Posts Tagged ‘mortgage broker’

Why you need a mortgage broker and where to find one

Posted December 1, 2008 by Bernz

A Mortgage Broker is an individual who acts as an intermediary between you (the borrower) and banks or lending companies. A mortgage broker will require a fee or take a commission for his or her services.

mortgage-broker-network1The reason there is such a huge demand for mortgage brokers is because they save borrowers lots of time conducting research and because they have information about loans that borrows might qualify for but might not find out about. Plus, mortgage brokers can save you thousands of dollars by matching you with the right lender.

There is a fee associated with using a mortgage broker. This could be a fee that you or the lender pays. So make sure that one of the first things you ask the mortgage broker is how much he or she is charging and where that money will come from. Sometimes the broker will receive their fee in the form of a commission that requires you to pay an extra point on the amount you borrow. Or you could be charged a flat fee up front. Just make sure that you find out before you hire a broker so that you avoid negative surprises. I recommend you work with Up Front Mortgage Brokers because they disclose their fees and take a professional oath of consumer advocacy in lending practices.

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