Home loan mortgage companies

Sometimes it isn't clear whether a purchaser is dealing with a broker or an actual lender. The buyer may have to ask; it isn't always mentioned and in the information received, it will give the buyer a clue who is being paid a multitude of fees. When the purchaser pays "points" during the finance closing or in combination with the interest rate, they may be compensating a home loan mortgage company employee for their services. This is why it is important to shop around for different home loan mortgage companies. Fees are generally estimates that can be negotiated but familiarity with terms such as title examination fees, abstract of title, property survey, document, and recording fees will help the buyer discuss options on an even playing field with the brokerage representative. A property buyer's expectation, backed by the Real Estate Settlement Procedures Act, that the mortgage company will give a good faith estimate of charges to be incurred, is the right of a potential home buyer.