Do You Have A Bad Mortgage Broker? :
With the mortgage loan business booming, you are sure to encounter at least one or two down the road. Not all of the mortgage loan brokers you meet will be good, honest people - far from it. Many of them will not care about you or your interests; they're just out to make a buck. Some have no evil intentions, but are just lousy businessmen. So how do you separate the wheat from the chaff?
Here are some tips that can help you:
Gather all the information. A good mortgage loan broker will be forthright in his dealings with you, furnishing you with all the information necessary. On the other hand, a bad mortgage loan broker will often hide some information from you, such as a good faith estimate of what the closing cost will be. If you sense that your broker is withholding something, beware.
Be realistic. If you are offered incredibly low rates, as yourself why this is so. Read the fine print of the mortgage loan contract. You might be signing up for an adjustable-rate or graduated payment mortgage. In other words, you may be paying less than everyone else at the beginning, but you might end up paying more than everyone else at the end.
Be honest. This applies to both you and your broker. If you find a broker who urges you to lie about your information, be careful. Lying about your finances is fraud, and you technically become a criminal once you do. Also, ask yourself why your broker would encourage you to lie. If they have no problem recommending you to do so, then they probably would have no qualms lying to you either. |
