Question:

What's the difference from one Mortgage Broker from the next?

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What should I be looking for?

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  1. The other posters are right some are unethical, but some have stellar morals and business practices.  Some don't care about you and others are in the business to help people.  That being said, finding a good one is paramount.  Now as for the fundamental differences;  there are mortgage brokers, and loan officers.  Essentially they do the same job, a broker compiles your application package and sends it off to many lending companies that they work with to receivere multiple offers, and fit you with the best one.  A loan officer does this as well, but exclusively for the bank or institution it works for.  A loan officer has little to no control over the fees that are charged.  They are paid a commission based on how profitable the loan is for the company on the secondary market.  The broker also makes this commission, but has what is called Yield Spread Premium,  this basically allows them to charge you any additional fees they see fit.  Keep in mind with a broker, you are often paying double, because you are paying all the fees the lender would demand, and then any fees to the broker.  Either on can do an excellent job.  It is just finding one you can trust.  They are out there. In this time they are getting a bad rap that not all of them deserve.


  2. Most are unethical and will sell you the loan with the highest commission.

    A few are and will help you to get the best deal.

    A few will steal your ID.   Never give any information to people you are not meeting in person.

  3. Difference is the same with any business person.  Find one that listens and searches for the mtg that fits your needs and budget.  One who will answer all questions and not look at you as if you are stupid.

    One that does not pressure you. Nothing wrong with asking for a few days to think about it.  Try and ask family and friends for references.  Even ask at your bank.  

  4. Some give a hoot.

  5. not too much except the fees they charge. other than that nothing.

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