Thinking about a Mortgage Broker In Atlanta?
Hiring a mortgage broker in Atlanta is the best way to relieve the stress involved in buying your dream home. If you are a first-time buyer, you may have hundreds of questions in your mind about the process of mortgage loans. A reliable broker can answer all your questions and help choose the most suitable mortgage depending on your income and personal requirements. A broker acts as a middleman between you and the lender and helps find a mortgage with a lower down payment and attractive interest rate. Here is what you need to consider when choosing a reliable mortgage broker in Atlanta.
What Is A Mortgage Broker?
A mortgage broker is a middleman between the lender and the borrower. He or she works for a lender and provides home financing to numerous borrowers in Atlanta. The broker has access to sources of home financing from multiple financial institutions compared to a bank loan officer who can only offer mortgage products available at his/her bank. While a bank loan officer is employed by the bank and is limited to promoting the products of the bank, a broker works with multiple lenders without any limitations.
Federal law requires the mortgage broker to be licensed, and they cannot have their salaries linked to the interest rate the borrower receives from a potential lender. The broker can save you a lot of time and energy in locating the best possible home loan conditions in Atlanta. The broker will do the math and let you know the loan amount you qualify for depending on your income and credit history. A good broker can help you find the right mortgage for your unique needs.
Mortgage brokers in Atlanta are paid in two main ways. In fact, broker fees have become more transparent after the Great Recession in 2008. The broker is either paid upfront by the borrower at the closing or by the lender after the transaction is closed. The broker fee is a percentage of the loan amount – usually around 1-2%.
Why Should You Work With A Mortgage Broker When Buying A Home In Atlanta?
A borrower working with a reliable mortgage broker receives many benefits. The client receives a more in-person interaction with the professional and could let the broker do the legwork for him/her. The mortgage broker will do the work of shopping around for the best interest rate for your home loan. It’s also important to shop for the lowest possible closing costs when finding the best mortgage to buy your dream home. A reliable broker will take care of the entire process and get you the best possible terms when applying for a home loan in Atlanta.
Many mortgage brokers have access to powerful home loan pricing systems. That way he or she will help you price the loan across many lenders at the same time. You will save a lot of time in finding the most suitable loan due to the technological advances in the industry. In fact, the time, energy, and money saved in the process are immense benefits to the borrower.
What Should You Ask The Potential Broker?
Finding a reliable broker isn’t easy with hundreds of mortgage brokers operating in Atlanta. Asking the right questions is the best way to select the right professional for your project. Here are some of the most important questions to ask the potential broker before you choose him/her:
How long have you been in business? The right broker should be in the industry for at least 3-5 years. Ask the broker if he or she has experience in specific loan types that you might be interested in – such as FHA or VA loans. The broker should hold a license to operate in your state. You can check if the broker is licensed in your state through the Nationwide Mortgage Licensing System and Registry.
Can you give me references? Ask the potential broker for 2-3 names and contact details of customers who have closed loans with the broker recently. Don’t forget to call and ask these customers what their experience was like. Ask if they are prepared to do business with the broker once again.
Finding the right mortgage broker requires diligent homework on your part. You may ask for referrals from your friends, family, or your realtor. The internet is a great source to start your search. Many buyers make the mistake of going with the first name they come across a search on Google. You should check the background of each broker on Google SERPs before choosing the best candidate for the project. Don’t forget to check the license of the professional and ask the right questions before choosing him/her as your mortgage broker. The aforementioned article provides information on why you should work with the best mortgage broker in Atlanta when buying your dream home.