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Congratulations! You have a credit score in the top half of the population. Because you
have worked so hard to maintain your credit rating and pay your bills on time, you should
be rewarded while applying for a mortgage. Assuming you are working and proving your
income, (and can prove that the money, if any, you are putting into the deal is yours) this
loan should be a nice, easy loan for your Mortgage Broker to work on. This means they
shouldn't be making a large profit off your loan. This means you should get a better deal
then the average person.

Here is how to do it.

The first thing you have to do is print this page. You are going to give it to your Mortgage
Broker or Banker and tell them you expect their best deal as listed below.

Next, Compare what the REAL interest rates available are. Online searches for interest
rates will probably give you amazing, unbelievable interest rates. Guess what. If they
seem like amazingly, unbelievably low rates, that is because they most likely are. There
are many ways online rate advertising can be made deceptive, and most "deals" you find
online on rate shopping programs or websites end up not coming to fruition. If you want to
find out where the real rates are, go to websites of REAL banks, like
www.bankofamerica.com, www.wachovia.com, www.chase.com, etc. Then compare
these with the offer your Broker/Banker is offering to you. This is how to compare a "real"
deal with a "bait and switch" (when someone gets you going on a loan with them and then
changes the terms before closing when it will feel like it is too late to get out)
Finally, find someone willing to honor what you will read below here.
Brokers or Bankers work on loans to make a living. You have to realize, they need to make
money on the loan they are offering you. Otherwise, there is no reason for them to do your
loan. You don't work as a charity, and neither do they. However, what you want to do is
communicate to them that you understand they are making a living, but you have control
over how much they are marking your loan up.

If you would like, we can refer your information to someone who will honor this contract. Or
you can find one yourself. IF you would like us to refer you to one, click here

Profit for a Mortgage Broker or Banker is paid in units called basis points. The broker gets
paid a percentage of how many basis points each deal brings in. 100 basis points is the
same as 1 point, or 1% of your loan amount. On your type of deal, a reasonable income
for a Broker or Banker is between 1 point and 1 /12 points, depending on loan size.
Whether you are paying the Broker 1 point, or the lender is paying them, this is all they
should make on this deal. An honest broker or banker can show you how they price your
loan out on a tool called a rate sheet. The payment made to the Mortgage Broker or
Banker is called YSP (Yield Spread Premium). At this time, a Mortgage Broker Must legally
disclose to you what they are being paid by the bank to place the loan with them. A Banker
does not have to disclose this to you (their profits remain hidden, but a good one will still
show you this anyway)

Below is a "contract" between you and the broker/banker you are working with. If they will
honor the contract, this is a good person to work with.

BROKER or BANKER TO CLIENT CONTRACT

I, ____________________________, your client should you agree to the following terms,
would like to put, in writing, a list of what I am looking for from you. We will also agree
what I will do for you in turn.

I understand that you are working for a living, and deserve to be paid for what you are
doing. I also understand that due to my high credit score, this will not be a difficult loan for
you to make (the term for funding a loan). Following is a list of my expectations.

I expect:
A great interest rate and APR. You will show me how you are pricing this loan out,
demonstrating how your rate sheet works. You will do this loan for no more than 1 1/2
points. We can discuss how much you should be making on this loan. You will price this
loan as close to ____ point(s) as possible, and I will understand your pricing before we
are done. I understand that interest rates change daily on the loan programs I will qualify
for, and know that I must contact you on the day you are locking my interest rate to agree
on the rate. You will stand behind the interest rate you offer me. This will not be a bait and
switch offer, where the deal changes right before closing. I do understand that in order for
the interest rate to be available the information I tell you must be correct, and you cannot
be held responsible if what I tell you is incorrect. You will confirm the terms (rate & points)
upon lender commitment within 1 business day. The terms we confirm at this time will not
change before closing unless something outside of your control affect the loan status (ie I
lose my job, the house did not appraise, etc)

Low Fees. I Should not have to pay any application fee. I should not have to pay any
administration fees, nor should there be any origination fees, or discount points unless
we have agreed on how this is lowering my interest rate AND APR. You will show me how
this compares to the deal with no fees or points, and where the benefit to me is. You will,
in writing, give me a side by side comparison between these rates with or without points
and excess fees.

Status Updates. I want to be kept current on what is going on with my loan. You will tell
me how you will keep me up to date on where my loan stands, and for you to follow
through on this.

I, in turn, will:

Provide you with correct information in a timely manner. I understand you cannot do
your job correctly with false information, or if I don't provide you with requested information
in a timely manner. I will also commit that I am telling you everything correct, to the best of
my knowledge, from now through the end of my loan.

___________________________                     _______________________________
Borrower                                                                  Co-Borrower

___________________________                     ____/___/20____
Mortgage Representative                                     Date