Mortgage Basics

arizona lending group - most trustable mortgage broker

NMLS 2137491 – AZ MB 1023670

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Published:

2/21/2021

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Is it Cheaper to Get a Mortgage Through a Broker?

Mortgage brokers work with several lenders to find the best mortgage rates for you. You can negotiate with a mortgage broker in Scottsdale about the best rate structure for you. It is important to discuss your lifestyle and financial situation with a mortgage broker in Scottsdale. Ask questions about various lenders’ rates, cancellation policies, and prepayment policies. You should also ask if there is a higher fee if you want to stop the loan early.

The fees charged by a mortgage broker aren’t disclosed. However, the borrower pays a fee to the broker for arranging the mortgage. The fee may be a percentage of the loan principal or more. Some brokers will also charge additional fees if they find a better deal for you. It is wise to ask about the fees before choosing a broker. This way, you won’t be surprised by the final costs.

Mortgage brokers are paid a commission by lenders for arranging the mortgage. The borrower will pay one to two percent of the loan principal. Since a mortgage broker earns a commission from the lender, you may end up paying a higher interest rate than you would if you applied directly to a lender. A good mortgage broker will negotiate a lower interest rate for you. At Arizona Lending Group, we will always negotiate the best price for you.

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