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re: Should we use a mortgage broker?
Posted on 3/8/13 at 5:25 pm to GeauxBlonde
Posted on 3/8/13 at 5:25 pm to GeauxBlonde
The short answer is yes you should. Also, you should use two and have them compete to get the deal. Don't tell them you are working with someone else until the very end though.
This post was edited on 3/8/13 at 5:27 pm
1
Posted on 3/8/13 at 9:11 pm to lsu480
I believe the mtg co gets a set par rate, say 2.75%. If you(buyer) want that par rate, you are going to pay all closing costs, in addition to the 1% or so the mtg co gets. If you do a no close loan with the mtg co, they will offer you a rate of around 3.75% with the bank paying the mtg co the 1%. Either way the mtg co is getting their 1%, either from you up front, or from the bank in the form of a higher interest rate offered to you. There is no way for you, the buyer to get that par rate and also have to not pay closing costs.
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