A Connecticut mortgage broker is something of a matchmaker when it comes to the real estate relationship, bringing mortgage lenders and borrowers together for a mutually satisfying transaction. The role of the broker includes stepping outside the specific offers from lending institutions to take on objective view of what each one offers and how best to meet a financial requirement from a borrower. Brokers earn money from commissions that lenders pay them for arranging mortgages. Commissions can vary according to the lender concerned.
The objectivity of the broker is important. If there are any obvious signs to you as a buyer that the broker is insisting on a product that is less well suited to your needs, it may be that the lender has increased the mortgage broker's commission in order to win more clients. It's far better to have a broker who is enthusiastic about a solution, because he or she is convinced that it is the right solution for you. Use your intuition to gauge your feelings on the matter; you are likely to be able to tell if it's one case or the other.
The integrity of the broker is key as well. Sometimes a lender will pay a fee on your behalf, on condition that the mortgage deal is signed. Such fees may be referred to a "POC" or "Paid Outside Closing". They should be visible on your closing statement, but may transit via the mortgage broker as a refund to you for expenses that you incur, In this case, check your statement and if you have not received sums due to you from this kind of reimbursement, ask your broker when you will receive them.
However, mortgage brokers do bring additional information and clarity to the process. Among other things, they are bound by RESPA (Real Estate Settlement Procedures Act) to make full disclosure of any fee that you will be liable for, if you sign a mortgage contract. This is in contrast with broker banks that do not have the same obligations. As an example, a broker bank may add a fee called a yield spread premium to the interest rate of a mortgage that it is arranging for you. This additional fee can cost you tens of thousands of dollars over the lifetime of a mortgage, if you are not aware of its presence.
Mortgage brokers, especially the independent ones, understand that a customer, meaning a borrower, needs to be satisfied with the service that they provide. Many of them go to considerable lengths in the way that they prepare and follow up on your application, because they know that a happy customer will talk on average to two other people about their experience. In a service industry, where the Connecticut mortgage broker does not has an "own product" to sell, quality of service and good reputation are paramount for the broker to continue to build a practice and acquire a satisfied clientele.
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