Posted on: 05th Aug, 2010 04:34 pm
I am working with a Broker who is giving me a lower rate and lower closing costs than we can find anywhere else. But i am concerned about how much the broker is getting compensated.
True, she knows where the best rates and lowest closing costs lender is to meet our needs, still I would like to work her down more.
Granted, my realtor is ripping our heads off with their undeserved and unearned 3% extraction of our family's Tax Free Home Equity, but I'm more concerned with a tax deductible .125% in rate on a loan we will not keep more than 48 payments.
Can anyone tell me how I can screw my mortgage broker over for a few pennies?
True, she knows where the best rates and lowest closing costs lender is to meet our needs, still I would like to work her down more.
Granted, my realtor is ripping our heads off with their undeserved and unearned 3% extraction of our family's Tax Free Home Equity, but I'm more concerned with a tax deductible .125% in rate on a loan we will not keep more than 48 payments.
Can anyone tell me how I can screw my mortgage broker over for a few pennies?
Before taking out a mortgage, you should shop for your home loan. Shopping for your mortgage will give you a chance to know what type of rates and terms are available in the market. Thus, it would be easier for you to decide as to which lender you would like to go for.
As a borrower, you've the rights to negotiate with the mortgage broker so that you can get lower origination charges. Apart from that, you would also get a compensation disclosure which actually makes the high cost loans more transparent. This also helps the consumer to bargain for low origination charges.
As a borrower, you've the rights to negotiate with the mortgage broker so that you can get lower origination charges. Apart from that, you would also get a compensation disclosure which actually makes the high cost loans more transparent. This also helps the consumer to bargain for low origination charges.
If you have the lowest and you can not find any lower, you have no negotiating power. You can threaten to go elsehwher becasue you found a lower rate and costs, but, if he says to go ahead, you have no place to go.
If you can not find any lower, one of two things:
1. You are not a good shopper, or
2. You already have the best deal because the broker is accepting such low income for this loan, he can not be beat anyplace else.
If you can not find any lower, one of two things:
1. You are not a good shopper, or
2. You already have the best deal because the broker is accepting such low income for this loan, he can not be beat anyplace else.
