Mortgage Broker Power Benefits Consumers
Unless you are a well-experienced, well-trained professional in the lending universe
, soliciting the services of a good mortgage broker is essential when seeking a loan suitable to your needs.
Key Attributes of a Good Mortgage Broker
The first and foremost quality a good mortgage broker possesses is always keeping your best interest at heart in all activity looking for a loan. A good mortgage broker understands how to explain what home financing is available that meets your personal needs and situation. This professional will skillfully guide you through the search process, application stage, helping you get approved, purchase your property and will stay in touch after you no longer need services at this point in time. A good mortgage broker will keep in touch to advise you about changes in the finance market that may affect your situation such as interest rate changes and other financial influences you should be made aware of to protect your most valuable asset your home.
How to Find a Good Mortgage Broker
A good mortgage broker is, in effect, a trusted employee who diligently works for your benefit for compensation. Like any business owner interviewing a prospective employee, you should ask a variety of questions to applicants for your open position of good mortgage broker. Include the following:
Are you involved in a reputable professional association?
Do you work independently or as part of a large group?
Do you represent a certain lender or lenders?
Or do you offer loans from a wide source of independent lenders?
What are all the fees and commissions associated with securing a loan? (Typically these range from 1.5 to 2 percent)
Do you receive additional compensation from a particular lender chosen? (Some lenders offer brokers bonus fees based on volume placed annually, thus compelling a broker to lean heavily in this direction)
What education certification have you acquired or obtained? (Some lenders will only work with accredited brokers who have documented proof citing proper knowledge of products)
Ask Revealing Questions
Additionally, it is a good idea, and highly recommended that consumers question a potential mortgage broker about the process itself including information about fees charged to you and when and how they are applicable. For example, many brokers require a fee when they CAN secure a loan even if the rates and terms are not acceptable and do not meet your needs. No reputable brokers ever require an upfront fee and you should also determine if the broker you are interviewing also is a lender. Obviously, this is a conflict. Ask about resolution practices and indemnity insurance. Make sure the person interviewed for your mortgage broker operates as transparently as possible including copying you with all communications with any potential lending institution involved in your search for a loan.
Its a Relationship
What develops between you and a good mortgage broker eventual comes down to a mutually beneficial relationship much like all others that enter your life such as a lawyer, doctor, mechanic, plumber and more. Therefore, like many relationships that begin, these sometimes develop from the recommendations made by friends and relatives. If you are looking at someone unknown, ask for testimonials for customers that are verifiable.
Doing a little bit of detailed research should lead to hiring a good mortgage broker who will meet your financial needs.
by: David Nalin
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