Saturday, April 29, 2017
 Buying  |  Selling  |  Financing  |  Relocating  |  Homeowning  |  First-Time Buyer 

Refer A Friend


Tom Gilliam
RE/MAX Classic

E-mail Me
Visit My Website



FREE e-REPORTS
How To Buy The Most Home For Your Money
How Much House Can You Really Afford?
Secret Tests To Check A Property's Condition



Select FAQ of Interest
 
e-FAQs
Everything You Need To Know About Real Estate

How should I go about looking for a mortgage broker?

Microscope In today's increasingly complex mortgage market, some novice borrowers seek the aid of a mortgage broker to find the most favorable interest rate or best terms. But some unscrupulous practices have cropped up among a few brokers. To avoid being ripped off, follow these guidelines in dealing with a mortgage broker:
  • Request referrals

  • Ask reliable sources among real estate professionals and other knowledgeable acquaintances to recommend a good broker. When seeking referrals, ask whether there is any financial incentive from the broker to the person making the referral.
  • Look for a license

  • Most states have licensing requirements and a banking and regulatory agency that keeps track of brokers who violate state codes.
  • Find out about fees

  • Ask the broker for a list of all fees and how variable costs are calculated before entering into an agreement. Unless you have credit problems, the broker's fees should not be over 2% of the loan amount. Get a schedule of the exact fees a few days before closing. Read all paperwork carefully and check the math.
  • Run a comparison check

  • Before talking to the broker, call some national lenders doing business locally and local banks to find out what the current rates and points are so you will know if the broker's are the best you can get.
More Help For First-Time Buyer


Homeowners



Tip of Week



Quote of Week



Newsletter

Search all the homes for sale in our area.


Become a VIP buyer or seller. Beat your competition to the best properties in today's market. No cost, no obligation.
FREE Electronic Real Estate Reports:
These reports can help save you thousands, delivered free to your inbox.
FIRST TIME How To Buy The Most Home For Your Money
QUALIFIED How Much House Can You Really Afford?
TIRE KICKING Secret Tests To Check A Property's Condition
LOCATION LOCATION: The Most Important Questions Every Buyer Should Ask
NEGOTIATE How To Buy The Home You Love At The Price You Want
SEARCH Quick Checklist For Finding The Perfect Home
INVEST YOUR RENT Why Pay Your Landlord's Mortgage?
MORE FOR LESS Six Tips For Getting The Best Loan
OPTIONS 10 Savvy Ways To Pay For A Home Today
SHELTER Six Little-Known Ways To Help Relatives Finance A Home
 
       
Home  |  Information Center  |  Ask Us
Buying   |  Selling   |  Financing   |  Relocating   |  Homeowning   |  First-Time Buyer
Copyright 2017, Gooder Group.
Absolutely no part of this page may be reproduced or distributed without written permission.
All rights reserved by Gooder Group, Gaithersburg, MD, (703) 698-7750.