How do i know if i can trust my mortgage broker? is what he is quoting me guaranteed..read more...?

i'm just curious on how this all works? i've never met this guy, only talked to him on the phone. is he reallly interested in helping me, or is he just out to get comission? how do i know for sure that the numbers he's telling me,like the interest% and all that are actuallly going to be the numbers i end up with. i would really appreciate any advice on thisHow do i know if i can trust my mortgage broker? is what he is quoting me guaranteed..read more...?
When you apply for a mortgage your application is reviewed based on a specific interest rate. They determine if you will qualify at that rate. Once they determine that you are qualified they will give you a ';commitment';. The commitment is a written document where they are promising to give you a loan for a specified amount at a specified rate. You are required to sign the commitment and return a copy for the commitment to be valid and enforceable. Once there is a signed commitment they have to honor those terms. However, the interest rate in the commitment often is valid for only 30 to 90 days. The commitment will specify how long the interest rate is ';locked';.





To sum it up, the broker can promise you the world but only the commitment will contain the numbers that you end up with. And unless the broker is a personal friend or relative then he is most likely out to get the commission.How do i know if i can trust my mortgage broker? is what he is quoting me guaranteed..read more...?
I think that Realestatelawyer hit the nail on the head. Most of the time though, your gut feeling should play a big part in your mortgage transaction. If your gut tells you that something is not right, then I would have to say that about 90% of the time, your gut is correct. ( Be sure that you have eaten though, you could also be very hungry...LOL).





Keep in mind also that yes, the guy is out for a commission. Does this mean that he is or isn't looking out for you? Well...I don't know. But If you do not feel right about something, something may be wrong. I would tell him to slow down a little bit because you are feeling un easy and see what happens. Tell him that you would like to contact a couple different lenders and see what they have to say. It should not be wrong for you to get a second opinion.





If you would like a second opinion, please feel free to contact me at timothy.kazee@americanhm. com and we can talk a little bit.





I hope things go well for you. Have a great day!!!!
I got burned bigtime by a lender on LendingTree. Two weeks before closing he came back with interest rates significantly higher than what we had been talking about all along. Luckily, my local bank came to the rescue. If this is your first house you probably qualify for a WHEDA loan which your local bank can help you with. WHEDA offers great fixed-rate loans to first time buyers. It's a government incentive program. All I can say is get a locked rate in writing ASAP!! Don't let them string you along. They think that if they wait until close to the closing, you won't be able to find alternate financing. Be careful and make sure you have back-ups in place.