Choosing the right mortgage broker can be tough. Applying for a mortgage loan is a big investment and you want to make sure your financial future is in good hands. That’s why it is important to see reviews and ask for referrals of the brokers beforehand. If past clients of your mortgage broker claim that they did the 7 things listed below, you're in good hands!
1. Offers multiple loan options
An outstanding broker will be sure to consistently do their homework on the products that are on the market in order to tailor their loan offerings to your needs. They understand that no two borrowers are the same, with incomes, debts, financial history all being variables in the equation. That is why they will run the numbers for multiple loan types from multiple lenders, giving you choice and ease of mind.
2. Responds Quickly
Buyers who need to call the bank after bank hours can get stressed, and rightfully so! That's why independent mortgage brokers have their phones nearby 24/7 to answer your questions at any time. Additionally, most brokers have systems in place to contact YOU throughout the process to keep you updated and informed as well.
3. Gives Honest Advice
Mortgage brokers are honest and straightforward by keeping you informed of all loan details and fees. This sort of transparency can go a long way in making you feel more comfortable about your mortgage loan process. Taking out a loan worth that much money can be terrifying but mortgage brokers have the ability to eliminate any fears or concerns.
4. They Don’t Rush You
With a mortgage broker you get a much more personalized experience. Mortgage brokers care about your needs and financial future. They want to ensure that you get the home you want and stay in it as long as you please. That's why they are sure not to rush you through the process and are patient, helpful, and available when you need them.
5. Reviews, Reviews, Reviews
Since mortgage brokers work independently of banks, they have a bunch of reviews and references from past clients and lenders. This is a great tool they provide for borrowers because it allows you to know you’re in good hands before the process even begins. Certifications and degrees are another way brokers allow you to build trust and confidence in them.