Borrowers get tips on dealing with mortgage brokers

Being prepared can rid experience of trickery

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Borrowers who don't know how to deal with mortgage brokers waste their own time as well as that of the brokers. Borrower ignorance also encourages brokers to be hustlers rather than professionals. In general, borrowers should view brokers as providers of professional services for which they are paid a fee. That fee is the only price brokers control, and it is the only price that borrowers using brokers should shop. Shopping Rates and Points With Brokers Is a Waste of Time. To provide accurate price quotes, brokers need to know many things about the borrower, the property and the transaction. This information must then be matched against the prices contained in voluminous price sheets the brokers receive every day from multiple lenders. This is a lot of work, and few brokers will do it for casual rate shoppers. Brokers in this situation typically quote the best price possible -- if the information required to price accurately is not used, this price is as good as any othe...