Mortgage Broker second interview? What questions should i ask?

Hi,

I went to interview today with a Mortgage funding company. For a loan broker ! What questions do i need to ask ?

Thanks,

Frank

Mortgage Broker second interview? What questions should i ask?

Was it an interview for a job or a loan? If a loan, try a mortgage banker rather than a broker. Your fees will be much lower.

Mortgage Broker second interview? What questions should i ask?

interest rate?

what costs must you pay out of your pocket [should be none]

--------------------------

i need to see the contract to

advise you much more!

you want, btw--a 5% fixed rate loan

for 30 yrs, with the least cash out

of your pocket at closing.

Mortgage Broker second interview? What questions should i ask?

Ask for references that you can call.

Ask to see their license.

Ask if they are Better Business Bureau accredited.

Ask them what their rates and closing costs are.

Ask them how long it will take them to close.

Mortgage Broker second interview? What questions should i ask?

What is your %26quot;yield spread premium?%26quot;

May I see your wholesale rate sheet?

Some brokers are honest, many are not.

I will gladly write you a loan and PAY YOU INTEREST instead of you paying me. You just need to pay 102 points on the loan.

Obviously, that is an absurd condition, but it makes the point that you can get a loan at any interest rate. You will have to pay discount points to buy down the rate.

Right now, most lenders are offering a conforming 30 year loan (conventional fixed-rate terms 30/30) at 5.875% with 0 points + fees.

Some brokers now charge loan origination points instead of discount points. There is a huge tax difference between the two for you.

I am no fan of Bank of America (actually dislike them a lot) but they currently have a 0 point and $0 fees program. Your interest rate will be a little bit higher but you pay not points and no closing costs (except pre-paid interest and property taxes).