Looking for a mortgage is no easy task. With rates changing very day and the markets constantly in a state of flux and unpredictability, it can quickly become important to locate a mortgage broker. But even when your mind is made up that a broker is what you need to expertly navigate the ever-changing waters of the mortgage marketplace, your job is not done yet. You still need to be sure that you’re in good hands. So how do you hire a mortgage broker who definitely has your best interests in mind? That’s what this article will answer.
An easy thing you can do, and something you can do right away, is contact your friends and family and see if anyone you know has recently undergone the process of acquiring a mortgage through the help a broker. If so, you’re in luck. Even if your friend isn’t willing to recommend the broker they used, you can still talk with them about what it was like to hire a broker, where you should go to do the same, and what to watch out for in this process.
Ensure that whoever you hire is licensed. This is something that you are definitely going to want to pay attention to. A good mortgage broker will be affiliated with a third-party organization that keeps him accountable to a set of business practices and industry standards.
You should also make sure that your broker is independent and is able to work with a large variety of lending institutions as opposed to just one. A broker who is dependent on a single lender for mortgage products can’t help you very much and functions more like a salesperson than a broker anyway. You want to ensure that whoever you work with, they have a great reputation in the lending community, are completely independent, and can work with whomever they want.
Last but not least, check out your broker’s rep. A broker with a great reputation will probably be able to do the same thing for you that she has been doing for all of the clients she has sent home happy in the past. Someone who has made it part of their routine to find their clients dream mortgages is definitely someone you want to get in contact with.