What are the common characteristics of a good Mortgage Broker?
Common characteristics of a good mortgage broker
A mortgage broker is usually the middleman between you and lenders helping you acquire your real-estate. Mortgage brokers can be invaluable to people asking a loan to buy a home because the usually have access to a bigger pool of lenders than you are aware of on your own, they can help steer you to the best loan at the best price, and they can steer you to lenders you are likely to qualify for, saving you a great deal of time.
Mortgage brokers can also help explain the complicated legal jargon involved in the actual loan, so you don’t need to be a lawyer to understand what’s going on.
What are the best traits of a top mortgage broker?
#1. They place your personal interests at the forefront
A mortgage broker should be thinking of you, not his personal pocket book. A good mortgage broker will not try to steer you towards buying a house you cannot afford just because ultimately it may place more money in his checking account.
Besides, quite often, you are actually paying for his or her services.
Be wary of any mortgage dealer that seems anxious to close the deal. She many not be representing you but the lender, in particular if the lender is paying the mortgage broker.
#2. Detail Minded
Mortgages are incredibly complex, and qualifying for a loan with a lender may require submitting important documents such as pay stubs and tax returns.
Things can go south and a very promising loan rate from a lender not go through if every detail is not attended to.
It’s a good idea to get references from others on a mortgage broker to see just how thorough and detail minded they are.
#3. They should be savvy about industry
Real estate lending can turn on a dime. Your mortgage broker should be aware of all the trends including having a good read on the rise and fall of interest rates.
#4. They should be straightforward and honest
If this is not a good price for the house, the inspection is shaky, or more likely the case such as your financial qualifications are shaky, your mortgage broker should say so.
Often, Mortgage Brokers have solutions for problems qualifying for a loan, but you don’t want to waste time and money dreaming about a house you can’t afford.
#5. They are upfront about their fees
Mortgage brokers work very hard for clients and deserve to be compensated. Those looking for homes shouldn’t have to ask about how brokers are compensated and all the fees involved. Brokers should tell you in advance.
#6. They should have competitive rates
You needn’t always pay top dollar to get a great mortgage broker. It’s a very competitive field, and sometimes you need to find someone new who offers better rates. Have any more questions? Feel free to ask any of our qualified mortgage brokers!