Glossary

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Broker

During the home buying process, you are likely to come in contact with a broker.  Brokers can assist in either the mortgage process or the negotiations of purchasing a home.

A mortgage broker helps a homebuyer find a mortgage loan.  However, the broker does not actually provide the funds her/himself.  Instead, s/he arranges the funding for the homebuyer.  The broker can let the borrower know the potential rates and fees for the mortgage companies that have products that the borrower is interested in using for financing.

Another type of broker involved with the home buying process is a real estate broker.  A real estate broker is a real estate agent who is licensed to assist in the transaction of buying a home.  The real estate broker can help negotiate the contract for the home purchase.  Also, the broker can help with either buying or selling a home.  The broker performs this service for a commission, which comes from a percentage of the sales price of the home.

Whichever type of broker you work with, it is important to remember that the broker is providing a service and not actual funds.  The role that s/he serves is to represent you and negotiate on your behalf.

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