 |
Want to compare mortgage rates from a number of different mortgage brokers and banks, take a look at Mortgage Marvel, as seen in CNN's Money magazine
A few large banks are cutting mortgage bankers out of the process. Bank of America (BAC, Fortune 500) has recently said it will make all loans directly to customers. Several websites have arisen to facilitate such direct sales. MortgageMarvel.com, which launched in November, can get you quotes from 280 banks and credit unions around the country and, unlike Bankrate.com, Lendingtree.com and other familiar online names, does not steer you to mortgage brokers.
Read more...
One of the key things to do when talking with your mortgage broker, is to set the fee rate in advance. In the past, there was less transparancy between the banks and the brokers and the loanee. Some banks were giving incentives to brokers for bringing in mortgages - often risky loans for many people. The new wave is for up-front brokers, where everything out in the open. There's even a site dedicated to this: upfrontmortgagebrokers.org.
|
|
