- This topic has 1 reply, 1 voice, and was last updated 10 months, 3 weeks ago by Team StellarFi.
-
AuthorPosts
-
December 20, 2023 at 3:20 pm #28334Geoff MassanekModeratorDecember 20, 2023 at 3:21 pm #28340Team StellarFiKeymaster
A mortgage broker mediates between you and your potential lenders.A mortgage broker compares mortgage lenders to find the best rates suited to your needs. They work with several lenders, making it convenient for you to shop for the lender with the most competitive rates.
Mortgage brokers are regulated and licensed professionals. They collect your documents and compile them for you — pulling your credit history and verifying your income and employment — which will help you negotiate rates and terms faster.
After you choose your loan and lender, the broker works with the bank’s underwriting department, closing agent, and your real estate agent ensuring a smooth transaction.
Mortgage brokers get paid either by lenders or borrowers, but never by both. Mortgage brokers also cannot charge hidden fees or charge borrowers based on their interest rate according to the Dodd-Frank Act. Mortgage brokers usually charge 1% to 2% of the loan amount
-
AuthorPosts
- You must be logged in to reply to this topic.