Conventional Mortgage Brokers add a mark up to the wholesale price creating a retail price for the borrower. Conventional Mortgage Brokers tend to ignore the best interest of the borrower.
Things like failing to lock rates and points or letting the rate float upward all make the Conventional Mortgage Broker more profitable. These mortgage brokers may also receive rebates and credits from lenders. They generally do not rebate these savings to the borrower.
As you can see there are many things to consider when picking a broker. Don’t always take the broker that a real estate agent/company may offer. Do the research and see what type of broker will best suit your needs.
