| Posted By |
Message |
NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
|
What does a mortgage broker typically charge?
TIA!
|
Posted 10/5/07 12:15 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
|
Re: What does a mortgage broker typically charge?
If you get a good one, not much. There is an application fee ($150-$200) and you have to pay for the appraisal and credit report once you go into contract. That is roughly $350 - $400
FM if you want my broker, I HIGHLY recommend him.
Brokers get paid by the bank they put the Mrtge with, so they should really only be charging you the basics.
Good luck
Message edited 10/5/2007 1:03:32 PM.
|
| Posted 10/5/07 1:01 PM |
| |
|
FLaCaTaCa
Kelsey Elyse = Love
Member since 5/05 1855 total posts
Name:
Stacy
|
Re: What does a mortgage broker typically charge?
I was charged a 3/4 of a point ORIGINATION FEE. Really analyze your GFE and see whether or not the broker charges an origination fee. I slipped on this one and picked a rip off pretty much. 1400 bucks later...she made a pretty penny on our deal. I didn't find out until later that an origination fee is optional.
|
| Posted 10/5/07 6:30 PM |
| |
|
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
|
Re: What does a mortgage broker typically charge?
Posted by Mrs-D-Girl
If you get a good one, not much. There is an application fee ($150-$200) and you have to pay for the appraisal and credit report once you go into contract. That is roughly $350 - $400
FM if you want my broker, I HIGHLY recommend him.
Brokers get paid by the bank they put the Mrtge with, so they should really only be charging you the basics.
Good luck
Very true. I highly recommend my broker as well. FM if you want his info.
|
| Posted 10/5/07 7:16 PM |
| |
|
njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
|
Re: What does a mortgage broker typically charge?
honestly, you do not need an outside broker.. this person is just a middle man.. imo. We are going thru Weichert Realty for our house in NJ and they had EVERYTHING! Insurance people, mortgage people.. h&ll they even had movers.. Weicherts' slogan is that they're a one stop shop. This is not necessarliy a good thing. I almost used a mortgage broker for our condo in FL and he almost ripped us off royally.. I guess that's why I am bitter about private brokers.
just go to a bank and go thru them. We went thru Chase & got a great Mortgage Broker thru the bank. And if you want the guy I am dealing with FM me.. we got our pre-qualification, mortgage approval and commitment letter in about 3 weeks. That's what I was looking for.. someone who was on point, no b.s-ing and fast!
|
| Posted 10/5/07 8:15 PM |
| |
|
VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
|
Re: What does a mortgage broker typically charge?
Posted by njbound07
honestly, you do not need an outside broker.. this person is just a middle man.. imo.
I agree with this statement as well. We were even told by our cousin who works in the business to just go to a bank. A mortgage broker is usually most helpful for people who don't have that great of a credit score. If your credit score is good, you should get the same rate from any bank or broker. Plus, with a bank, your closing fees are usually less. ($5000 less in our case!)
|
| Posted 10/5/07 10:29 PM |
| |
|
NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
|
Re: What does a mortgage broker typically charge?
we have a good credit score, but we need options with little to no money down, relocating for work, etc. That it seemed a mortgage person might be willing to look into for us, while banks are pretty cookie cutter in the options.
|
| Posted 10/6/07 9:35 AM |
| |
|
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: What does a mortgage broker typically charge?
mortgage brokers make their money off YOU. Yes the bank pays them, but they pay them based off points the broker has charged the borrower. A lot of people don't realize just how much the broker is making (as noted above by a pp).
There are very few options out there for little to no money down right now, but your good credit will help.
|
| Posted 10/6/07 8:14 PM |
| |
|
