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Important things to know about a mortgage broker



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Here are some important things to know about a mortgage broker:

  1. A mortgage broker acts as an intermediary between borrowers and lenders, working with a variety of lenders to find the best mortgage loan for their clients.
  1. Mortgage brokers can save borrowers time and money by finding better rates and terms for their clients than they would be able to find on their own.
  1. Mortgage brokers typically charge a commission for their services, which is paid by the lender and included in the cost of the loan.
  1. Mortgage brokers are required to be licensed and registered with your state’s regulatory authority.
  1. Mortgage brokers are legally required to disclose their compensation and any fees associated with the loan.
  1. It is important to carefully review any loan documents before signing and to ask questions if there is anything you don’t understand.
  1. Mortgage brokers are regulated by the Consumer Financial Protection Bureau (CFPB), which is responsible for enforcing federal consumer protection laws related to mortgages.
  1. It is important to choose a reputable mortgage broker with a track record of success and positive reviews from past clients.
  1. Mortgage brokers can provide valuable guidance and assistance throughout the mortgage process, including helping borrowers understand their options and securing pre-approval for a mortgage loan.

By understanding these key facts about mortgage brokers, borrowers can make informed decisions about whether to work with a broker and how to choose the right broker for their needs.

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