As if the process of finding and buying a home wasn’t daunting enough, there is also the process of getting a mortgage. Knowing what you can afford and qualify for may be confusing and so is all of the mortgage terms and conditions that get thrown at you. It is really difficult to figure out why Bank A’s offer is better than Bank B.
Enter in the trusty mortgage broker. You may think having a mortgage broker is frivolous, but it can actually save you thousands of dollars, plus so much time. You see, you don’t have to pay a mortgage broker – their services are free to you! The banks and other lending institutions pay mortgage brokers to find you the best deals out there on a mortgage.
While you are going to save tons of time with a qualified mortgage broker, you will need to spend some of that time finding the right one for you. So, how do you go about this process?
Get a referral
The best way to find a mortgage broker who will work for you is getting a referral from a friend, family member or your real estate professional. If they’ve had a great experience(s), then you may also have one too. We highly recommend Jill Moore at Everbank, here in Jacksonville, as she’s created a long-lasting relationship with me and my clients.
Once you’ve gotten a referral, you definitely want to meet your potential mortgage broker. Assess them on the various questions you have like:
- · How do you go about finding me the best mortgage?
- · What are your qualifications?
- · How many lending institutions do you deal with?
- · Will you do the best for me or for your commission structure?
As well, look for non-verbal cues on how they treat you. Do they call you right back when you call? Do they evade or answer your questions every time? Were they at your appointment on time and ready to help you?
Are they listening?
Once the broker provides you with your mortgage offers, ensure that they’ve listened to you about what was most important. While many people believe the lowest interest rate deal is the best way to go, it may not be. You may want a loan with low penalties to break it or one that is more flexible in how you can make payments. A good mortgage broker will ensure you understand everything about the contract before you sign in. If your broker seems pushy and offers you the world, know that they probably can’t deliver it.
You don’t have to sign on with the first broker you meet or who presents you with offers. Shopping around is always your best bet when it comes to the largest purchase you are going to make. Don’t spend weeks trying to find a home, but only minutes on finding a mortgage.
If you need any help, I’m always at your service.