| There is no question that there are dishonest | | | | however, greedy mortgage brokers often take |
| mortgage brokers. Mortgage brokers are required to | | | | advantage of the trust people place in them. |
| be licensed in the State they work; however, it is not | | | | If you decide to use a mortgage broker you should |
| difficult to get a mortgage broker license. Mortgage | | | | shop for a broker just like you would shop for a new |
| brokers are independent sales people that sell | | | | car or kitchen appliance. Call a variety of mortgage |
| mortgages. They work on a commission basis for | | | | brokers and compare their fees; ask each mortgage |
| referring your business to the mortgage lender. With | | | | broker for references and make sure you get |
| any middleman there are fees for their services. | | | | everything they promise you in writing. By shopping |
| There are several instances where using a mortgage | | | | from a variety of mortgage brokers you will be able to |
| broker could be beneficial to you. If you do not have | | | | determine what a fair price for the service is. |
| the time or desire to research lenders and their | | | | Pay very close attention to all of the fine print your |
| mortgage products a good broker could do it for you; | | | | mortgage broker gives you. Make sure all of your |
| however, mortgage brokers don't always have your | | | | personal information is accurate and the lender and |
| best interests at heart as they are paid on a | | | | broker have disclosed all fees and who they are going |
| commission basis. | | | | to. If the broker wants to charge a fee for |
| Another situation where a mortgage broker could help | | | | guaranteeing an interest rate, find out if this is really |
| you is if you have bad credit. If you have a poor credit | | | | what the fee is for. Many brokers simply pocket the |
| rating, mortgage brokers can find lenders that | | | | fee when the lender is guaranteeing your interest rate |
| specialize in bad credit mortgages. These bad credit | | | | at no charge. |
| lenders are called "sub prime" mortgage lenders and a | | | | You can always use a mortgage lender to get quotes |
| good broker can find you a better deal with one of | | | | from different lenders and then contact those lenders |
| these lenders. | | | | directly. |
| To their credit mortgage brokers have relationships | | | | There should be no fee for comparison shopping. In |
| with a variety of mortgage lenders and can find deals | | | | many cases you are better off doing the legwork |
| you would not know about otherwise. The problem | | | | yourself; if you take the time and do your homework |
| with a mortgage broker is they want to get paid for | | | | you can be sure you are receiving the best deal for |
| their services. There is nothing wrong with that; | | | | your mortgage. |