Choosing the best Mortgage Broker is a key decision as you apply for a home loan - either a new loan or refinancing an existing loan. A Mortgage Broker is your single point of contact and advocate to multiple lenders and loan programs. The Mortgage Broker has a vested interest in seeing that you get the best home loan for your situation. I have identified five keys to help you in choosing a Mortgage Broker that will aid you as you apply for a home loan: 1 - Favorable Referrals: Talk to friends, family, and business associates about who they used to process their new residential home loans or refinance their existing loans. Find out if the Mortgage Broker was friendly, reliable, available, and supportive. 2 - Look For Relevant Industry Experience: Mortgage Brokers that work with many different loan programs, such as FHA, VA, conventional mortgages, and reduced/low down payment loans, need time and experience to learn how to best match your needs with available financing options. Look for Mortgage Brokers with at least 10 years of industry experience to make sure you will get the best possible advice for your specific situation. 3 - Face To Face Interview: Conduct a face-to-face interview with 2-3 potential Mortgage Brokers. Get to know them. Ask them about their experience and the support they will offer you as you apply for your home loan or refinance your current loan. Ask yourself - can I work with and trust this Mortgage Broker? 4 - Understand Available Financing Options: Mortgage Brokers can represent multiple lenders and loan options, such as FHA, VA, Freddie Mac, Fannie Mae, conventional mortgages, and reduced/low down payment loans. Typically, the more options they have, the better the chance you will find the one that is right for you and your situation. 5 - End-To-End Involvement: You and your Mortgage Broker will spend time together to prepare the loan application and navigate thru the loan process. Make sure you understand how involved your Mortgage Broker will be throughout the loan application process. As I said earlier, choosing the best Mortgage Broker is a key decision as you apply for your loan. Do your homework, talk to your friends/family/business associates as well as 2-3 potential Mortgage Brokers. Evaluate your options and move forward knowing that you have done your best in choosing the right Mortgage Broker to help you with your home loan.
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