Finding the perfect home to purchase is enough of a challenge. When you add to it securing a mortgage, it’s easy to see why so many homebuyers become overwhelmed.
On the plus side, there are people to assist you with every step of the home buying process. And that definitely holds true of a mortgage broker.
The primary responsibility for a mortgage broker is to compare loans on your behalf, present the findings, and help you secure the loan that offers the best terms and conditions for someone in your shoes.
Unfortunately, there’s a problem lurking: some mortgage brokers don’t have much interest on what’s right for you. Instead, they’ll push you toward the lender that makes them the most money.
Note: a mortgage broker only gets paid when you secure a loan. For this reason, they’ll do almost anything to ensure that this happens.
With all this in mind, you can still make a sound decision if you focus on the right traits. Here’s what you should look for in a mortgage broker:
An honest mortgage broker is one that you can trust to do what’s best for you, not them.
These brokers answer your questions in an accurate and timely manner. They also guide you toward the most reputable lenders, while steering you away from those that could cause you additional stress down the road.
2. Good Reputation
The best mortgage brokers have a good reputation within the industry, as well as in your local area.
Here’s what you can do to find a broker with a good reputation:
- Read online reviews and testimonials
- Ask friends, family, and co-workers for referrals
- Talk to your real estate agent about mortgage brokers in their network
Don’t take a chance on a broker with a bad reputation. It’s not worth the risk.
3. Easy to Work With
You don’t want to fight tooth and nail to work with a mortgage broker. You want the person to be proactive in helping, available to answer your questions, and willing to go the extra mile.
One More Thing to Remember
Along with the above, make sure you only consider mortgage brokers with the right type of license. Here’s what Realtor.com has to say about this:
“All mortgage loan brokers must be licensed. Aspiring brokers need to complete a pre-licensure program, a 20-hour class that will cover relevant federal and state laws and financial regulations around mortgages, loan officer ethics, mortgage origination, and more.”
If a broker doesn’t have a license, that’s reason enough to consider other options.
Now that you know which traits to look for in a mortgage broker, you can begin your search.
Once you have the right person on your side, you can rely on them to find you the perfect loan.
Do you have any experience working with a mortgage broker? Would you do so again in the future? What advice would you give someone searching for a broker in their local area?