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Adjustable Rate Mortgages

Is It Proper for Mortgage Brokers to Play the Market

You need to be cautious of the game which a number of mortgage brokers play with rate locks; they may assure you of locked rate but do not insure it with the lender. When your lender proposes to lock your rate, demand for the formalities (in written form) from the lender evidencing the loan, the rate as well as your name. Perhaps you’ve decided to float, do not allow your broker to ratchet the rate up as closing draws nigh, perceiving you will roll over rather than let go of the house. Persist on asking for exactly the rate he would give a fresh customer for the same loan.

What to Enquire of Your Broker: Ask your broker what his fees are and how the fees can be broken down, what details are expected of the proposed loans? Can fees be paid back if the loan is not obtained? Is there compensation from the lender? Will the lender give assurance of the rate lock?
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RateWindow™
c/o RealEspace®
8100 Dallas Parkway, Ste, 215
Plano, TX 75024
Phone: 888-880-0071
Fax: 469-252-3620