Anyone looking to purchase a home will likely hear the term ‘mortgage broker’ come up a few times throughout the process. Mortgage brokers serve as the liaison between homeowners and the bank or mortgage lender. Their role is simple but necessary. They work directly with the bank to help homeowners qualify for a mortgage. The greatest benefit of having a mortgage broker is that they have the resources to “shop” with multiple banks for the lowest mortgage rates available.
The Role of a Mortgage Broker
The process goes as follows:
- The broker gathers relevant information about their clients such as credit reports, employment documentation, assets, and income
- The broker uses the information to determine what loan works best for the borrower
- The broker submits a loan application to the bank on behalf of the client
Mortgage brokers must receive approval to work with particular banks. Such relationships can help homeowners secure requested loans. A standard issue for many loan seekers is that they are unable to obtain a loan due to their woeful credit history. Any ongoing debt issues will serve as a warning to a potential lender that this individual may default on their payments. A mortgage broker who knows a debt settlement attorney can help their client gain approval.
How an Illinois Debt Settlement Attorney Can Help
The credit report is one of the first documents a mortgage broker reviews. If they realize any issues that may stop their client from obtaining a bank loan, they can set up a meeting between their client and an Illinois debt settlement attorney. After a thorough consultation, the attorney can suggest debt settlement options.
A vast majority of Americans suffer from consumer debt, often stemming from payday loans and credit cards which often have comparatively higher interest rates than long-term secured loans. A debt settlement attorney can negotiate with creditors to restructure the payment schedule to cater to the client’s financial ability. Once the individual settles the debt, his or her credit report can drastically improve, thus bettering the chance of approval.
Heather Benveniste of Benveniste Law Offices is the debt settlement attorney you need to know. She previously spent seven years working as a debt collection attorney and now uses her keen knowledge to help afflicted debtors ward off creditors. Specializing in debt settlement negotiation, she can speak with creditors on your behalf to devise a plan on the most favorable terms. Contact the non-bankruptcy attorneys of Illinois today at 1-800-497-5358 for a free case evaluation. You don’t pay a thing until your debt is resolved!