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Questions tagged [mortgage-brokers]

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2 votes
1 answer
98 views

How do mortgage brokers get paid?

In the UK some mortgage brokers don't charge their clients. I wonder, how exactly do they pay their own living costs? Is it true that banks pay them? But then, if a bank pays a broker, can I be sure ...
aglearner's user avatar
  • 389
8 votes
1 answer
1k views

Mortgage brokers - should I expect to get a better deal than I can find myself?

Since I am currently looking into potentially buying my first house, when asked by an estate agent (with whom I had just viewed a house) whether I would be interested in talking to their mortgage ...
Noble-Surfer's user avatar
4 votes
2 answers
150 views

Qualify for mortgage with projected property income?

I’m qualified by my own income for a mortgage of X amount. But I want to qualify for a house of Z amount. The property I purchase will be subleased to other tenants. I know I’ll be able to afford ...
Anilla's user avatar
  • 171
0 votes
1 answer
249 views

MBS vs Corp or Muni bond. Please explain the difference

How are MBS different from corporate or municipal bonds that have a coupon attached? For example, if I invest 25,000 per year, how do I get the return? Is there a fixed coupon? Also, I heard of ...
ShravanM's user avatar
  • 103
4 votes
2 answers
420 views

Mortgage Adviser Signed Me Up For Multiple Home and Life Insurances (UK)

So, back in 2016 we bought our home with the help of a mortgage adviser. During the process they signed us up for home insurance and life insurance. At the time I (perhaps stupidly) believed they ...
John C's user avatar
  • 143
3 votes
3 answers
143 views

Is there any reason to have a mortgage broker when refinancing with a specific company?

If I'm refinancing a residential home, and already know exactly which company I will use to obtain a mortgage from (and at which rate), is there any value in working with an independent mortgage ...
user2932's user avatar
  • 640
0 votes
2 answers
110 views

Cashing out equity in mortgage to pay for another one?

Let's say I get a mortgage on a house next week. In 2 years time I decide I'd like to move to another city within my country (UK). If I wanted to cash out the equity I've already put into the house at ...
Umair's user avatar
  • 157
17 votes
3 answers
6k views

Mortgage sold to yet another servicer. What are my options?

I purchased my first home back in June (roughly 2.5 months ago) with a smaller, but very reputable, mortgage firm in the area (Maryland). It has great reviews online, and everyone whom I know that has ...
dberm22's user avatar
  • 391
11 votes
4 answers
6k views

Why the interest does not stop on the day of paying off the whole loan

We are trying to pay off our 20 years fixed mortgage after 12 years and when I called the mortgage company and asked for the balance (in my calculation is only 57000 of the principal left) the ...
Misty's user avatar
  • 111
7 votes
1 answer
5k views

Should I give my mortgage broker access to my bank account?

Is it safe to allow a mortgage broker to access my finances? They are requesting it in order to present account balances to our home loan issuer, and while I wouldn't suspect they are scamming us or ...
FaceySmile's user avatar
7 votes
2 answers
34k views

Can I work with two or more mortgage brokers at the same time?

When searching for a home loan, can I get two or more mortgage brokers to search for the best rate for me and at the end just choose the one that found the best rate?
Peretz's user avatar
  • 635
4 votes
2 answers
2k views

Mortgage broker asking for a rate extension ($1,300) - is this fair?

Here's my situation. I'm working with a mortgage broker to refinance my existing mortgage. I locked in a rate on Feb 14, 2012. The lock was for 30 days. The broker has now told me that they cannot ...
user5521's user avatar
7 votes
3 answers
710 views

Disadvantages of getting a mortgage from a mortgage broker?

Are there any disadvantages to getting a mortgage from a mortgage broker? It seems like they would be in your best interest because they save time by shopping around for you. Does it typically cost ...
theycallmemorty's user avatar
11 votes
3 answers
478 views

What value does a mortgage broker bring? Can they get you a better deal than your bank can?

Many I meet are very salesy. Makes me wonder if they are truly after my best interests? Banks seem so aloof and laissez-faire. The kind of attitude that sends the message that they don't care if I ...
Nat_Rea's user avatar
  • 8,683