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Working With a Mortgage Broker
A Mortgage Broker will help you to find the right mortgage lender and terms that meet your unique needs.
After many years of counseling home buyers through some very rough waters with other mortgage professionals, we're convinced there is only one smart way to find a mortgage advisor:
Select an experienced mortgage advisor who will find the right lender for your unique needs not the other way around. No big box banks, dot com’s,or call centers from Kathmandu
Simply put, winging it when you're on vacation may be ok, but not during one of the biggest financial transactions of your life. You want to work with someone you can trust and with the knowledge to help you navigate the mortgage process. A mortgage advisor who has the know how and experience to prepare you from day one on the smart path to purchasing or refinancing your home. Having a false start with the wrong mortgage advisor can balloon into a very costly mistake.
Finally, you need someone who makes sense and makes you feel comfortable with all aspects of your home purchase or refinance.
Here are some top of mind things you should be considering before working with a mortgage advisor:
- A referral from a friend, coworker, family member that has worked with the mortgage advisor is a plus.
- Ask for a specific person to work with
- A mortgage lender with positive customer reviews
- A+ rating from the Better Business Bureau
- A broker that has special programs the big banks don’t.
- A mortgage group that has a reputation for helping people
Once you have found an experienced mortgage broker, provide them with the documentation needed to achieve an accurate mortgage pre-approval. That way you can receive a pre-approval letter and review the details of the loan including interest rate, payment options and closing costs.
Here are some issues that you should consider avoiding:
- Rate shopping by phone - There are many loan offices that will use low rates to get you engaged only to find out they cannot deliver on their promises.
- Comparing Annual Percentage Rates - Its very rare to find a specific bank that is consistently using the same formula to come up with your APR. These can vary from bank to bank leaving you frustrated.
- Comparing Offers without being approved - The offers are designed to do one thing, get you to sign-up. Mortgage companies are notorious for marketing the most attractive rates that only a small percentage of the population can actually qualify for. This is reminiscent of the old bait and switch tactic of years past and can be a real hassle.
The main reasons you want to avoid these situations is so you don’t get a bad deal but more importantly so you don’t get jerked around. The last thing you want is to end up working with an unscrupulous loan officer who's out solely for his or her agenda and has little consideration for your personal needs or long term financial costs.
7 Reasons why you should work with an experienced mortgage broker or risk being financially obligated to pay a loan that's not in your best interests
- They have dealt with your situation before and know the best way to accomplish your goals.
- If there is a problem you can rest easy knowing you have a team of professionals on your side to get it resolved.
- Your mortgage professional will give you access to experienced realtors to help you find the right home.
- Your mortgage professional will have relationships in place with the attorney and title company actually performing the closing
- Your mortgage professional will have a proven process in place to guarantee a successful closing.
- Your mortgage professional will be easily accessible and reachable during the mortgage process.
- Your mortgage professional will be available during closing and can help deal with any last minute hiccups
The next step to take once you find a good fit for Your mortgage broker is to interview him or her with questions like the following:
- Are you a mortgage broker, banker or direct lender?
- Are you salaried or commission based?
- Are you licensed by the state and have any complaints ever been filed against you?
- Is the interest rate you quoted me fixed or adjustable?
- Do you charge an application, credit, or lock-in fee?
- What do you normally charge for closing costs?
- What additional fees will be added to the mortgage?
- Who will be my point of contact during the mortgage process?
- How much will my monthly payments be?
- What is the length of the loan?
- Will my loan be sold?
- Will I have a prepayment penalty?
- If I pay for the appraisal when can I expect a copy of it?
- Who do I contact to review my closing documents before closing?
- How long will it take to get me pre-approved?
- Do you guarantee the rate and closings costs once I’m locked in?
That's all there is to it! Interview Us today and see if you Feel comfortable.