A Mortgage Broker
Questions To Ask A Mortgage Broker
-
What are you going to do to close
my loan before the house goes to Foreclosure on the court house steps?
-
What commitments will you give to
me in writing?
-
What interest rate will you be
getting for me?
-
How many points are you charging me
to get this loan?
-
Will my monthly payments be more
than what they are now?
-
How much are the closing costs?
-
Who pays the closing costs?
-
Is this going to be a fixed loan or
will my payments be increasing significantly at any time?
-
If there is going to be an
increase, exactly how much will the payments be?
Our Experience has seen...
Mortgage Brokers,
like Realtors
live for
"COMMISSIONS".
Motgage Brokers don't make
the final decision
for any Mortgage
Company,
they will give you
a
'best
guess'
after reviewing your
individual situation.
Just because somebody signed
a purchase contract
on your house,
does not neccessarily
mean
that the sale will go
through.
NOBODY can promise you a
closing
(unless the buyer is paying
"CASH"),
many times the purchase
price
and the Mortgage Company's
appraisal
will not be equal
and if the appraisal is lower
than the selling price,
the Mortgage Company will not
fund the deal.
Many times we have heard from
consumers
that from the very first
day
the Mortgage Broker told
them
that the deal was 95%
done...
then a few days before
closing,
he will state you are 95 %
done.
So what changed in all this
time?
NOTHING!
The fact is,
the Mortgage Broker is not in
control,
the Mortgage Company
is,
and the opinion of the
Mortgage Broker
is only as good as his
relationship
and experience with the
Mortgage Company.
There are 'GOOD' Mortgage
Brokers out there...
but they are not
everywhere!
Be Careful who you
deal with!
You may only have
time for one chance at the sale
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