EDJ Mortgage & Wealth Strategies is a full-service mortgage brokerage firm offering expertise in every area of mortgage lending...from purchase to refinance. We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan - with the best rates, terms and costs - to meet your unique needs. But that's just part of the service we offer. EDJ Mortgage & Wealth Strategies also provides a strategic EDJe for paying off your mortgage loan faster so you can use that money to build wealth and live with the peace of mind of a paid-off mortgage. That’s right, EDJ Mortgage & Wealth Strategies can assist you with your home loan, and we now provide the EDJe on successfully building wealth beyond the home loan experience!
Edmond Donte' James, owner of EDJ Mortgage & Wealth Strategies, brings an extensive amount of financial experience and expertise to the company. He holds a Bachelor of Business Administration in Finance from Delta State University, and a Master of Business Administration in Finance from LeTourneau University. His previous experience as an accountant and mortgage loan officer, and his drive to help others succeed, gives him the "EDJe" on helping his clients build wealth to achieve personal financial well-being. By incorporating a financial planning and consultative approach within the business, EDJ helps clients reach their true dreams...wealth accumulation.
Wednesday, August 26, 2009
What Is A Mortgage Broker?
I am often asked, “What is a mortgage broker and why should I have one?” By definition, a mortgage broker arranges financing for a borrower by placing loans with lenders. Mortgage brokers are paid a fee by the borrower and/or the lender when a loan closes. Why should you have a mortgage broker or more specifically, why should you have me as your mortgage broker? Glad you asked. Just like you have a doctor or lawyer on-call should something come up, you should have a mortgage broker that you can call on for all your real estate needs. As a mortgage broker, I am able to answer any of your real estate financing questions because of my expertise in the industry. Why should you get your financing through a mortgage broker? Because I have access to a vast number of lenders that offer different mortgage products based on your credit scores. I also have access to lenders that offer commercial loans.
All of these lenders offer me interest rates that are wholesale, which are usually lower than interest rates offered in a retail environment. One of the biggest advantages to working with a mortgage broker like myself, is that I am able to “shop” for the best loan that meets your financial needs without the risk of pulling your credit report multiple times.
Here’s how it works: You are interested in financing your new home/business or refinancing your existing home. After meeting with you to discuss your financing needs, I get your permission to pull your credit report. My lenders will use that "one" credit report to determine what interest rate and terms you qualify for. Now, if you decided to go to your personal bank for a mortgage loan, that personal bank will only have access to their products, while as a mortgage broker, I have access to multiple loan products. Therefore, if you do not qualify for your personal bank’s loan programs or do not like the interest rate your personal bank is offering, then you will have to seek another source for financing your mortgage loan, which will result in another inquiry on your credit report. We discussed how multiple inquiries can decrease your credit scores and you don’t want that to happen!
EDJ Mortgage pulls your credit one time and is able to offer you a very competitive rate and term based on your financial needs. One of the other things about working with me is that, as the mortgage broker of EDJ Mortgage & Wealth Strategies, I am able to control some of the fees and even the interest rates. So it pays, literally, to have me as your mortgage broker. Your EDJe on building wealth starts right away when you work with mortgage broker EDJ!
All of these lenders offer me interest rates that are wholesale, which are usually lower than interest rates offered in a retail environment. One of the biggest advantages to working with a mortgage broker like myself, is that I am able to “shop” for the best loan that meets your financial needs without the risk of pulling your credit report multiple times.
Here’s how it works: You are interested in financing your new home/business or refinancing your existing home. After meeting with you to discuss your financing needs, I get your permission to pull your credit report. My lenders will use that "one" credit report to determine what interest rate and terms you qualify for. Now, if you decided to go to your personal bank for a mortgage loan, that personal bank will only have access to their products, while as a mortgage broker, I have access to multiple loan products. Therefore, if you do not qualify for your personal bank’s loan programs or do not like the interest rate your personal bank is offering, then you will have to seek another source for financing your mortgage loan, which will result in another inquiry on your credit report. We discussed how multiple inquiries can decrease your credit scores and you don’t want that to happen!
EDJ Mortgage pulls your credit one time and is able to offer you a very competitive rate and term based on your financial needs. One of the other things about working with me is that, as the mortgage broker of EDJ Mortgage & Wealth Strategies, I am able to control some of the fees and even the interest rates. So it pays, literally, to have me as your mortgage broker. Your EDJe on building wealth starts right away when you work with mortgage broker EDJ!
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