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How to Spot a Good Mortgage Broker
from: Deb St. George - HomelessInKingCounty.comWith 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.
Low Mortgage Rates News
Mortgage rates fall to another record low - USA TODAY
 USA TODAY | Mortgage rates fall to another record low USA TODAY WASHINGTON (AP) – Average rates for 30-year and 15-year fixed mortgages fell to record lows for a third straight week. Mortgage rates fell to another new low this week, making houses more affordable for those who qualify for loans. Mortgage Rates: Low Mortgage Rates Hit Record Again Says Freddie Mac 30-Year Mortgage Rates At Record Low 3.79 Percent 3rd week of record low mortgage rates |
Low, low rates boost loans - Boston Herald
Low, low rates boost loans Boston Herald “It's unbelievable,” John Brodrick of Boston's Eastern Bank said yesterday after mortgage giant Freddie Mac reported that average 30-year fixed rates fell to a record-low 3.79 percent. That's the lowest level seen in the 41 years Freddie Mac has ... |
Mortgage rates reach new low, spur refinancing - NorthJersey.com
 e-wisdom.com | Mortgage rates reach new low, spur refinancing NorthJersey.com BY RICHARD NEWMAN Mortgage rates reached another new low recently and, once again, spurred a new flurry of refinancing applications in North Jersey as homeowners seek to lower monthly payments or pay loans off quicker. The Mortgage Bankers Association ... Record Low Mortgage Rates Sparks Refinancing Surge Mortgage Delinquency Rate in U.S. Falls to Lowest Since 2008 Mortgage Delinquencies in U.S. Fall to Lowest Since 2008 |
Foreclosures plunge to 5-year low in US recovery - Monterey County Herald
 ABC News | Foreclosures plunge to 5-year low in US recovery Monterey County Herald The US mortgage delinquency rate fell in the first quarter to 7.4 percent, the lowest level in more than three years, the Mortgage Bankers Association said Wednesday. The rate peaked at 10.1 percent in the first quarter of 2010 and was last lower in ... Foreclosure activity drops in April Foreclosures Reach 5-Year Low UPI NewsTrack Business |
Mortgage Rates: Low Mortgage Rates Accompany Record High Home Affordability - FreeRateUpdate.com
 Eastern Morning Herald | Mortgage Rates: Low Mortgage Rates Accompany Record High Home Affordability FreeRateUpdate.com Current low mortgage rates are accompanying record high home affordability for the first quarter of 2012 which was reported by the National Association of Realtors. The Housing Affordability Index reached 205.9 which is the first time it has broken 200 ... Fixed Mortgage Rates Drop Further Setting Another Record Low Announces ... 30-Year Fixed Mortgage Rate Hits New Record Low For Second Consecutive Week ... Zillow: US 30-Year Mortgage Rates Fall For 4th Straight Week |
Mortgage delinquency rates at lowest levels in three years - e-wisdom.com
 e-wisdom.com | Mortgage delinquency rates at lowest levels in three years e-wisdom.com By Max Thompson The national mortgage delinquency rate dropped in the first quarter (Q1) of 2012 to the lowest level since that seen three years earlier in Q1 2009, TransUnion said in a recent report. The delinquency rate, which is the rate of mortgage ... Mortgage Refinances That Make Sense |
US 30-year mortgage rate falls to record 3.79 pct. - Bismarck Tribune
US 30-year mortgage rate falls to record 3.79 pct. Bismarck Tribune Mortgage buyer Freddie Mac says the rate on the 30-year loan dipped to 3.79 percent. That's down from 3.83 percent last week and the lowest since long-term mortgages began in the 1950s. The 15-year mortgage, a popular option for refinancing, ... |