A mortgage broker is a certified professional who seeks the best mortgage terms for you by accessing a network of lenders that includes major banks, trust companies, credit unions and finance companies. (Brokers may also draw on local lenders that aren’t part of a network.)Â This stable of lenders provides brokers with interest rates on a near-daily basis.
Mortgage expertise can save you money.
In fact, independent surveys have shown that in many cases the fees charged by a broker are less and the interest rate obtained is lower than if the borrower went directly to the lender. Mortgage brokers work on a contingency basis. They are not compensated until the loan closes. A mortgage broker deals exclusively with mortgages. By combining professional expertise with access to many different wholesale lenders and hundreds of loan products, a broker provides consumers the most efficient and cost-effective method of offering financing options while still providing individualized attention tailored to the consumer’s needs and wants.Â A mortgage broker represents you in obtaining financing that best fits your specific financial goals.
First Financial Bancorp is licensed to do residential and commercial loans in all 50 states and we are members of theÂ National Association of Mortgage BrokersÂ and theÂ California Mortgage Bankers Association.Â First Financial Bancorp strives to uphold the high level of ethical conduct that these associations promote.