Anyone that owns a television has heard the popular opinion that mortgage brokers are not always on the up-and-up. The news is never short of stories about crooked mortgage brokerage firms. It is no wonder that most people are not very trusting of their mortgage broker.
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Have there been other parties that showed interest on the property? You need to know if there have been other offers from interested parties. This will give you a heads up regarding what the seller has turned down, allowing you to come up with a better and more irresistible offer. You can also try and ask your Mortgage broker about the lowest price from the previous offer. They might not be able to specifically tell you, but still they can give you a hint at the least.
You were given a Self Certification Mortgage even though you were employed at the time. A Self Certification Mortgage is meant for self employed people who do not have evidence of a steady income. Since they are high risk, they are charged a higher interest rate. If you were employed and sold such a mortgage, it is a mis-sold mortgage.
If the broker is being paid by the bank, does this mean the cost is passed on to you? In most cases, this is not the situation. The interest rate and points on a loan are usually the same regardless of whether you go through the loan process on your own or through a broker. Why? Banks generally consider points to be a profit center. While they do not like to give away profit, they also know that mortgage brokers will bring in large volumes of business than a single loan. Essentially, they bank trades off the fee to the broker in exchange for the money they know they will make over the life of the loan multiplied by the volume of loans the broker will bring in. In simple terms, it is a trade off.
A bank really does limit your options in terms of finding a home loan. Some people immediately assume that their local bank is their best bet. While it may be true that you’ve done business with the bank in the past – and may even have accounts with them right now – that doesn’t mean that they will be able to get you the best deal. You can be sure that the loan officer will tell you it’s the best deal, but you’ll have no basis for comparison. If you’re fond of having options, then, bank lenders aren’t right for you.
As you can see, choosing an honest mortgage broker can be a very effective way to find the best possible mortgage. As long as you shop around for a broker and check into the record he or she has established, you will end up feeling very glad that you employed the services of a professional. Your trusty Wisconsin mortgage broker can save you a lot of leg work and money.