Questions to ask a mortgage broker before you work with them - Business Insider

When my partner and I were ready to buy a home in a new city earlier this year, our realtor recommended working with a mortgage broker.

But that's really what mortgage brokers, who act as the intermediary between lenders and homebuyers, are: middle men. Knowing that, we had — probably unfairly — stereotyped them to be unnecessary, tacking on extra fees and pushing products . So when our trusted realtor suggested we work with onein Phoenix, Arizona early this year, we were cautious ... and we had a lot of questions.

We asked many questions, but these five helped us make our final decision and put away suspicions about working with a mortgage broker.Our major concern was the broker fees and transparency throughout the entire loan process. Mortgage brokers typically get paid on closed transactions. Their broker fee is often embedded in the lender loan origination fee. We needed to be sure this fee wasn't going to be a large chunk of change.

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