Don’t just settle for the first mortgage broker you find when you are trying to get a mortgage on your home. There are a lot of great brokers out there, and also a lot of shady ones. Here are some traits you should look for when choosing a broker.
They get you the most competitive rates
Experienced and skillful mortgage brokers will be able to find you the best mortgage rates on the market.They will have connections with many different financial institutions and will be able to shop around for you to get a mortgage rate that works best for your lifestyle and budget. Your lender should be able to match your rate with the lowest ones on the market – ideally.
They are honest and don’t hide anything from you
It’s important to find a mortgage broker that is completely upfront and honest about everything to do with you getting a mortgage. An inexperienced or unprofessional mortgage broker may try to promise you the best rates but end up with mediocre rates. Sometimes brokers will try to secure a loan by hiding mortgage fees and changing the mortgage rate right before you’re about to sign the contract. Mortgage brokers should be honest about what they think you qualify for and not just promise you a great rate. Your debt and credit score play a big role in what kind of rate you’ll get so be realistic about what kind of results a broker should be able to get you
They have great reviews and recommendations
Your mortgage broker should be experienced enough and have enough skills to be rated highly online. Do a Google search of the mortgage broker’s name and see what people have to say about them. Hopefully you’ll be able to read reviews about them and find out if they have ever caused complications for past clients. The more you know about your broker before working with them the better. Brokers who are trying to compete and be the best in their city will be making an effort to get positive reviews online, so be sure to choose a broker that has plenty of good reviews because they are the ones that care.
They care about you more than making a quick buck
A great mortgage broker will have your best interests as their priority and will be sure to understand your situation before trying to find you a mortgage. They will inquire about budget restrictions and will be completely realistic with you about what you can afford. They will make the mortgage process simple and stress free for the most part, and never rush to close a deal. Only sign a contract after careful consideration and asking a couple of different brokers about rates.
If you can keep these points in mind then you should do just fine when finding a mortgage on your new home.