There's a different kind of mortgage broker on the block and 
they're giving conventional mortgage brokers a run for their 
money.
 
With today's current economy, consumers have to be as budget 
conscious as ever, and it's showing in every consumer 
decision they make - including shopping for a mortgage. 

Gone are the days where the consumer waits with baited breath 
as to whether or not the corner mortgage broker can find 
financing for the home they want to buy.
 
Say hello to today's new mortgage seeker; the one who has 
lenders competing for their business, makes educated 
lending choices and is making upfront mortgage brokers more 
popular than ever. 

So what is an upfront mortgage broker? The main difference 
between an upfront mortgage broker and a conventional 
mortgage broker is that an upfront mortgage broker discloses 
their fees to the borrower up front and in writing.
 
The borrower will pay the broker a fee in addition to paying 
the wholesale loan price. With conventional mortgage brokers, 
borrowers don't know the true cost of the loan until after 
the application has been submitted.
 
The conventional lenders add a markup to the wholesale rate of 
the mortgage to make their profit. While on the surface it may 
seem like the prices quoted by upfront mortgage brokers compared 
to the quotes received by conventional lenders would not be the 
wise choice, don't be fooled. 

The quotes you get from an upfront mortgage broker will be an 
accurate reflection of what you're really going to pay. Just 
because a conventional mortgage broker promises you the moon, 
does not mean that he can actually deliver it.
 
There are other reasons that have conscious consumers choosing 
upfront mortgage brokers over the traditional conventional 
brokers. 

While conventional mortgage brokers don't always have the best 
interests of their customers in mind, upfront mortgage brokers 
gain nothing by providing their borrowers with anything other 
than the mortgage that best suits their needs.
 
There are also times when mortgage brokers are given rebates 
by third parties. While a conventional broker may keep this 
rebate as a part of their profit, an upfront mortgage broker 
will always pass this rebate on to the borrower.

With consumers appreciating honesty and no-nonsense approaches 
when dealing with their lending needs, upfront broker methods 
may just change the face of mortgage lending forever.