Madison Mortgage Blog: Brian Collins

Mortgage brokers are responsible for helping more borrowers obtain loans than any other source. Mortgage brokers only fit people into guidelines provided by lenders. A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses. A Wisconsin or Illinois mortgage broker is registered with the state, and personally liable (punishable by revocation or prison) for fraud for the life of a loan.

The primary drawbacks to working with banks is that each bank generally offers only a limited number of mortgage programs, and banks are not usually flexible when it comes to negotiating fees. To pre-qualify for a mortgage, you meet with a loan officer and provide information about your assets, income and liabilities. With pre-approval, the lender checks your credit, verifies your financial and employment information and confirms your ability to qualify for a mortgage.

The sad part is that there are a lot of good brokers out there, and the ones that are crap get out of the business and leave the good ones to clean up the mess, as well as to take the bad reputation. There are plenty of great brokers out there, that will look out for your best interest, and will find a better deal than if you went through the bank down the street. Most brokers want repeat business so they are looking to help you. Sure, mortgage brokers can make a lot of money during a hot market, but the downturns can be hard financially and many brokers quit after a few years with no guaranteed income (similar career lifeline as real estate agents). Mortgage brokers are independent contractors who arrange loans with money provided by banks.

We offer the following Illinois and Wisconsin mortgage programs:

First Time Home Buyer

No Money Down (100% Financing)

FHA Mortgage Loans

VA Mortgage Loans

Refinance

Jumbo Mortgage Loans

Freddie Mac Home Possible

Government Mortgage Loans

Rural Housing

Jumbo VA Loans

Fannie Mae Flex 97

My Community Mortgage

Interest Only Loans

80/10 Combo Loans

40 Year Home Mortgage Loan

Combo Interest Only Loans

Less Than Perfect Credit

Lender Paid Mortgage Insurance

Non Owner Occupied/Investment Property

Your local Wisconsin and Illinois Mortgage Banker:

Brian Collins
Toll Free: (877) 240-5810 x106
brian.collins@madisonmortgageguys.com
www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blogs_brian_collins/