mortgage broker fees?

i've heard stories from people where they used a mortgage broker that said they wouldnt charge them fees, but at the end of the whole process they found out that the broker charged them with a hidden fee...so they recommended if you have good credit just go and shop for low rating to the bank itself..

i have a broker that i used to buy my coop and he said he wouldnt charge fees that the bank pays him, i've heard that doenstn happen anymore

my question is, what is the right question to ask to make sure you dont get charged fees on the back end from the broker. or is it worth it to go to the bank?

TIA!!!!!

Re: mortgage broker fees?

Mine has no fees that I'm aware of. I paid for the inspection and appraisal but thats it.

I'm using Cliffco Mortgage Bankers.

Re: mortgage broker fees?

Did you receive a Good Faith Estimate (GFE)? If not, you should ask for one.

If so, you should check the section titled origination charges. If there is an amount listed there, then there are fees in connection with the loan. You should also ask for an itemized fee worksheet with your GFE. It breaks down every amount in your GFE. The fees (if any) will be broken down in the and called various names (i.e processing fee, application fee, underwriting fee, points, etc.).

I think some banks and mortgage brokers mask their fees by stating that every loan has origination charges but not explicitly stating that those are their charges to you in connection with the loan.

HTH.