How to Choose a Mortgage Broker?

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A mortgage broker is a middleman working on your behalf to help you find the right loan that fits your situation. Mortgage brokers works with multiple lenders. They make your life easier because they do all the leg work for you. Finding the right mortgage broker is like finding the right lender. So, how do you choose a mortgage broker?

 

Ask your friends and family for referral.

Most likely, you already know someone who owns a home and likely, they worked with a mortgage broker. Ask them who they worked with to get their loan approved. Ask them what they learned along the way, things to avoid and what they would’ve done differently. Who better to ask than those who’s already been through the process? If they hate a certain mortgage broker, they would tell you and if they love them, you’ll know too.

 

Shop around.

Request loan estimates from multiple lenders. The loan estimate spells out the rates, estimated monthly payment, fees and closing costs. Different lenders will quote you different prices. It pays (really it saves) to compare lenders.

 

Ask your agent for referral.

Your real estate agent most likely have worked with multiple brokers before and will have a better idea of which lenders are knowledgeable and will do a great job in helping you reach your goal. Agents like to work with lenders who can perform and will close on time. They would know the good ones from the special kind.

 

Check for reviews.

In the age of information at the palm of your hands, why not use it? People are busy. People like to finish a task and move on. However, they will take the time to leave a nasty review if one does a terrible job. So if you see mortgage brokers with awesome reviews, they are probably the ones that go above and beyond for their clients. People don’t just leave a review for a mediocre job. So check for reviews.

 

Interview mortgage brokers.

Find out how long they’ve been doing loans and what’s the different loan products. Make sure that you are comfortable working with this broker because this is one of the biggest financial decisions you will ever make and believe me, you will have questions and the more you  like who you’re working with, the more comfortable you are asking them questions. I like a mortgage broker who ask a lot of questions. The more they know about you, your wants and needs, the better they can help you. How would they know the right product to offer you if they know nothing about you? Finding the right mortgage broker is about more than just securing the lowest interest rate. It’s also important to make sure you’re comfortable with the person helping you with the process.

 

Choose a mortgage broker who will help you every step of the way, who can close on time, who has the best terms, who can answer all your questions and who you like working with so your dream of owning your home becomes a reality quickly and smoothly.


Note: Angela Carpio is a Realtor serving Riverside, San Diego and Orange County.


Angela Carpio, Realtor

619-228-5034

Coldwell Banker ABR

Lic. #01967762

AngelaCarpioRealtor@gmail.com

http://www.angelacarpiorealtor.com/

#angelacarpiorealtor

 


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