What to Look for in a Mortgage Broker


Locating a good mortgage broker who is resourceful enough to shop your loan to several competitive and reputable lenders is often the best way to go when buying a home or doing a refinance. A mortgage broker may be able to negotiate for a better loan, advise you of options you would not otherwise know about, or help you locate an attractive mortgage from a lender you might not have discovered while doing your own search.
But the key is to find an experienced, dependable, trustworthy broker who has all the necessary credentials. So if you are serious about getting the best possible mortgage or refinance, you might want to shop around for a mortgage broker before you start looking at houses or comparing banks and other lenders who offer refinance packages. Ask for names and referrals from those you know and trust – such as friends, family members, coworkers, or professionals like your attorney, real estate agent, or insurance broker. Once you have a list of potential mortgage brokers, set up appointments to interview them in person.
You want to make sure that you and the broker have a good rapport and can communicate comfortably and clearly, and you also want to ask questions to find out how the broker is paid, what they will charge you for their services, and what background, education, training, and professional credentials or licenses they hold. If you feel uneasy with a broker or they are not straightforward and quick to show you documents to verify their expertise, keep looking.
Also be sure to ask how many lenders there are in the mortgage broker’s current active network. A good broker should have several sources of affordable loans to suit your needs, because one of the main benefits of using a broker is to gain access to a wide variety of lenders and loan offers. Trust your intuition, then hire the best mortgage broker you can find and breathe a sigh of relief as you leave the hard part up to them to handle on your behalf.

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