Monday, 30 November 2015

Who pays your mortgage broker?

Many people don’t have the time to contact numerous lenders, comparing rates and combing through details when looking for a mortgage. Instead, they might choose to go to a mortgage broker for help. Before you do, you should know what mortgage brokers can really do for you and how they get paid.

What a Mortgage Broker Does

If you go to a bank for a loan, it will only offer loans carried by that bank. Since it’s just one institution, its loan options may be limited and may not suit your needs.

If you go to a mortgage broker, he should have a variety of loan options from various lenders. It’s the mortgage broker’s job to find the best mortgage rate tailored for you. So, if you need to get a house but can’t afford more than a 5% down payment on a 30-year mortgage, your broker should approach lenders with those terms.

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