What exactly is a mortgage broker and why would I want to hire one? When people can have contact with people like Chad Piwinski and the guidance provided by the entire team of PRMG Mortgage NMLS# 956406 | Equal Housing Opportunity, can simplify the process entirely.
When buying or selling a home, a mortgage broker helps you navigate the complex loan process. While brokers don’t provide loans directly, they act as an intermediary between buyers and sellers, helping them negotiate terms and conditions.
A mortgage broker is a licensed professional who has experience working with lenders and real estate agents. He or she will research the market to determine whether the property is priced correctly and whether it fits within your budget.
The dream of homeownership comes in categories of mortgages
Mortgage brokers are professionals who help people buy homes. They work closely with real estate agents and lenders to find borrowers qualified mortgage loans that best fit their needs. There are many different types of mortgages out there, but they can generally be divided into two categories: fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs).
An FRM is a loan where the interest rate remains constant throughout the life of the loan. This means that if you pay your monthly payment faithfully each month, you won’t have to worry about how much interest you’ll accrue in the future. If you do not make any late payments on time, you may even receive a lower interest rate than what you originally applied. However, if rates go down, your rate could increase dramatically.
An ARM is similar to an FRM, except that the interest rate changes over time. In other words, instead of locking you into a certain interest rate, an ARM allows you to choose from several different interest rates based on current market conditions. When interest rates rise, you may end up paying more than what you initially paid for your home. Conversely, if interest rates drop, you might get a better deal than what you originally signed up for.
The advantage of an ARM is that you’re able to change your mind whenever you want. You don’t have to stick with whatever interest rate you were offered when buying your home. You can always choose to refinance your home if you decide that you’d like a lower interest rate.
Have a smoother real estate process with a team with great customer experiences
Homeowners with mortgages often need help converting their payments into more manageable amounts that fit their budget. They may also want to change lenders or refinance their loans to lower rates and save money. PRMG provides homeowners with the knowledge and tools to navigate the mortgage process, including helping them find the best loan options based on their unique financial situation. You can find them at 5701 W Talavi Blvd, Unit 150, Glendale, AZ 85306, and by contacting them by calling the following number (602) 610-1677.