Comments on: Mortgage Brokers – Friend or Foe?

By: mortgage loan modification

mortgage loan modification — Thu, 13 Aug 2009 21:50:28 +0000

I venture to say that anyone who is still an independent mortgage broker and still making a decent living during the recession has almost assuredly built his/her book of business upon treating clients fairly. Without a very large referral base it would be almost impossible to survive in this market.

By: Real Estate Taxi

Real Estate Taxi — Wed, 01 Jul 2009 01:14:59 +0000

Mortgage brokers whom are extremely value, mainly because they can make or break your deal. If the broker can advise you without his own pocket in mind they can be considered a friend. If they push you in a normally unadvised decision then they are foe.

Walt

By: John Beck Tax Foreclosure

John Beck Tax Foreclosure — Thu, 25 Jun 2009 05:04:54 +0000

Hey there! Great post! I was finding such material for a long time. Your post led me to gain some more attention regarding Foreclosure, as I am in this business and looking around for potential properties.

By: brewer caldwell

brewer caldwell — Fri, 06 Mar 2009 23:14:44 +0000

I think you just have to find the right fit for your personality. I don’t think brokers are evil at all. If anything they want to help you.

By: Atlanta real estate

Atlanta real estate — Sun, 01 Mar 2009 13:55:03 +0000

Mortgage brokers can be both, your friends, or your foes. It depends on the person, just like any other type of industry. There are good ones and then there are crooks.

By: MORTGAGES

MORTGAGES — Fri, 19 Dec 2008 18:33:12 +0000

If you are in the process of refinancing your home loan you might consider using a mortgage refinancing broker to help you find the best loan offer. Mortgage brokers are an excellent resource for locating competitive mortgage refinancing offers as long as you understand how retail mortgage loans work. Brokers often significantly mark up the interest rates on loan offers; if you are able to recognize this markup you can easily avoid paying it. Here are several tips to save you money when mortgage refinancing with a broker.

The Mortgage Refinancing Market

The retail mortgage market is made up of mortgage companies and brokers that refer borrowers to wholesale lenders for a commission. There are also banks and broker- banks that write their own mortgages; however, due to loopholes in mortgage refinancing disclosure laws that protect homeowners in the United States, you should never refinance your mortgage with a bank or broker-bank. For the purpose of this discussion we will focus on mortgage refinancing with mortgage brokers which act as third party vendors for wholesale mortgage lenders.

Mortgage Refinancing With a Broker

Mortgage brokers that do not close on home loans in their own names are excellent time-saving resources for mortgage refinancing. This is especially true for special needs borrowers, like homeowners with poor credit. The first question you should ask every broker you consider is “Do you close on the loan in your own name?” If the answer to this question is “Yes” or the mortgage refinancing broker refuses to answer, you know that you are dealing with a broker-bank and should scratch this person off your list. Never refinance your mortgage with a bank or a bank pretending to be a mortgage broker.

What to Tell Your Broker When Mortgage Refinancing

When you have found a broker that you are certain is not a bank masquerading as a mortgage broker, tell the broker you will pay mortgage refinancing origination fees and closing costs, but will not pay Yield Spread Premium (YSP) of any kind. YSP is the markup mortgage brokers tack onto the interest rate your wholesale mortgage refinancing lender qualified you for. Mortgage brokers do this to receive an additional bonus for overcharging you.

Additional Resources for Mortgage Refinancing Information

You can learn more about mortgage refinancing with a broker, including common mistakes to avoid by registering for a free mortgage refinancing guidebook.

By: mortgage reduction

mortgage reduction — Wed, 15 Oct 2008 01:23:00 +0000

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By: Options of investment

Options of investment — Fri, 03 Oct 2008 20:24:15 +0000

This is a great option of investment and mortgaging as an industry still needs to stabilise. Investing Options

By: Carin

Carin — Wed, 19 Sep 2007 18:43:17 +0000

It’s a good idea to compare term life insurance vs. mortgage insurance from banks. Term life policies come in amounts that can cover your mortgage, but sometimes at a significantly less premium. Term life allows you to name the beneficiary, and allows more control over how the money is spent.

By: Real Estate Guru

Real Estate Guru — Fri, 25 May 2007 04:26:51 +0000

Thanks Andrew. There are so many brokers out there willing to honestly help you and make money for themselves which is how it should be. It’s the ones who just look for the larger commissions and pretend you got a good deal that are evil. I appreciate you stopping by to comment.

~David