Find Honest Mortgage Brokers

A vast majority of the mortgages in the United States are now secured through mortgage brokers and for good reason. An honest mortgage broker can offer the borrower lower rates and a wider selection of loan programs then most local banks or credit unions. While most loan officers are honest reliable professionals there are some that are not as ethical as they should be.

All honest mortgage brokers have their clients best interest in mind and put their commission in second place. Not only does this ensure the client gets the best deal possible but it also helps them build his referral base by providing honest reliable service that people are happy to tell their friends and family about. However there are loan professionals that feel just the opposite and are motivated only by commissions and will do any thing to get the highest one they can from their clients.

There are the common tricks that many crooked brokers use to get high commissions. These tricks usually include changing the interest rate at closing and hoping the clients will just close anyway. Changing the loan terms or switching from fixed to adjustable mortgages at closing and again hoping the clients will just close the loan to be done with the process.

By asking your mortgage broker for a signed good faith estimate and a interest rate lock letter within 3 days of applying for the loan you will know how honest your mortgage broker really is. A good loan officer knows that by law they need to provide you with at least the signed good faith estimate and the rate lock letter is just a positive sign of good service. A dishonest broker will generally try and not supply these items to you and instead double talk around the request for them.

Learn more about Mortgage brokers lying and critical questions to ask a mortgage broker when you apply for your loan

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