WHAT’S WRONG WITH MORTGAGE BROKERS ?
Gosh Dave, you seem to be pretty harsh on mortgage brokers!! That’s because I am. Mortgage brokers fill a niche. If you have credit issues or something that causes you to not be able to get a bank loan they can get you a loan, providing you are willing to pay enough. The problem is some mortgage brokers are not up-front about what you have to pay. Some don’t tell you about all the fees until just before the closing, knowing that you probably won’t back out at the last moment. Some make extra fees by getting you to pay a higher interest rate. Most mortgage brokers don’t give you the option of choosing the rates that are available to you. They choose the rate and you don’t know if that is the best rate you can get. And it seems they all tell you, you are approved. They tell you, you are approved so they can get you tangled into their web. I’ve spent way too much time arguing with mortgage brokers who insist you are approved, but they “need just a few more documents.” The bottom line is t
