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How to Avoid Nasty Mortgage Junk Fees

So, you've taken an application with a mortgage broker. He has told you your monthly payment and the total amount you will need at the time of closing. How do you know the charges on the loan are fair? How do you compare this loan to others you have been offered?

mortgage, Kevin Blasi, Good Faith Estimate, loan officer, mortgage broker, closing costs, points

So, you've taken an application with a mortgage broker. He has told you your monthly payment and the total amount you will need at the time of closing. How do you know the charges on the loan are fair? How do you compare this loan to others you have been offered?

Check the GFE.

The Good Faith Estimate (GFE) can be your weapon to get the fairest price for your loan. If you don’t take a good long look at this infinitely important legal-sized piece of paper, you may just be throwing your money away.

This single document will detail every specific charge on your loan. Not only does it list your charges, it also itemizes them to show whom these charges are being paid to. Don’t just look at the dollar figures on this form. You should pay close attention to the party that collects those dollars. While the big number on the bottom is often scary, seeing all the people that came together to make this happen for you may make it all seem worthwhile.

You can use this breakdown to make sure that each party that collects a fee is being reasonable. You can compare apples-to-apples because all Good Faith Estimates must contain the same information. Also, make sure that what you have is a "Good Faith Estimate" and not just a summary of costs that the mortgage broker put together. They may leave some things out but the GFE keeps them in line because they are required by the government to disclose all fees to you.

Your realtor may also give you a fee summary. Do not trust this form. They do this to give you an idea about fees and costs but they don't have the information from the lender necessary to give an accurate quote. You can only get a Good Faith Estimate from a mortgage company.

Since all fees are disclosed in black and white on the GFE, this makes it a great tool to compare mortgages. More importantly, it makes it impossible for a dishonest mortgage broker to sneak unexplainable charges into your loan. A mortgage broker or bank is obligated to give you a GFE very soon after application. Take advantage of this to make sure you are comfortable with the fees being presented.

My best suggestion to you as a homebuyer is to hold on to the original signed copy of your GFE. This document can be easily compared to the final papers that you will sign at closing. You will notice any changes between these forms because they are set up very similarly. Keep in mind that the numbers will change, that’s the nature of an estimate, however your broker should be able to explain any noticeably large changes.

 

How To Become a Mortgage Broker

The Mortgage Industry accounted for $18 Billion in loans last year. As a mortgage broker you can expect to take your cut out of that very large pie. And the best part is, you can get into this profession with almost no education or formal training. No other profession is so easy to get into yet offers such a high-end, six-figure earning potential.

how to become a mortgage broker

The mortgage industry accounted for $1,815,949,279,000 in loan transactions in 2004. That's one trillion, eight hundred and fifteen billion, nine hundred and forty-nine million, two hundred and seventy nine thousand dollars...in one year!

Mortgage brokers average better than 1% commission on every transaction...so a conservative estimate is $18,159,492,790 to the mortgage industry in commissions last year. Eighteen billion is a lot of money to go around.

Consider a profession that doesn't require any formal schooling yet offers a six-figure plus income potential to any broker who wants it.

Here's how the business works...

A mortgage broker acts as the middle man between a borrower and a lender. The broker bridges the communication gap between the technical requirements of the lender and the non-technical demand of the borrower. And here's the best part...mortgage brokers get a cut of every loan they close.

The upside for this profession is nearly unlimited. Once you've reached a high monthly income level from your mortgage commissions you can move into other areas of the business and make huge amounts of money.

Buying second mortgages, funding choice loans yourself and buying real estate investment properties are just a few examples of the opportunities for expansion that are available to successful mortgage brokers.

If you're ambitious and want to become truely wealthy this industry will afford you every opportunity to do so.

The mortgage industry does, however, require that you master three important skills before it will reward you with success.

You have to be able to sell.

This is ultimately a personal business. You will be dealing with people every day. Knowing how to relate to all kinds of people to make sure they are comfortable during an unfamiliar and very important process is vital. Sales skills are essential to your success as a mortgage broker.

Prior sales experience is helpful but not necessary. Regardless of your sales skill level you should commit to continuously learning everything you can about sales.

You have to understand loan processing.

Processing a loan is an exercise in navigating a bureaucracy. It takes patience and a different mindset than you need when you deal with your clients. Put in the effort to make the personal relationships with decision makers at your favorite lenders...it will pay off in concrete, financially measurable, ways.

The best way to establish yourself as a professional is thorough expert knowledge. Study the loan process from front to back and really learn the in's and out's of funding a loan. It will give you insight and perspective on the business that will enable you to offer better service, faster closings and a smoother process to your clients.

You have to use effective marketing.

Without effective marketing you won't have any prospects to sell to. It's the marketing that brings in prospects. Your mortgage business, indeed...all businesses, depend on it for their very survival.

But marketing can do much more for you than help you survive. If done carefully, methodically and scientifically, marketing can propel your mortgage business to levels of financial success you never dared imagine.

Effective marketing can build a mortgage business into a cash cow...sales and loan processing can't. The greatest success in the mortgage business can be had the quickest by mastering the art and science of mortgage marketing.

This is a great industry. It offers all the opportunity you could ever want. True wealth awaits those who apply proven methods to their mortgage business.

 

How To Become A Mortgage Broker And Still Remain Sane

The process of how to become a mortgage broker is not necessarily a difficult one; however, many people get discouraged along the way because they are not aware of the shortcuts that are available to them. If you want to know how to become a mortgage broker and not lose your mind, here are a few simple steps to help guide you along the way.

First of all, you should be aware of the basic process of how to become a mortgage broker. There are certain licensing requirements se...

Mortgage Broker , real estate, careers

The process of how to become a mortgage broker is not necessarily a difficult one; however, many people get discouraged along the way because they are not aware of the shortcuts that are available to them. If you want to know how to become a mortgage broker and not lose your mind, here are a few simple steps to help guide you along the way.

First of all, you should be aware of the basic process of how to become a mortgage broker. There are certain licensing requirements set forth by the state which require you to pass an exam. Many states also have requirements regarding criminal history that exclude felons and people that have been convicted of crimes of moral turpitude. If you do not have a criminal record, or at least one that prohibits your licensing, and you can pass the exam, you can be a mortgage broker. Where do people get discouraged? During the exam process, it is easy to second guess yourself and your abilities, as the test is not exactly easy.

The biggest mistake people make in trying to become mortgage brokers is studying for and taking the exam on their own. While you may not be able to have someone in there to help with the exam, you can certainly get help in preparing for it. There are several training courses and study classes you can take that will cover the material on the test, answer any questions you have, and provide sample tests. These study courses are invaluable when it comes to preparing for and passing the test.

Another consideration to make is the knowledge and encouragement you can obtain from a mentor. In the same manner that knowing what is on the test can help you pass, knowing what awaits you on the road to being a mortgage broker can help you succeed. There is no reason to travel alone when someone is available to show the way.

On the other hand, you can always do it the hard way. You can order books that are hard to read and seem to complicate things; you can decide to figure things out for yourself and not ask for help when you need it; and you can choose to get discouraged and quit. It is a lot more difficult to be successful when you do things the hard way. However, now that you know the easy way, doesn’t it look more inviting?

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