The mortgage broker is the person who would deal with you directly to provide the funds to make your dream home come true. You might not be able to choose all the people who will be working on your mortgage. But the mortgage broker is one person whom you need to choose and do so carefully.
Money matters have been always confusing and choosing the correct deal for oneself becomes all the more tedious. Picking and choosing a deal in a maze of mortgage deals of various types is difficult. Everybody is going to take you on a journey of figures and facts which you might find mind-boggling. A mortgage broker will help you understand the crux of the deal and help you choose the right mortgage.
The broker you choose must be working with a reputed institution. You may check the credibility of the company from the Best Business Bureau or the Chamber of Commerce. Any complaints against the firm can be found listed with these institutions.
The broker should not hesitate in giving the names and contact numbers of people who can be contacted for credibility checks.
The broker should be such a person who asks you a lot of questions rather than one who tells you a lot of facts. He/She should be competent and knowledgeable and should be a person who works to get you the best deal. Thus he/she should be more concerned as to what you really want. A person who tells you a lot of things wants you to accept whatever the loan officer has to offer.
The broker should be working on a commission scheme. A person who knows that his earnings depend on whether he gets a client to accept an offer will try to work out the best possible deal for you.
The broker should have a whole list of deals to offer. If the broker has only a few packages then he will try to convince you to take one of those though it might not fit into your financial parameters.
The loan processing including the paperwork must be done locally. This is because if there is any problem, you should be able to sort it out in-person rather than make phone calls or travel all the way. Thus the broker should have a local branch that could allow you direct access to your loan.
The fee pattern of the mortgage broker must be considered. Some lenders agree to pay the broker fee. But you should make sure whether actually that cost is being added to the loan cost. Because if it is, then you will be even paying interest for the same, which means you will pay more.
So, essentially the broker must be affiliated to many lending institutions and should be licensed. He/She must be equipped with the know-how of the industry. The only thing you need to do is to scout for a good mortgage broker according to the above guidelines and rest assured that you will get the best deal.
