gather all necessary information and documentation. These papers are necessary as they serve as proof that the borrower has the ability to pay on their loan. Some of the more common items a broker will require are proof of employment, credit history, and any income or asset information.
• Armed with those pieces of information, the broker has the ability to suggest which style of mortgage loan will work for the particular borrower. The professionals at Meadowbrook Financial Mortgage Bankers Corp will also have a good idea as to what total amount the borrower can expect to receive based on their credit and assets.