What are the best tips for Choosing a Mortgage Broker?
A mortgage broker is a valuable member of your team when you are looking to buy or refinance a home. They can help get you through the twists and turns of the market, find the best loan rate for your situation and ensure the mortgage application process goes smoothly.
Choosing a mortgage broker isn’t always an easy decision. If you’re ready to start shopping for a home or wish to re-finance your current home loan, you’re probably wondering how you’ll find a mortgage broker who’s trustworthy, knowledgeable, and easy to work with.
Take a peek at these tips to select a mortgage broker that will best help you in your quest for obtaining the mortgage loan that’s right for you:
- Find a broker who has connections with a number of lenders. A good broker will typically have multiple loan sources to select from. Multiple loan sources mean the broker has some options in terms of mortgage length, interest rate, and the specific requirements of the loans.
- Do an initial phone interview. It’s important that you feel comfortable with your broker.
- How long have they been in the mortgage brokerage business? A reputable mortgage broker with some years of experience will be able to leverage their knowledge to your benefit. They have worked with people in your situation and are able to understand your needs.
- They have references. Follow through on checking the broker’s references to determine whether you feel they will work in your best interests.
- They know of programs that you may qualify for. Federal and state governments introduce new stimulus measures to help borrowers and investors.
- They ask good questions. An effective, experienced broker will ask you questions so they understand your hopes, dreams, and current situation. That will help them help you in setting goals and help you clarify the type of home you’re looking for.
- They are clear about fees. When you are purchasing a home, you need to add in the cost of the property and any necessary renovations. There are a number of other fees that factor into the transaction such as moving costs, lender fees, inspection fees, legal fees, and more.
- They communicate clearly and often. You’re making the biggest purchase in your life, you want to have a team member that keeps you updated on what is happening throughout the process.
- They keep you informed about changes in the market. Real estate is always moving. Interest rates shift, and housing prices fluctuate. An experienced broker will be on top of these movements and guide you through the process.
- Check licensing and insurance. Before working with a mortgage broker, make sure they are licensed and insured. It protects you in case anything goes wrong.
Choosing a mortgage broker can be a daunting task but following these tips will help make it easier. By considering your needs and with proper research, you can find the right broker for you.
