Why should I use a Mortgage Broker instead of going to directly to a Bank? A good Mortgage Broker will have relationships with multiple Banks and will know where to bring your loan to get you the
loan that best meets your borrowing needs.
Will I pay additional fees if I use Mortgage Links, Inc. as my Mortgage Broker as opposed to a going
directly to a Bank? No. There are no additional costs when you come to Mortgage Links. When shopping for a Mortgage ask each loan
officer to provide you with a list of fees he or she charges. There may be origination fees, application fees or processing
fees. Again, if you use us as your Mortgage Broker you will pay no Broker fees as we are compensated directly from the
Bank we Broker your loan to.
How much does it cost to get a Mortgage in New York? See The Cost tab on this page for an estimate of what it will cost. The two big cost items that people generally do not
know about are Title Insurance and Mortgage Tax.
How is Mortgage Links, Inc. compensated for my loan if you do not charge an origination fee, application
fee, or processing fee? Mortgage Links, Inc. is compensated 100% by the Banks we Broker your loan to.
Does Mortgage Links Inc. get compensated more if they give me a higher interest rate? No. We are compensated based on a percentage of the loan amount. There is no benefit to us to give you a higher rate,
however you can choose a higher rate and get a credit for some of your closing costs.
What documents will I need to get my Mortgage Approved? There are potentially a lot of documents that could be needed, but the most common are:
1) 2 Years of W-2's, sometimes you will need your full tax returns, so have them handy.
2) 1 month of pay stubs
3) 2 months of Bank Statements
Should I get a Conventional or FHA Mortgage? The common thought is that if you do not have a large down payment you need to go with an FHA loan. This is not
necessarily true. You should give me a call and together we can analyze which loan product is best for you. Generally,
FHA loans will have higher closing costs.