Business Broker Guide

John P asked:


I am searching for best interest rate for home i am buying.

1) Is it always good to go with a mortgage broker ? or just call the banks directly ?

2) Will i save some money if i go with a bank directly instead of a broker ?

Any advice ?

johnpau2009 asked:


1) Usually when can brokers/lenders can lock a interest rate ? is it just during the business hours ? can they lock during the weekends also ?

2) Do they have to lock during NASDAQ business hours ? or do is relate to the bank hours who is lending money ?

3) Since rates keep fluctuating every hour and minute,how do they lock ? is a rate sheet valid for few hours ?

karen a asked:


I dont understand why my broker didnt lock my rate when I recieve the contract my rate was 9.87 I told him I agree, and lock it. He didnt want to at the time because he said he was still shopping for a better rate. A month went by and the rate went up a little so i ask him to lock so it wont go up again he never did it. now just a few days away from closing he called me, and said that I need to come up with $ 4500 to bring down my interest rate or I wont be qualified for the loan because the rates went really high, and also if my credit score goes one point down I wont be qualified, the only reason my credit went down from the time he check it because he had submitted my info to more then one bank. Right know I feel that my back is against the wall, I have no choice but to come up with the money, I believe he scam me, he knew exactly what he was doing. Will my complaint to BBB will help me get this guy out of business

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