A home loan is a transaction in which you promise to repay money you have borrowed and also give the lender a mortgage on your home to secure repayment. In California, your promise to repay ordinarily is in the form of a promisory note" and the mortgage is ordinarily in the form of a "deed of trust". You need to make certain that you understand the terms of the loan before you become obligated. Whether you obtain a loan through a mortgage broker, a financial institution or some other lender, you should ask question about the loan process and paperwork so that you understand the form of the transaction and the terms of the loan before you agree to them.
Charter Financial wants to be your mortgage broker and provide you with the basic information about using the services of a mortgage broker which may assist you in making an informed decision when seeking a home loan.
A mortgage broker helps you obtain a home loan. A mortgage broker is a real estate broker who must be licensed by the California Department of Real Estate. Mortgage brokers make or arrange first mortgages and junior mortgages and junior mortgages. A junior mortgage secures a loan which is secondary or "junior" to other loans on the property. Some home loans arranged through brokers are very similar to a home loan you might obtain independently from a bank, savings and loan association (S&L), credit union, finance company, or other type of lender. Some brokers offer shorter loan terms and/or different repayment plans.