Subprime Mortgage Loans – 3 Questions To Ask Your Subprime Mortgage Broker
Subprime mortgage brokers offer a variety of mortgage loan packages from different lending companies. They can find financing for almost anyone, regardless of their credit score. Even though brokers offer a valuable service, you still need to ask questions to be sure you are getting the best deal.
1. What Is Your Fee?
Before you begin working with a subprime mortgage broker, ask how they are getting paid. Sometimes they charge you an upfront fee, other times they are paid by the mortgage company.
Upfront fees dont guarantee you the best deal, but they do reduce the brokers reliance on mortgage companies fees. Instead of looking at who offers them the best payoff, they are looking at your interest.
Fees paid by the mortgage company can still mean you find a good deal. Most brokers are able to negotiate lower rates for you, so you still come out ahead. Using this type of broker also allows you to work with a couple of brokers, making sure you find the best deal.
2. What Are The Loans Fees?
Even when brokers present you with rate quotes, take the time...
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