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If you've recently refinanced to an incredibly low rate, then you probably won't see much benefit to making extra payments on your mortgage.

The remaining 32% were handled through the banks directly.

Banks sometimes outsource to companies to bring in qualified applicants and to remove some of the risk of fraud. Mortgage brokers generally will do their own advertising for new clients and are responsible should fraud be involved in a loan application.

A large segment of the mortgage and finance industry is commission based. This means, no loans, no money. And as such has become very competitive. As little as 40 years ago, brokers didn't have access to wholesale markets. Today the access rivals the bankers and their lower overhead allows them to take a slimmer margin.

Mortgage Brokers in Canada are regulated by the provincial governments and must carry a provincial license. In Australia, Brokerages started to really appear in the 1980's but gained popularity through the 1990's. Australian brokers do not usually charge fees as they are paid a commission for starting the loan process and then a smaller commission percentage paid monthly going forward. Australian brokers are also regulated heavily by the Australian Securities and Investments Commission.

Singapore is one of the newest players in the mortgage brokerage game and have adopted some regulation and licensing from the very beginning. But because it new, Many brokers slip through the cracks causing large gaps and discrepancies in the fee structures.

Being a Mortgage broker can be a very lucrative and rewarding profession. The challenge comes in being able to find creative ways to help potential homeowners finance their dreams. If you are interested in becoming a mortgage broker, check with your state for licensing requirements as those requirements vary from state to state.

Securing a mortgage can be a stressful process, but it is only to be expected that mortgage providers carry out detailed reviews of applicants. The problem is the time it takes. With that in mind, it may be worth seeking a pre-approved home loan with bad credit, to counter delays in closing on a property deal.

The chief concern for those of us who have found our dream home, and are anxious to complete the purchase, is time. Taking 90 days to get news on whether the funds will be released or not is almost too hard to bear. But with pre-approved mortgages the search can begin in the confidence that the funds are already available.

Still, the concept needs to be understood clearly before any applicant should rush to get a pre-approved home loan. That is why we have put together this brief guide on some of the key points.

What Does Pre-Approval Really Mean?

Actually, it is pretty self-explanatory. Applying for a pre-approved home loan with bad credit basically means that the required funding to buy a home is confirmed as available before the search for a home begins. The process involved in securing the approval is precisely the same as normal applications.

What is different is that a lender will give a successful applicant a letter verifying that a certain amount of funds has been approved and is available upon request. Mortgage Loans After Bankruptcy: What Options Are Available?, Jason Ruedy Denver, Should You Make Extra Mortgage Payments?