If a toll-free loans curfew fair?

Deal Score0

The loan in question is not money from 5.8% to refinance, if the broker receives $ 14k in brokerage fees from the lender. If these savings should be passed on to consumers or is there a typical percentage paid to mortgage broker?
I asked my mortgage broker for a good faith estimate and that he wants to know “why” I want to do is es.Er wonder why I’m not interested in the cost of loans (below) instead of cost no / no fee loan.

  1. Reply
    General Custer
    February 12, 2011 at 4:14 am

    You pay a higher rate to get no fees. What’s fair is up to you when making the loan decision. $ 14k is what % of the loan amount?

  2. Reply
    February 12, 2011 at 5:07 am

    A mortgage broker works on commission. This is paid by the lender. There is no part of this fee that belongs to the borrower.

    A typical commission is 1% of the face amount of the loan, but it could be anything that the broker and the lender agree on.

    It’s just like buying a car. The price of the car is what the buyer agrees to pay and what the salesman gets in compensation is between him and the dealer.

  3. Reply
    Jay S
    February 12, 2011 at 5:34 am

    It depends. Would you roll 14K in fees into your loan for 5% 30 year fixed rate?

  4. Reply
    February 12, 2011 at 5:43 am

    I won’t say that there aren’t any honest mortgage lenders, but in my experience you are much better trying to deal with a bank instead of a mortgage company or mortgage broker. They simply tell it like it is without all the run around nonsense. Mortgage brokers can string you along for months and in the end all you are left with is no loan and a lot of lost time.

  5. Reply
    February 12, 2011 at 6:31 am

    While the economy is in trouble, and the amount of scams increase everyday, it does not mean that you should lose faith in all mortgage brokers. There are many lenders are there that are honest and can help you get the home of your dreams. With interest rates low it is actually a great time to think about getting a mortgage or a home loan. Do your research, get references, and you should be in business.

  6. Reply
    North Shore MA Agent
    February 12, 2011 at 7:09 am

    By law, they are required to give you a Good Faith Estimate

    Leave a reply

    Register New Account
    Reset Password