Answers - Mortgage Broker

Here’s the whole story:
“The mortgage broker that we used to buy our home did not disclose a 2.5% YSP before the day of signing and we have since lost the home to foreclosure. We have all the docs that say what the interest rates were supposed to be, and then the jacked up rates [...]

The question:
“What legal actions can I take against a mortgage broker when my deal goes badly?”
My answer:
Well, let me start by saying, I am not an attorney nor should this be construed as legal advice. However, if a deal goes horribly wrong, through no fault of the customer, and you can show actual damages, it’s [...]

I am afraid it is not that simple.
Finding an “honest” mortgage broker is part knowing how to interview them and part “keeping them honest” by demonstrating your knowledge. In other words, the brokers (even the good ones) are willing to over-charge, if the client shows no real knowledge of how loans are priced, locked, [...]

Here is the question….
Roger asks,
“I am looking to buy my first house and my agent is pushing a mortgage broker. I wanted to know if mortgage brokers are always better than going to my bank.”
My answer:
Roger, in a word…maybe!
Given that direct lenders and banks can legally hide the income they make from increasing [...]