Mortgage Brokers are a cheaper way for lenders to get their product to market. A lender does not have to worry about payroll taxes, overhead, supplies, etc. when a Mortgage Broker closes a loan with that lender. Therefore, the interest rates that a Mortgage Broker is able to offer are generally lower than you would find by going directly to the lender.

Also, by utilizing the services of a Mortgage Broker you will have someone on your side during the entire mortgage process. We like to see ourselves as advocates, working on your behalf, to bring you to a successful closing. Since we are a mortgage broker, and not a bank or banker, you have the ability to apply once with us and utilize our extensive network of regional and national lenders, as well as our expertise, in finding the best fit for your mortgage needs.

The Annual Percentage Rate (A.P.R.) is the cost of your credit expressed as an annual rate. Because you may be paying loan discount "points" and other "prepaid" finance charges at closing, the A.P.R. disclosed is often higher than the interest rate on your loan.

Your credit report is used to evaluate your mortgage request by showing how you have handled your credit obligations in the past. The following companies can provide you with a copy of your credit report, often free of charge:

Equifax

Website: www.equifax.com

Phone: 1-800-685-1111

Experian

Website: www.experian.com

Phone: 1-888-397-3742

TransUnion

Website: www.transunion.com

Phone: 1-800-888-4213

Traditional loans usually require documents that verify your employment, income and assets, and may include:

• Pay stubs for the last full month
• W-2 forms for the past two years
• Federal Tax Returns for the past two years
• Bank statements for the past two or months
• Copy of your drivers license
• Signed purchase contract (for a purchase transaction)