Beware of the 1.5% mortgage offer

Part 2: Separating good brokers from bad

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(This is Part 2 of a two-part series. See part 1.) This is the second of two articles on the characteristics of good mortgage brokers. A good broker will not quote lowball prices: Accurate pricing depends on a number of borrower, property and transaction characteristics. If these are not known or not used, the price cannot be accurate. Loan originators who quote the best prices possible -- and sometimes even better than the best possible -- with the intent of roping in the customer are lowballing. Avoid any broker who quotes a price without first quizzing you about loan size, down payment, loan purpose, type of property, use of property, state, credit score, and documentation of income and assets. Don't tempt a broker to lowball by requesting a price on the telephone. A good broker tries to find the best price available for your deal. You can't take this for granted because it can be tedious work. Brokers get their prices from wholesalers in the form of very complicated ...