Mortgage Broker
Person or business that obtains mortgages for others by finding suitable lenders. The mortgage broker sometimes deals with collections and disbursements. Typically the mortgage broker receives a percentage of the amount financed. A finder's fee equal to 1% or so of the amount borrowed is normally paid by the borrower. The financial success of the mortgage brokerage firm depends upon the ability to locate available funds and to match these funds with creditworthy borrowers. Certain sources of funds, particularly insurance companies and the secondary sources, do not always deal directly with the person looking for capital; rather, they work through a mortgage broker. Normally, the mortgage broker is not involved in servicing the loan once it is made and the transaction is closed.
Popular Real Estate Terms
To upgrade a facility by installing up-to-date technology as well as introducing stylistic changes reflecting current patterns. Modernizing a facility can add substantially to its value and ...
Through the master plan definition, we can understand it’s a plan describing both through narrative and maps the overall land use of a designated urban area. It includes both present ...
Statue designed to protect lenders if a seller secretly sells substantially all of the business property. The objective of the law is to safeguard against defrauding creditors. ...
Distance from the location of natural ground and water to the actual ground level. ...
Individual: Total assets less total liabilities less estimated taxes. It is the individual's personal equity which might be the basis for a bank loan to buy real estate. Corporation: ...
Identifying marker of a company. Attesting to something such as the validity of an instrument used in real estate. ...
Flood insurance is a type of home insurance created to protect a homeowner’s property against damages caused by floods. Flood insurance is typically not included in the regular ...
Wood strip on the top of a baseboard. ...
Board used when connected as a floor. It may also be used as a strip in a wall or door. ...
Have a question or comment?
We're here to help.