Mortgage Brokers Explained: Are They a Scam?
This video will teach you everything you need to know about Mortgage Brokers. Specifically, you'll learn what they do, the benefits of using one, the fees they charge, and how to choose a mortgage broker.
So, what does a mortgage broker do?
A mortgage broker connects home buyers with lenders. Think of them as a "middleman."
Working with you every step of the way, mortgage brokers will help you compare mortgage lenders and lock in on a competitive interest rate that is tailored to your financial needs.
To no surprise, comparing mortgages is key to finding the (lowest) and most competitive interest rate, but it is a daunting task - especially for a first-time homebuyer.
Here are the top three benefits mortgage brokers offer to future homeowners:
1. Save You Time
2. Help You Identify Lower Rates & Fees
3. Provide Far More Mortgage Loan Options
While mortgage brokers offer a ton of benefits and can help streamline the overall home buying process, they are NOT FREE.
That said, how do mortgage brokers get paid? Do you or the lender pay them?
Mortgage brokers are either paid by you or the lender, but never both! The Dodd-Frank Act protects consumers from hidden fees and shady broker compensation practices.
Finally, towards the end of the video, we will show you how to choose a mortgage broker. These strategies will help you save money, find a reputable mortgage broker, and begin the home buying process with confidence.
If you're looking for more actionable personal finance tips and tricks, make sure to subscribe to our channel here: / @simplemoneylyfe
#personalfinance #finance #money #mortgages #realestate #mortgagebroker #mortgagebrokers
