Mortgage brokers are agents who seek out the best possible deal for you in terms of a mortgage. Mortgage brokers who are good at what they do should be able to assess your specific mortgage needs and have a large number of potential lenders at their fingertips. They should also be able to find you a good deal by inquiring with the potential lenders who are the best fit for you. Finding a good mortgage broker can be tricky.
Where to find mortgage brokers
First, you should talk with people you know who have used mortgage brokers in the past. Find out what their experiences have been with these brokers. Ask your friends whether these mortgage brokers truly found them the best possible deals and whether they would use that broker again. Some people are proud that they went through a broker but then later are upset about the deal they were found through that broker. One common thing in the mortgage broker community is for brokers to establish kickbacks or close relationships with specific brokers and therefore aren't necessarily working with the best interest of you, the client, in mind.
Mortgage brokers can also be found by talking with title agencies and finding out which brokers they might recommend. You can also of course go through the phone book to find mortgage brokers. You should make a list of several brokers that you'll contact before deciding whether to go with a particular broker. You'll want to interview a number of brokers and get a good feel for whether those brokers are truly on your side.
Shopping for your mortgage broker
When you have a list of several mortgage brokers, you want to take the time to do at least a phone interview with these brokers. Call them and ask them some specific questions to help you determine whether you will want to use them as your broker. Ask them how long they've been in business, whether they think they can help you, what kinds of deals they have been able to get those with your type of situation, what their fees are and when those fees are due. Good mortgage brokers will only expect you to pay at the completion of their jobs or at the closing of the home.
How to check out your mortgage broker
When you think you've found one or two brokers that you want to decide against, do some research on these brokers. Ask these brokers for some references and call those people. Ask those references whether they truly think the broker got them the best possible deal. Many people who use brokers discover later that they probably could have gotten a better deal on their mortgage if they had shopped around for the mortgage themselves. Make sure your broker is licensed to do business. Find out which lenders your broker typically uses and find out what deals those lenders are known to give to people in your specific financial situation.
David Burch specializes in articles about the Clovis, NM Real Estate market. For more articles on Clovis, NM Real Estate, please visit his websites: http://ClovisHomeTours.com/ and http://SouthernNewMexico.com/realestate/
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