Financing in Staten Island>Question Details

charleslanza, Home Buyer in Staten Island, NY

What is a typical fee paid to a mortgage broker? Will a mortgage broker get you the best rate?

Asked by charleslanza, Staten Island, NY Wed Feb 27, 2013

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Michael Denniston’s answer
I can only speak as a banker for a direct lender. Under our exclusive Mortgage for Champions Program, we waive all banker fees thereby saving you 1000s on your closing cost. This program is compatible with FHA and conventional loans. I have extensive experience helping first time buyers become successful homeowners. For more info or assistance, please call me directly at 917.699.0183. Follow me on twitter @mdenniston247.

I value your feedback. Please hit the thumbs up if my reply was helpful. All the best.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
.
0 votes Thank Flag Link Mon Mar 11, 2013
There are fees which are associated with banks and brokers. These are typically called "junk fees". The description of the breakdown would be called an application, processing, and underwriting fee; which can vary with different lenders. They would typically run between $1,000 to $1,500. Other fees that are charged from a broker would be known as "points". Continental Home Loans is a direct lender that has many programs were these fees are not charged to a borrower.
0 votes Thank Flag Link Thu Mar 7, 2013
Ask your loan officer for a good faith estimate, or a breakdown of fees associated with acquiring the loan. Generally interest are the same, however much depends on the type of loan, downpayment, credit, etc.
0 votes Thank Flag Link Thu Feb 28, 2013
Charles,
Please visit this website to see the costs (None of which are paid to the Broker) associated with purchasing a home in New York City. You can also receive an Instant Online Rate Quote to compare to others.

http://www.NYSmortgagerates.com/TheCost.html

I cannot speak for all Mortgage Brokers. I can only speak for myself. As a Mortgage Broker (On Staten Island) and former Accountant, I am very careful about how borrowers spend their money. We work with several Banks and are paid a fixed % of the loan directly from the Bank we send the loan to. The Bank we choose is dependent upon the needs of the borrower.

Use the "Instant Rate quote" feature on the website below to compare to other lenders.

Best regards,
Will Knoop
0 votes Thank Flag Link Thu Feb 28, 2013
Quote from Lowell Sterling
"I am a Mortgage Banker in TX on an average brokers will charge 1-3% based on the level of difficulty or as Bankers we charge a flat fee to process & underwrite the loan(less than $1K) and make money by servicing or selling the loan on the secondary market "
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This is a complete lie or at best a misrepresentation of the facts. You should not trust ANYONE, broker or banker that will twist the facts in order to make themselves more appealing. What a broker charges has NOTHING to do with the level of difficulty and is regulated by the SAFE act. The actual truth is that what banks charge you is mostly hidden in SRP because that is not realized until your loan is sold. This is no way means you are getting a better deal with a banker and in many cases means the opposite.

Compare quotes side by side and ones given on the same day. Don't try to compare fee to fee because they have different names and amounts. Compare interest rate loan amount and cost to close excluding interest and prepaids. This is the only way to know what you are really paying.

Avoid BS from BSers!
0 votes Thank Flag Link Wed Feb 27, 2013
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