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Mortgage Brokers Fees
Mortgage brokers are intermediaries acting on your behalf in finding and successfully
landing a Massachusetts home mortgage
or a New Hampshire mortgage. They have
a large array of resources or affiliations with various mortgage
lenders and Massachusetts banks and
are better able to find the right mortgage than you can on your own.
Brokers are usually paid commission mortgage fees on the sale. So the higher
your home loan amount, the higher the mortgage
brokers fees will be. That commission could range from .5% on a large loan to
about 2% on a smaller loan. If you go direct to a lender for a loan, you may still
pay the same amount. Although not all lenders use mortgage brokers, many banks
are cutting back on mortgage lending expenses
and may prefer to have mortgage broker specialists do their marketing and sales
for them.
There are mortgage brokering scams going on in Massachusetts
and New Hampshire so you should only
do business with licensed Massachusetts and New
Hampshire mortgage brokers. Scam artists offer the usual bait of guaranteed
financing, 100% financing, and no closing costs. When it sounds too good to be
true, it often is.
When speaking with Massachusetts mortage brokers
the rates and terms you should compare are
the interest rate, the number of points to be charged, the number and size of
monthly payments, the variability of the interest rate over the full term of your
home loan.
Massachusetts law states that a brokerage fee is any money, compensation, commission,
fee, charge or other valuable consideration
directly or indirectly imposed by a mortgage broker for the broker's services
in negotiating, placing, finding, or otherwise assisting a borrower in obtaining
a mortgage loan. Brokerage fees do not include fees charged by the lender (commitment
fee or a lock-in fee), wages or commissions paid to an employee of the mortgage
broker or mortgage lender, nor does such term include bona fide and reasonable
payments to be remitted to third party service providers, such as credit report
fees, appraisal fees or payments to the mortgage lender.
GNA Mortgage Group undertakes honesty, ethics,
and clear communication in advertising and in personal communication with our
clients. We’re a name you can trust for your home mortgage lending needs.
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