What to Expect from Mortgage Brokers Today
Sunday, April 5th, 2009Shopping for a new home in a crazy market environment may be a daunting task. A lot of home buyers are looking for homes themselves and not seeking help from mortgage brokers.
Two years ago, about 67% of home loans are originated by mortgage brokers. When the bubble burst, their share of the market pie is down to 45%.
A lot of buyers want to look at their option themselves and compare the choices they have instead of seeking help from other people. To survive this trend, mortgage brokers must learn how to serve the best interest of their clients in the most transparent way.
Brokers have all the access to information for all kinds of loans from banks. They don’t work for the bank and can give their clients the most cost-saving deal that they can find in the market. In recent years, this wasn’t the case. Mortgage brokers pocketed a lot of commissions from banks and borrowers ended up with very costly loans.