How To Choose A Mortgage Broker And What To Avoid
If you're a first-time home buyer, or are simply looking to refinance your current home
, a mortgage broker can be absolutely essential to your experience of mortgages and mortgage products. A broker acts as an intermediary between yourself and lending institutions such as banks, credit unions, and private lenders. With so many mortgage products available, only a mortgage broker can keep your best interests in mind, while selecting the right one for you.
As you select your mortgage broker, keep in mind these key factors of what makes a good broker.
An exemplary broker is able to take the time to understand your personal circumstances. In disclosing your financial situation to a mortgage broker, you're entrusting them with the ability to choose the right mortgage product for you. This is a service that few banks can provide. Once a broker has become acquainted with your personal situation, it's easier for them to recommend a mortgage.
There are those brokers who will be attracted to banks that offer larger commissions. If your broker appears to be steering you towards a mortgage that doesn't make sense to you, inquire after how he or she is being commissioned. Most of the time a mortgage broker will be forthright, and put your interests first. If you ever get the sense this isn't the case, there are other mortgage brokers who might treat you better.
Another thing to look for in a good mortgage broker is communication skills. Remember, this is the person who will be representing your loan-requests to numerous major lending institutions. As well, you need a mortgage broker who is available and able to clearly and competently convey all salient information about your mortgage to you. A good broker will have lots of time for you and be able to effectively communicate anything you need to know.
When considering the option to refinance or re-mortgage or your house, a broker is a major asset. A good mortgage broker will be familiar with your financial situation, as well as with whatever penalties might be incurred by such a move. If you've had the same broker for a period of years, this decision can be hassle-free.
The right broker will make the difference in acquiring the mortgage product and interest rate you were hoping for. A good broker will put your interests above their own, and treat you professionally and courteously at every juncture. It's important to take your time when considering a mortgage broker. By going slow, you'll be sure you feel right about the decision you've made.
by: Mike Johnson.
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