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Having a good mortgage broker can save you thousands of dollars by finding you the best possible rate for your home loan. A good mortgage broker can also get you financed even if your credit is less than perfect.
When choosing a broker, one of the best criteria to use is Florida Association of Mortgage Brokers membership. FAMB Members are pledged to a strict Code of Ethics and Professional practices. Members regularly attend mortgage seminars to keep current on mortgage market conditions. Look for the emblem indicating membership in the Florida Association of Mortgage Brokers.
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The broker should be a full time professional.
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The broker should have good knowledge of the current day-to-day mortgage market, including the type and terms of loans that lenders are interested in making.
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The broker should be capable of analyzing, advising, restructuring, underwriting, packaging, presenting and negotiating your loan proposal with the right lender.
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Whether arranging the purchase or sale of a mortgage, the broker should know its current market value.
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Most brokers specialize in different areas of mortgage finance. Choose the mortgage broker whose specialty suits your individual needs.
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What is a Mortgage Broker?
A professional who ...
- is a licensed, full-time professional
- has passed a qualifying examination administered by the State of Florida
- is a qualified intermediary between the lender and the borrower
- analyzes, processes, packages and arranges loans for a fee
- is knowledgeable as to rates and terms available to suit client's needs
A mortgage broker...
- is an expert in analyzing, advising, structuring, underwriting, packaging, presenting and negotiating plan proposals.
- is knowledgeable in the many types of mortgage loans available.
- has a vast network of lenders and other FAMB (Florida Association of Mortgage Brokers) mortgage brokers that are available for the placement of your mortgage package
- is continuously updated as to rates available in the ever-changing mortgage market
- is a specialist in all phases of mortgage lending and has the resources available to handle all your financial needs.
Retaining the FAMB Mortgage Broker
- Licensed mortgage brokers are required by statute to enter into a written agreement with their clients.
- The agreement spells out the obligations of each party and customarily provides for the exclusive right of the mortgage broker to seek the financing desired by you.
- This agreement may require that you place a good faith application deposit with the broker. The broker is required by statute, to place this deposit in an escrow account.
- The general format of the agreement also includes delineation of the estimated costs for closing the loan, including the brokerage fee as regulated by statute.
Today's market is very complex. Whether or not you are sophisticated in the field of real estate finance, you should retain the services of the FAMB Mortgage Broker. Members adhere to a strict Code of Ethics of the Florida Association of Mortgage Brokers, along with the stringent regulations of the State of Florida which serve to protect you, the public.
Contact us today to learn more about how we can help your dreams come true!
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