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A mortgage broker can be a big help when you need a loan but don’t know where to start. These experts can look through loan offers and find the one that’s best for you.
According to the National Association of Mortgage Brokers, more than two thirds of homebuyers choose to get a mortgage through a broker. They save you time, and depending on their fees, can save you money. Broker fees usually range from 1 to 1.5 percent of the mortgage.
Some dishonest brokers may overcharge you with fees of eight to 10 points. Follow these tips to be sure you’re working with someone who has your best interests at heart.
* Get referrals from friends and co-workers to help in making the right choice.
* Request a good-faith estimate of the broker’s fees at the start.
* Get a written description of the loan program the broker offers so you can check out the rates, fees, and points.
* Ask the broker if he is affiliated with the lender to make sure he has no conflict of interest.
All the best,
Timben
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