What are some tips on finding a good mortgage broker?

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  • Jes

    April 18, 2016

    the most basic thing is to have someone you have a decent amount of trust for. someone recommended by a friend etc.

    the things you have to look for are:
    1. top priority is seeing that the broker can actually get your loan on time. many deals fall through b/c the broker cannot get the deal through on time and has less control than the original lender
    2. secondary priority is to see that they have access to competitive rates. not all brokers have access to all sources and rates, although most of them will be similar.
    3. you need to see that the broker is someone you trust to get you the best rate regardless of how much money they make off the transaction.

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  • Dark Is Coming

    April 18, 2016

    Three most common ways to find a broker are A)referrals from friends or family, B) referrals from your realtor and C) through comparison shopping online.

    If this is your first time buying a house, you want someone who is knowledgeable and patient. He/she should help you analyze your financial situation, explain to you differences between different mortgage options, and guide you through the entire process.

    The broker should also be able to find you competitve rates. When comparing rates, you should take into consideration the points the broker take for himself/herself, not just the rate the bank is charging you.

    Whenever possible, ask the broker for references. If someone is confident about his/her work, he/she should provide them.

    Do your homework by comparing rates online first. That usually gives you a sense of what the range of mortgages you’ll get.

    Be careful about some of the online offerings though. Since you don’t know the brokers or have local access to them, they can be slow to respond. If you’re shooting for a tight timeline, shop for a backup broker.

    Here are a couple good sites to start:

    http://www.bankrate.com
    http://www.homegain.com

    Reply

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