Tips For Picking the Right Mortgage Broker
If you are thinking about working with a mortgage broker to assist you in finding the right home financing option for your needs, you’ll want to ensure you get someone who is ideal for you. As with any professional, mortgage brokers are expected to reach certain standards, and it goes without saying that yours should at least meet, or even surpass them (licensing, etc.) However, there are several other key features to look for in a great broker. That being said, here are a few tips for picking a mortgage broker.
Start with Referrals
Chances are your relative, neighbor, friend, colleague or real estate agent knows a mortgage professional. If that’s the case, this can be a great way to start looking for a broker that will hold your hand through the home financing journey.
Can they Help You Save Money?
Mortgage brokers usually make money via commissions on loans. The value of a broker is that they should help clients get a more affordable financing solution than they would have been able to find on their own. If the mortgage broker can help you save money, then the commission fee shouldn’t be a deterrent. It should either be equal to or less than the amount you are saving by hiring them.
Learn Who is on Their Broker’s Lending Panel
You can really learn a lot from a broker’s lending panel, especially about their work and experience. So, check whether the broker has an array of reputable institutions under their belt. If not, you may end up missing out on better home loan deals. Ensure the mortgage broker can tell how many lenders they have, how and why they use them.
As a borrower, it’s important to ensure the product being offered meets your needs. Ask why the broker is offering a certain lender and exactly what they’re offering. Keep in mind that a bigger lending panel does not mean a better service. In the end, it will be all about what you want and need.
Ensure you ask the mortgage broker to explain the paperwork or documentation associated with your loan application. This ensures you know exactly what you’re getting.
Proper Communication
Dealing with financial issues can be complex and infuriating, especially for people who haven’t been through the loan process before. As such, you need a broker who can effectively communicate financial concepts and sophisticated mathematical calculations to their clients and practice patience when they have questions. Ensure that they can communicate quickly and clearly whenever you need them.
Pick an Atlanta Mortgage Broker You Can Use in The Future
While we do not have a crystal ball, we can confidently assume that most individuals who hire mortgage brokers for their loan needs are possible repeat buyers. First time home buyers are especially vital to brokers, as they are essential to first-time mortgage applicants. That’s because first-time home buyers usually become refinancers or move-up buyers.
If this is your first time applying for a mortgage through a broker, chances are you will avail of their services in the future. Of course, they will depend on how good of an experience you have with the mortgage broker. So they demonstrate all the traits mentioned above? So they offer a wide range of products and affordable solutions? How long have they been in the industry? Do you see yourself working with the individual not just for this mortgage but for other house financing needs in the future?
It sounds silly, but working with a broker should be a long-term relationship. When it comes to getting a bigger house, buying that holiday home you’ve always wanted, or refinancing at a lower rate, it would be nice to get in touch with a person who knows your needs and financial situation.