Have Need For More Than One Mortgage? Other Services That Mortgage Brokers Provide Besides Residential Mortgages

Mortgage brokers frequently supply new homeowners with the mortgages they seek. Most people are not aware that mortgage brokers provide more than just mortgages for residential properties. If you find that you need a mortgage or related financial service for something other than homeownership, a mortgage broker can help. Here are the many other services that a mortgage broker can and may offer.

Reverse Mortgages

Reverse mortgages are a very popular mortgage product with senior adults and retirees because they can get the extra money they need that they were unable to save for retirement. Because this is a mortgage product, a mortgage broker looks for lenders who have terms that fit with the customer’s needs, much in the same way the broker would look for a first-time homebuyer loan. The difference here is that the borrower only pays the interest on the money borrowed, and not on the principal or any compounded interest.

Land Mortgages

Here, the broker makes mortgage deals for the land that interests you. You may want to develop the land later, or build a cottage or vacation property at a future date. You could also put a trailer home on the property and pay only for the land (when you own the trailer outright). Whichever of these situations applies, you are able to pay off the land before you do anything else with it, making it easier to control and budget your building and home expenses.

Commercial Property Mortgages

Some residential and commercial properties are joined at the property seam. There is both a business and a residence on the property you are interested in buying, but they may be split up and sold separately depending on the seller’s intent. When that happens, the mortgage broker  makes deals with lenders to secure the property as a whole rather than a split property. You may need two separate mortgages to buy the properties, but then you can reunite the “two” properties into one again.

Investment Banking and Wealth Management

Not surprisingly, a number of real estate investors work with a mortgage broker to buy up properties of interest. In order to facilitate a smoother business transaction, the broker offers investment banking and wealth management services, which help the investor make good purchases at mortgage rates he or she deems affordable and reasonable. The broker also helps the wealthy real estate investors manage any income the properties create as rental properties.

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