Description of service
I accepted a mortgage offer from a local branch of a corporate bank last year. The fee listed of $440 did not include the title search fee, which was farmed out to another company. The broker had encouraged me to use that company for the title search in order to expedite my mortgage application. At the time, the fees seemed reasonable, especially for the service I received.
Review of Service
The broker I dealt with was professional and worked with a sense of urgency. He worked at finding the best possible rate for me, and experimented with different types of mortgages, such as an 80/20, to get payments in the range I requested. I actually received better service from the corporate behemoth than I did from a local, well known bank, which really surprised me.
Tips
The most important thing to remember is to learn everything you can before you step foot into a broker's office or pick up the phone. The excitement of owning your own home (especially the first one) can make you gloss over little details that can cost you a lot of money later on. Know the jargon for interest rates, the different types of loans that are out there, and ask around about brokers. You should especially pay attention to anything with ARM in the wording.
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