California Mortgage Expert
 

Mortgage Brokers Should Be Working For YOU - part 1

by Noelani Rodriguez

Most people do not know that the interest rate you are quoted by your loan broker is probably not the lowest rate for which you qualify. As a result, you may pay up to $30,000 or more on your home loan than you should. This doesn't have to happen to you, and it won't if you educate yourself about how mortgage brokers and lenders do business.

Mortgage brokers should be working for you, helping you to find and obtain the best possible loan rate for you and your situation. Unfortunately, many brokers are out there to make as much money for themselves and the lenders as is possible--all at your expense. Borrowers often do not know that there are incentives provided by lenders and paid to loan brokers for quoting higher rates, prepayment penalties, and fees. Often the interest rate you are quoted by your broker may not be the lowest rate for which you qualify.

It Does Not Matter What Your Credit Score Looks Like

Regardless of your credit score, you can get the best rate on your loan if you know how to negotiate. You just need to know what the brokers and lenders know about their business, the terms they use, and some of the legal guidelines they have to follow. Read on for a few examples of terms mortgage professionals use and how a borrower may use this information, regardless of their credit score, to get the best loan possible at the rates they deserve.

Know the Terms Brokers and Lenders Use to Get the Best Rate Possible

Read the end of
Mortgage Brokers Should Be Working For YOU


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Mortgage broker?
I am buying first home and I am confused. My broker e-mailed me a 28 page document to sign and the numbers are nothing like what we discussed. The payment is .00 more per month then stated. The closing costs are over 2,000.00 more then what I thought and there is a paper for me to sign saying that they are not guaranteed to get me the best available loan out there for me.I am so confused and it is night time the office is closed. I don'y know if I can sleep tonight. Can anyone weigh in on this situation? Also not to mention my realtor is MIA. Another vacation, no one to turn to. I am a single mom and I wish I could find a loan that would possibly require less closing costs? Live in texas
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When mortgage broker charge you points to lower your rate, who gets that points, the mortgage broker or bank?
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Mortgage Broker in Southeastern PA?
Can anyone recommend a good Mortgage Broker in SE PA. My realtor suggested going through Marathon Mortgage but I'd like to get the best rate available. I'm a first time homebuyer and all of this is new to me. I'm afraid if I just go through this company I'll miss out on a better rate. Also, do brokers asses a fee to the mortgage company or would I pay the fee to them?
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Mortgage Broker Questions.?
Hi! I was wondering, what is the normal origination fees that mortgage brokers charge? I had one quote me 1%. I need to get a loan for about 250K, so I guess that comes out to 2500. For that much money. Are they supposed to do most of the work. Meaning have all the paper work ready, correct and submitted on time so the house closes without a problem? If I went to a bank, wouldn't they charge you a loan origination fee too? Or does the mortgage broker charge you one as well as the place where they find the morgage for you? Thanks!
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Mortgage Broker Earnings???
Can someone in the know please give me some idea of what a good broker can expect to earn in his or her first year? Also, what sort of money do really good, self-employed brokers earn? Finally, with the internet and other media full of comparisons of mortgages, is there a rosy future for mortgage brokers? Cheers!
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