Mortgage Fees

I found a house through a Real Estate agent and after reviewing it and inspecting it on several occasions I decided to make an offer for the property. The offer was contingent on my obtaining a suitable mortgage.

Through the agent, I contacted and met with a Mortgage Broker.

The fee was to be paid upon obtaining a mortgage.

I had several meetings with the broker and completed the required forms including credit and tax information. During our meetings I informed the broker as to the length of time and the rate I was willing to pay. I had done much research into the costs of a mortage and the associated fees prior to our first meeting.

The first "offer" he presented after about three days, was totally unacceptable and I told him that he had 24 hours to meet my requirements which we had previously discussed.

He came back the next day and the rate was fine but the additonal fees were totally out of line.

I contacted the Real Estate Agent and informed her that I was no longer interested in the property.

The service by the Broker was totally unsatisfactory. He paid very litle attention to my request and seemed to think that he knew everything and that I,the client, should just "trust him."

There was really nothing good about the service.

When seeking a mortgage, do your own homework. Newpapers, banks, and the internet all provide very detailed information and help in calculating the costs you might expect to pay in addition to the mortgage rate. If you have a very good financial rating you can expect a better rate, especially depending on the length and amount

of down payment.