are there limits a broker can charge?

Question

are there limits to what a broker charges for a mortgage and how can i tell what they charge

Answer 1

I've never seen a limit except what a buyer is willing to pay when a bank is less expensive.

A very broad guideline is 2-3% of the loan at most. I would not even pay that much but that might give you a little help.

Answer 2

You have to comparison shop like everyone else. Each broker owns their own firm and can charge pretty much what the market will bear. I do caution you on Internet lenders. If something goes wrong you want to be able to walk into their office and face them. The Internet ones will disappear overnight and you won't be able to get them anywhere.

Answer 3

Shop around and get quotes from several sources. Maybe two brokers and two banks.

In the US, each person who gives you a serious quote should give you a written estimate of closing costs.

So look for a loan with the best combination of low rates, low points, and low fees.