Question

Mortagae brokers are the ones who bring the home buyers and the lenders together. True / False.

Answer 1

Answer:

True

Explanation:

A mortgage broker helps a borrower connect with lenders who represent the best fit in terms of the borrower's financial situation and interest-rate needs. A mortgage broker, a mortgage broker determines a loan-to-value ratio, and gathers all the required information regarding borrowers ideal loan type and forward them to the ideal lenders. The loan-to-value ratio is defined as a lending risk assessment ratio that financial institutions and other lenders examine before approving a mortgage. They also track down the unnecessary fees tacked onto closing costs by lenders when issuing a mortgage, this is called garbage fees. There are also a type of loan called the liar loan, these involve the category of mortgages that refers to low-documentation or no-documentation mortgages, this can be acronym to "no job, no income and no assets" type of borrowers.