Questions to Ask when Choosing the Best Mortgage Broker
When you're trying to find the best mortgage rates and fees available in the state of Wisconsin, you may want to try hiring a mortgage broker Wisconsin style. The trick is finding one that will have your best interests in mind instead of his own agenda. Too many mortgage brokers are out to serve their own ends and even get kick-backs for steering clients to certain lenders. These are the kind of people you want to avoid, but how can you find a mortgage broker you can trust to take care of the largest financial transaction you'll probably ever make in your life?
When hiring a mortgage broker, there are some questions you need to ask those that you talk with:
1. How long has your company been in business? Companies that manage to stay in business over the long-term generally have established good reputations.
2. What will your broker fee be? Never hire someone who won't give you a direct answer to this question. The answer you're looking for is between one and two percent of the amount of the loan.
3. What are the interest and APR rates? If there is too large of a gap between the two rates, then it may mean that there are hidden charges you're going to end up paying.
4. Will you want to come to my home to complete the necessary paperwork? Although this used to be the norm, it is no longer necessary. A broker that insists on coming to your home is only looking to charge you extra for the service.
Because of new laws that went into effect on January 1, 2010, brokers are no longer allowed to charge lots of extra fees to clients. There is now zero tolerance for such things as transfer taxes and origination fees, although a small amount of leniency is allowed in other fees. If the broker doesn't give you the right estimate, he will be expected to pick up the tab for any extra that is involved. It will no longer be charged to you as an "oops".
Take your time when choosing a mortgage broker in Wisconsin or anywhere else in the country, because some are going to do a much better job for you. Word of mouth from friends, relatives, and colleagues is also a good way to get the information you're seeking as are online forums where people tell about their own experiences with different mortgage firms. Do your homework before making your selection, and you're much more likely to be happy with the choice you made.
When hiring a mortgage broker, there are some questions you need to ask those that you talk with:
1. How long has your company been in business? Companies that manage to stay in business over the long-term generally have established good reputations.
2. What will your broker fee be? Never hire someone who won't give you a direct answer to this question. The answer you're looking for is between one and two percent of the amount of the loan.
3. What are the interest and APR rates? If there is too large of a gap between the two rates, then it may mean that there are hidden charges you're going to end up paying.
4. Will you want to come to my home to complete the necessary paperwork? Although this used to be the norm, it is no longer necessary. A broker that insists on coming to your home is only looking to charge you extra for the service.
Because of new laws that went into effect on January 1, 2010, brokers are no longer allowed to charge lots of extra fees to clients. There is now zero tolerance for such things as transfer taxes and origination fees, although a small amount of leniency is allowed in other fees. If the broker doesn't give you the right estimate, he will be expected to pick up the tab for any extra that is involved. It will no longer be charged to you as an "oops".
Take your time when choosing a mortgage broker in Wisconsin or anywhere else in the country, because some are going to do a much better job for you. Word of mouth from friends, relatives, and colleagues is also a good way to get the information you're seeking as are online forums where people tell about their own experiences with different mortgage firms. Do your homework before making your selection, and you're much more likely to be happy with the choice you made.
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