There are many sources of real estate loans. Banks, savings and loans institutions (S&Ls), credit unions, and mortgage banks all offer home loans to the public. But each organization is able to offer borrowers only its own line of products.

Mortgage brokers are different. Brokers can offer you more options and the best rates because they have access to many different types of lenders and loans.

What mortgage brokers do

As a loan agent working under a broker, I draw from hundreds of different sources, including banks, S&Ls and mortgage banks. The loan programs and interest rates are, for the most part, identical to what the lending institutions can offer you directly. In addition to presenting a wide range of loan choices, I offer other key advantages as a mortgage broker:

• I make sure that you are pre-approved before you start looking for a property. You'll know how much you can afford, what your monthly costs will be, and what type of loan will work best for your situation.
• I help you resolve any credit issues that arise so that they will not affect your ability to get the loan you want at the best possible interest rate.
• Everyone's situation is unique. I advise you on the best loan program available for your income, assets, and credit history.
• I make certain you get the lowest interest rate. Since the market changes every day, I will pinpoint the lender offering the best rate when it comes time to lock in an interest rate for your loan.
• I ensure that your loan application is complete and that it shows you in the best possible light. Incomplete or unclear documentation delays the loan approval process, which may affect your ability to complete your purchase on time. In a competitive market it is important to close your purchase transaction as quickly as possible!
• I monitor the underwriting process closely. Any requests made by the lender are met quickly so as not to delay your purchase.
  
• I communicate with you and your real estate agent throughout the process so that you know what's happening at each step.
• Above all, I act as your advocate throughout the loan approval process. It is in both of our best interests for your loan to be approved quickly and without unnecessary frustration! 

How I get paid

I am compensated for my services directly by the lender. Your only out-of-pocket expenses for my services are a processing fee and a small charge for a credit report.

Sometimes a lender does not offer loan agents such as myself compensation for placing its loans. When this happens I may ask my client to provide compensation by charging "points". A point equals 1% of the loan amount. Since no one likes surprises, I keep the buyer informed of these details throughout the purchasing process.

Why I work with Guarantee Mortgage

As a loan agent I am required to work under the license of a broker. I've chosen to work with Guarantee Mortgage, the largest mortgage broker in San Francisco both in terms of loan volume and the number of loan agents who work there.

Because of its size and reputation, Guarantee Mortgage receives favorable interest rates from many lenders: a clear advantage for you, the home buyer! As part of a large team of loan agents working under one broker, I have access to a deep set of collective experience. This sizeable support network plays a key role in my search for the best possible loan for you.