[quote=AK]My understanding is that mortgage brokers make somewhere around 1% – 2% on each loan … obviously more if you’re getting ****ed.
I say look for your own backup financing, tell the other agent that you need his loan terms well before the end of the financing contingency period, and run the numbers to see which way you’re better off.
I’d also make sure there’s no prepayment penalty, so if you do get ****ed on that loan you can refinance.[/quote]
The most effective way to do that is to explicitly ask for a good faith estimate.
Ask it in an email.
The form he should send is one that you can take to other lenders and get an apples-to-apples comparison on cost.
My preferred lender usually asks that buyers get other lenders’ gfe’s prior to asking her to quote so she can beat them.
Its a good strategy.
Also, its your issue, dude but I can’t think of a more faux loyalty than representing a buyer as loan officer when you are listing agent for your brother the seller (is he your agent also?).
Just suggesting that speaks volumes about one’s moral “flexibility”.
My two bits.
