Tips for Mortgage Brokers
4. Before submitting a loan ensure that both you and the client understand how the loan process will work (inspections, closing, etc..)
5. Be wary of large up-front fees. Many lenders in the industry charge very large upfront “due-diligence” fees prior to issuing a commitment (10-100K depending on the deal).
6. Ask for a formal commitment from the lender that outlines all points, prepayment penalties, rates, and other fees.
7. Be wary of lenders that try to pull a bait and switch at or near closing. Many lenders will offer a deal too good to be true only to change the deal at closing.
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