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Whether you are dealing with a lender or a broker may not always be clear. Some
financial institutions operate as both lenders and brokers. And most brokers’
advertisements do not use the word "broker." Therefore, be sure to ask whether a
broker is involved. This information is important because brokers are usually paid a fee
for their services that may be separate from and in addition to the lender’s origination
as an add-on to your interest rate, or both. You should ask each broker you work with
how he or she will be compensated so that you can compare the different fees. Be
prepared to negotiate with the brokers as well as the lenders.
Next: Obtain All Important Cost Information
Back to: Mortgage Overview
financial institutions operate as both lenders and brokers. And most brokers’
advertisements do not use the word "broker." Therefore, be sure to ask whether a
broker is involved. This information is important because brokers are usually paid a fee
for their services that may be separate from and in addition to the lender’s origination
as an add-on to your interest rate, or both. You should ask each broker you work with
how he or she will be compensated so that you can compare the different fees. Be
prepared to negotiate with the brokers as well as the lenders.
Next: Obtain All Important Cost Information
Back to: Mortgage Overview
Home loans are available from several types of
lenders--thrift institutions, commercial banks,
mortgage companies, and credit unions. Different
lenders may quote you different prices, so you
should contact several lenders to make sure you’re
getting the best price. You can also get a home loan
through a mortgage broker. Brokers arrange
lenders--thrift institutions, commercial banks,
mortgage companies, and credit unions. Different
lenders may quote you different prices, so you
should contact several lenders to make sure you’re
getting the best price. You can also get a home loan
through a mortgage broker. Brokers arrange
transactions rather than lending money directly; in other words, they find a lender for
you. A broker’s access to several lenders can mean a wider selection of loan products
and terms from which you can choose. Brokers will generally contact several lenders
unless they have contracted with you to act as your agent. Consequently, you should
consider contacting more than one broker, just as you should with banks or thrift
institutions.
you. A broker’s access to several lenders can mean a wider selection of loan products
and terms from which you can choose. Brokers will generally contact several lenders
unless they have contracted with you to act as your agent. Consequently, you should
consider contacting more than one broker, just as you should with banks or thrift
institutions.
Obtain Information from Several Lenders
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Home Mortgages: Looking for the Best Mortgage
| Real Life Information... on Home Related Topics - Mortgage Information |