As a first time borrower you will soon come to realize that buying a home can be extremely daunting, especially if you don’t know everything that’s involved in the home mortgage loan process. A mortgage broker can serve as a very powerful resource when it comes to matching your needs and your loan solution from a best lender. However, it can also be a difficult task to select a broker to work with. You want to select a mortgage broker that is experienced, knowledgeable, licensed and/or accredited.
This guide will help you when choosing the best mortgage broker.
How-to Find Potential Mortgage Brokers
Speak to family, friends or real estate professionals
Get recommendations from someone you trust who has been in your shoes. They know the homebuying process from their own experiences and they can most likely recommend you to a great mortgage broker.
The more recommendations you can get, the better. The more information you manage to collect, will arm you with the ability to make the best informed decision possible.
Use the internet to find a broker
One sure-fire way way to find the right mortgage broker to work with is to view broker profiles online. You can learn a lot about their reputation by reading online reviews to see how other homebuyers and mortgage borrowers have rated their services.
Interview Your Mortgage Brokers & Compare
Scheduling interviews
Once you’ve collected your referrals and recommendations from friends and family, seeked out online peer reviews and found a few potential mortgage brokers to consider, start making some calls to setup a meeting with them.
Prepare a list of questions you’d like to ask them during the interview meeting. Set a week aside to interview your potentials. It’s always a good idea to see what lenders they work with, learn more about their industry experience, and ask for client references. Another essential is to ensure you ask each broker the exact same question so that the information you collect is easily comparable.
Inquire about the application process
When you’re calling to set up your appointments you can also ask each broker if the offer an easy online platform for completing a mortgage pre-approval application or a mortgage application.
Also be sure to ask about any specific requirements such as:
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Credit score
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Down payment
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Debt-to-income ratio
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Documentation required
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Employment qualification requirements
Since multiple loan applications can have a negative impact on your credit score, be sure you have all the necessary information so that you only have to apply for one, once you’re ready.
Ask about fees, points and rates
A mortgage broker can connect you with a lender, and it’s in their best interest to find you the best rate. Inquiring about fees, points and rates can help you to ensure that you’re getting the best deal your potential broker can offer you.
You can usually set a good broker apart from a bad one based on the number of mortgage options they have available for you based on your specific circumstances. The right broker should be able to provide you with a breakdown of broker and lending fees.
If you come across a broker that says you only have one option, don’t feel pressured to commit. They probably aren’t the broker for you.
Choose a broker that asks questions
If your potential brokers don’t ask you a whole lot about your financial history and goals, you may want to continue your search. In selecting the right broker, it’s imperative they get to know you by asking a number of questions to appropriately match you with the right lender.
Most importantly, you need to find a broker that you can trust since they serve as the middleman between you and your lender. If you’ve just begun your search, consider AKAL Mortgages by reading our online reviews.
When we say Yes! We stand behind our promise.
