What You Need to Know about Mortgage Brokers by Joe Szabo, Scottsdale Real Estate Team?

By Joe Szabo, Scottsdale Real Estate Team

Customers need to be vigilant about how fees are charged. You might end up paying more for a loan that doesn’t give you what you need.  Some mortgage brokers steer to a particular lender or group of lenders. It’s a good idea to ask which lenders a broker works with before you start working with them. Discussing your mortgage broker with your real estate agent can give you some insight as to who might provide you the best possible loan and at a reasonable cost.

Remember, the mortgage broker isn’t going to be pocketing monthly interest from your loan because she’s not lending you the money. Instead, the bulk of his or her income is based on fees. These fees include appraisal and credit inquiry expenses, application processing fees, closing costs including notary services, document preparation, escrow services, title insurance and recording fees. You should also know that many of these costs are based on the amount of the loan, so when you borrow more, you’ll pay more.

Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona.  Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.