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There is no single correct answer or best choice when it comes to choosing a mortgage broker, mortgage company or bank to initiate your loan. Your choice depends primarily on
Points are the fees charged by the lender to make the loan and may be stated as “Discount”, “Origination Fee”, or “Points”. One point equals one per cent of the mortgage amount. If you're applying for a mortgage of $185,000, one point would equal $1,850.00, two points would be $3,700.00. Junk fees come in a variety of flavors and normally go directly to the mortgage source to offset their costs or increase their income for your loan. You might see fees such as
Comfortability is the other primary factor to consider. A mortgage is a large, complex transaction. The experience, knowledge, efficiency, and integrity of the mortgage source are very important. Since you are not the expert in this transaction, you want to be comfortable that you are dealing with a professional, who has your best interests, not his/her own, as their primary focus.