Business Broker Guide

Smoothcat asked:


Wondering how much my mortgage broker will make off of me. I’m getting a $250,000 loan on a $500,000 house w/ $300,000 in equity. Thanks.

Ignacio H asked:


The broker that I spoke with today quoted a 7.125% rate that seems pretty high. He is also charging a 1% origination fee. Am I getting ripped off here?

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 ?

t247267 asked:


It’s me again. I did not know that my mortgage broker lied about my income until he told me after the fact. Yes he admitted it to me.He actually used it to tell me how hard he worked for me to get the loan. The original application was filled out in my home with one of his associates and I did not lie. I have requested copies of my file and applkication from him and he threatened me with an attorney. At one point he offered to get me out of this mess and blamed GMAC for putting me in the wrong loan. (they had my social wrong and he tried to tell me that i got someone elses terms). All he did was lie. I am not to blame. How can I get my file?

Yumes asked:


What are some tips on finding a good mortgage broker?

mulaasigirl asked:


Recently we are attemptin to refiance our home with a company I have financed through before. They have seriously inflated my appraisal not one but two times. I did not refiance with these people because I have been warned that they are going out of business for doing this to other people. A new mortgage broker we are working with says we should take action against them and report them. I am just wondering what else can be done. This needs to be stopped if I wasn’t smart enough to realize what was happening I would have ended up owing 60k more then my house is worth!! This needs to be stopped. I see so many people with these false appraisals and its getting out of hand. What can be done??

blue5349 asked:


I am a mortgage broker and want to open my own place but don’t know where to starts. Please people help me to understand the process and advice me based on ur own experiences and how to be successful in this business?

Ted (Canton,OH) asked:


I am a new investor and giving the mortgage broker I am using lots of leads every day and now think I should charge him for these. How much should I charge him? I don’t know what the standard is for giving these brokers leads. Thanks.

Wondering???? asked:


I know the mortgage industry is in a mess right now, but I am looking toward the future when we rebound. Wondering what requirments there are to become a mortgage broker in Ohio. I am looking to work this industry on the side, as I already have a full time sales job. Also what are the typical commisions paid to brokers for sub-prime, prime, and jumbo mortgage loans…is this split with the company you work for? I already work 100% commission, so that is not a problem. Any input on this career is greatly appreciated, ie the ups and downs.

Michael asked:


I got prequalified, then I got an offer accepted for a house, and last minute, the broker rejected my application after detailed review. The application was never rejected by a bank. Can the broker do this? It’s very misleading and I have lost money due to their inadequate “prequal” letter.