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Tell your broker that you will pay 1 to 1.5 points for origination fees and processing fees and no more. Tell the broker you will not pay Yield Spread Premium (YSP). Tell the broker you will pay the necessary third party charges, but will not pay any broker markup.
Everyone that takes on a mortgage loan pays fees and closing costs to secure that loan. You will be required to pay the mortgage broker origination fees for finding you a loan, possibly pay points to the lender, and closing costs to secure the mortgage loan.
A right mortgage broker will not just give you a good loan option but he or she will be the one responsible to give the documents to the lender. The mortgage broker will be the one who will deal with the lender, even if there are any problems or questions with the lender. The right mortgage broker will assist you and help you out all throughout the process; he or she will be responsible with the paperwork and so on.
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Similar to the way a lawyer protects your interests in legal matters. You wouldn’t go to court without a lawyer, so don’t finance your commercial mortgage without a broker.
Broker requires an ability to understand and interpret profit and loss statements, rent rolls, third party contracts, and many more specific documents that are involved with each transaction. It's more than just writing up a contract. If your potential broker cannot figure out the Net Operating Income of a building or cannot tell you what the debt service coverage ratio is, then you need to keep looking.
For those that are just beginning a broker can be a very useful tool in finding opportunities, what an investor should look for, and what they don’t want to see in a property, and negotiating a deal that will make everyone happy. Those that are a bit seasoned in this area may not need so much help, but still can benefit, in one way or another.
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