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| *Loan,banking and credit>>>mortgage loan |
How do I pick a good mortgage broker for a home loan? |
How do I pick a good mortgage broker for a home loan? Amy has no clue as to what she's talking about. You can get a better rate from a broker because the are wholesale lenders not retail. You have to deal with someone at a direct lender. They charge what they want as well. The best way to find a broker is through a referral from a friend or family. Get a Good Faith Estimate from several brokers. Shop around, see which one offers you the best interest rates and lowest fees. Mortgage Loan Processor Talk to friends who have moved or refinanced lately to see who they can refer to you to. Also, shop around with several brokers and maybe a bank to see how they compare. Edit: Also note that low fees aren't always good. Often brokers can get you a lower fee by raising you rates. Your mortgage is expensive, do you want to go with something sheap, or someone reliable? I'm a mortgage broker A mortgage broker is like a middle man, they find lenders with loan programs to meet your needs. Because they are a middle man, they make a profit in the middle, and as a result, your closing cost fees are higher. If you have decent credit, or even fair credit, go directly to a lender. Your current bank is your best bet, or any of the big banks out there can help you as well. Ask the mortgage lender for a good faith estimate of fees and compare those with the interest rates and pick the one that meets your needs. You can do the same with brokers, but their closing costs are always higher. Good luck - hope this helps! mortgage lender |
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