Buying
a Home
Step 4: Meeting the Mortgage Broker
A mortgage broker is like a mall for mortgage
loans. Mortgage brokers have
a great selection and they can help you sift
through the many varieties
to find exactly the right one
for you. But, just as in any profession, there
are good brokers
and bad ones. Research interest
rates carefully before you visit a mortgage broker
to make sure
you're getting a good deal.
A mortgage broker makes money by adding a small
commission to each loan.
The broker will issue the loan
at a slightly higher interest
rate, then sell the mortgage to another
bank for a profit. You may
still get a better rate by
using a mortgage broker, since the broker
gets rate sheets from all
the lenders in your geographical area, and can
choose
the lowest
rates.
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