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How to Spot a Good Mortgage Broker
from: Mortage & Debt FactsWith the FBI investigating some lending institutions and mortgage brokers, it becomes clear that most brokers do not represent anyone’s interests but their own.
Mortgage brokers are regulated by state agencies but are not under any compulsion to get the buyer the best or safest deal. Brokers make money by closing deals for lenders or banks and then taking a commission or fees off the value of the loan from the lender. You may not realize that you are paying the broker, but they are getting paid. Some are getting paid by the borrower and the lender is paying others.
In some cases, it was even shown that mortgage brokers might end up getting paid more if they steered clients to mortgage loans that had high prepayment penalties, making it difficult for the borrower to refinance later.
What a Broker Should Do
Mortgage brokers should assess your financial capabilities and try to find a market product that suits your present situation. The problem comes in when they are steering you to products that are risky. You also need to do your own homework in deciding whether any product offered is a good deal or not.
The broker works with a lending institution in providing the paperwork and application forms necessary to substantiate your income and ability to pay the lender. This can include all the copies of your tax returns, W-2s, and bank account statements. Be prepared to give your mortgage broker any type of document they need to apply for your loan.
What a Broker Shouldn’t Do
If you are not in a position to buy a home because of your income, steer clear of any mortgage broker that fudges the numbers. The numbers are set so that you don’t borrow above your means. Lying on a loan can have serious consequences, both legal and financial. So, if you see a discrepancy between what you stated to your mortgage loan officer and the final paperwork, speak up before you sign.
If you are in a fixed rate loan with little incentive to refinance, you may still get brokers who call trying to sell you all the benefits of a refinance. Keep in mind that they are paid to close deals, not necessarily to make sure you get a better deal than the one you have.
The mortgage broker should also provide you with a good faith estimate and the cost of fees assessed to your loan before you close. Any paperwork that is missing or different at closing should be reviewed thoroughly before you sign.
Current Mortgage Interest Rates Specific links
Current Mortgage Interest Rates News
UK Lending Drops as Recession, Interest Rates Take Toll - Wall Street Journal
UK Lending Drops as Recession, Interest Rates Take Toll Wall Street Journal By Ilona Billington LONDON (Dow Jones)--Mortgage and business lending in the UK dropped in April as the slowing economy, rising interest rates and growing concern over Greece's future in the euro zone damped demand, and after a tax break for first-time ... |
Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... - Eastern Morning Herald
 Best Syndication | Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... Eastern Morning Herald Low mortgage interest rates are causing quite a stir in the mortgage industry these days. Despite the slight uptick in mortgage rates at some top lenders, so far rates are still clinging near record-lows this week, which likely drive more demand for ... Even Lower Interest Rates Keep Refi's Rolling Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales Current Mortgage Rates Today – Wells Fargo and SunTrust lower loan rates as ... |
Freddie Mac: 30-year mortgage rate down a tick at 3.78% - Los Angeles Times
 CBS Moneywatch | Freddie Mac: 30-year mortgage rate down a tick at 3.78% Los Angeles Times By E. Scott Reckard Record low interest rates for 30-year mortgages edged down another tick, Freddie Mac said in its latest survey, which showed lenders across the nation offering the benchmark loan at 3.78% compared to 3.79% last week. Fixed mortgage rates hover at record lows Thirty-year mortgage rate falls to record 3.78% Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% |
Current Mortgage Rates for Thursday, May 24, 2012 - Mortgage Rates & Trends (blog)
 Mortgage Rates & Trends (blog) | Current Mortgage Rates for Thursday, May 24, 2012 Mortgage Rates & Trends (blog) By Michael Kraus on May 24, 2012 Yesterday mortgage rates unexpectedly ended the day relatively flat after early gains were wiped out by an equities rally late in the day. Today's economic data was mixed, and given the ongoing problems in Europe (yawn) ... US durable goods orders up 0.2 percent in April Real Estate and Mortgage Market Update for Wednesday 05-23-2012 |
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 Providence Business News | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) ... align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been previously unable to refinance to finally take advantage of record low interest rates. BofA to Buy Back $330 Million of Mortgages From Freddie Mac Mortgage Relief – Without the Catch Refinancing homeowners overwhelmingly choose fixed loans |