Asked by Investor R, 24060 • Tue Jan 27, 2009
I am a small time real estate investor. Of late it seems like mortgage brokers are not too keen for lending to investors like me. I had asked for a mortgage quote from 3 different lenders and only one of them got back to me. That company was charging me a 1% fee for the loan in addition to normal underwriting charges. When I asked why they replied:
"1% is our charge for the loan. On investment properties we cannot
get the loan setup without the 1%. We normally do not have to charge this
as the lender pays us but on investment that is not the case currently."
Is above correct or is the broker charging me too much?
Real Estate in Blacksburg
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