Find a mortgage broker who is willing to work as your agent at a fee agreed upon in advance. The fee includes your payment and any compensation the broker receives from the lender. The broker passes through the wholesale prices, which are disclosed to you, without any markup.
Upfront mortgage brokers, listed at www.mtgpro-fessor.com, prefer to work in this way. But many other brokers would be willing to if customers requested it. To avoid misunderstandings or surprises, the broker's compensation should be stipulated at the outset, in writing, signed by the broker and by you. The document should state:
The total compensation to [name of broker], including any rebates from the lender, will be
_. A separate processing fee will be_.
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