What A Mortgage Broker Does for You

A quick primer on the mortgage industry

The world of mortgage lending is made up of many different types of institutions who provide different functions. Just as with selling groceries, some lending institutions only provide money “wholesale” to other institutions, and some of those institutions then make those funds available to individual borrowers (known as “retail”).

Some financial institutions, such as certain banks and credit unions, do both wholesale and retail, lending money to other financial institutions and also providing mortgages and loans to their own customers. If they have a retail division, they will usually offer a limited number of loan programs with strict specifications: they will usually only accept employed borrowers with perfect tax returns, perfect or near-perfect credit scores and who fall within certain other parameters. About 30% of all borrowers satisfy these requirements. If you fall within this 30%, you may be able to get a good deal for a mortgage at your local bank or credit union, but if you don’t, you will have trouble getting the mortgage you need.

What a mortgage broker does

This is where a mortgage brokerage comes in. A mortgage brokerage is a retail provider (dealing directly with customers) that does not just work with one wholesaler, but instead provides access to hundreds of lending programs from many different wholesalers all over the country. The mortgage broker and his employees (called “loan officers”) provide access to competitive lending programs provided by wholesalers that cannot be accessed by consumers directly.

In addition, a good mortgage broker takes the time to listen to the details of your financial situation so that he or she can advise you on the loan programs that are most suitable for you. A mortgage broker will also take the time to explain the difference between programs, as well as various options you might have within a certain program, so that you can make an informed decision. He or she will go over the loan documents with you in detail, so you know what you are signing.

For a comprehensive and detailed list of the duties of a mortgage broker, click here.

Specialized loan programs with detailed, personal service

At Prosperity Lending, we specialize in mortgages for business owners, artists and entrepreneurs, but we can also do mortgages for employees who haven’t been able to find the help they need elsewhere. We also service foreign nationals who want to buy a property in California.

We do continuous research on the lending programs available, and we offer programs with great rates and terms that cater specifically to the needs of business owners. Not only that, the loan programs we offer are customizable, and we tailor them to your specific circumstances. Additionally, we pre-qualify you in detail internally before we submit a mortgage application to the lender, lowering the risk of rejection and unnecessary dings to your credit score.

If you want detailed, personal service to get you a mortgage that will benefit your financially for years to come, please call us at 310-294-9417 or click here to book an appointment online.

“Throughout all of our dealings, Alejandro has always demonstrated the utmost concern, accuracy and professionalism both to his clients and his affiliates.”

— Wendy, Escrow Officer