Austin Texas Real Estate

What does a Mortgage Broker Do?

When you're ready to buy a home, one of the first things your Realtor will ask you to do is to visit with a mortgage broker. The purpose of this visit is so that you can go over your financial situation with a professional who will then search out the best loan type for your particular needs.

In today's economy, most sellers are not willing to take the "for sale" sign off of their home without some assurances that the buyer can actually pay for the home - and who can blame them?

That's why before they even take you out to look at a single home, a real estate professional will make sure that you have been seen by a mortgage broker - so that when you do find your dream home, the seller's will have an easier time accepting the contract knowing you've been either pre-qualified or pre-approved for a loan.

The mortgage broker will walk you through the various loan options, inform you about the amounts of money that you'll likely need at closing and let you know what documents they will need to process the loan. To see a list of what you need to apply for a mortgage, check out "What do I do to apply for a mortgage".

Can you do all of this yourself through your own bank? Sure, you can. However, as your Realtor will very likely tell you, with a mortgage broker you get to see all the packages available to you instead of just the ones your particular bank offers. Who knows? There could be a better deal out there waiting for you!

David Hood
Austin Homes & Real Estate
(512)567-7053