Financial Information Notice: This checklist provides general educational information only. It is not financial, mortgage, tax, or legal advice. Compensation structures, licensing, loan products, and mortgage regulations vary by jurisdiction.
“The mortgage broker may help you shop—but you still need to understand what you’re actually comparing.”
CFPB recommends comparing multiple mortgage offers and Loan Estimates rather than relying on a single lender or quote.
25 Buyer-Beware Warnings
- ☐ Verify licensing where applicable.
- ☐ Ask how the broker is compensated.
- ☐ Ask who pays the broker.
- ☐ Ask whether compensation varies by lender/product.
- ☐ Identify the lenders being considered.
- ☐ Ask how many lenders the broker actually accesses.
- ☐ Request written loan options.
- ☐ Compare Loan Estimates.
- ☐ Compare interest rates.
- ☐ Compare APR.
- ☐ Compare points.
- ☐ Compare lender credits.
- ☐ Compare origination charges.
- ☐ Compare cash to close.
- ☐ Compare monthly payment.
- ☐ Compare loan term.
- ☐ Compare adjustable-rate features.
- ☐ Compare prepayment provisions.
- ☐ Ask whether the broker receives lender incentives.
- ☐ Don’t accept “best rate” without documentation.
- ☐ Don’t compare different loan structures as if they were identical.
- ☐ Get competing offers.
- ☐ Ask what can be negotiated.
- ☐ Verify all promised terms in writing.
- ☐ Don’t confuse broker convenience with lowest total cost.
Premium Checklist
Broker Audit
☐ License
☐ Experience
☐ Compensation
☐ Lender access
☐ Product access
☐ Conflicts
☐ Communication
Quote Comparison
Broker Quote → Loan Estimate → Competing Loan Estimate
Compare:
Rate / APR / Points / Fees / Credits / Payment / Cash-to-Close / Five-Year Cost
CFPB specifically recommends obtaining and comparing Loan Estimates from multiple lenders.
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