Determining your broker’s honesty

July 31st, 2008 by admin

How can your tell your mortgage broker is honest when you are looking for home refinancing? 1. Be aware if they are also a lender. If they are,make sure they aren’t favoring their own loan 2. They need to be able to tell you the commission they will be receiving from the lender. 3. Make sure thy give you the APR, which tells you the real cost. 4. You need to know the whole service provided by the broker. 5. They broker needs to tell you the benefits and drawbacks are for you. 6. Your broker needs to have his own professional indemnity insurance. Don’t be afraid to ask to see it. 7. Make sure your broker is qualified and has the proper membership or credentials.

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