Saturday, October 20, 2018
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Randi F. Rainmaker
CLHMS, GRI, ABR, CCIM, ePro, EcoBroker
Gooder Group
2724 Dorr Ave, Ste 103
Fairfax, Virginia 22031

Office: 703-698-7750
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How should I go about looking for a mortgage broker?

Microscope In today's increasingly complex mortgage market, some 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.
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MAGIC Improve Your Chances Of Getting The Right Loan
MORE FOR LESS Six Tips For Getting The Best Loan
IDLE EQUITY Put Your Home's Equity To Work With Six Savvy Strategies
MORTGAGE Insider's Guide To The Latest Home-Loan Opportunities
SHELTER Six Little-Known Ways To Help Relatives Finance a Home
QUALIFIED How Much House Can You Really Afford?
OPTIONS Ten Savvy Ways To Pay For A HomeToday
LOWER RATE Seven Smart Ways To Reduce Your Mortgage
CREDIT REPAIR How To Move From Rejection To Approval
WHY REFI Five Great Reasons To Refinance Today
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