4 Questions You Should Ask Your Mortgage Broker Before Signing On The Dotted Line
Your mortgage broker is your primary point of contact when purchasing a home. They represent you in the home loan application process and should work for you to secure the best home loan available. Having frank and open dialogues with your mortgage broker is critical to making your home loan application process go as smoothly as possible.
Everyone wants the best mortgage broker available and why shouldnt they? Purchasing a home is an intricate process that can be simplified with the help of an experienced mortgage broker. If you want to make sure that your mortgage broker is qualified here are 4 questions youll definitely want to ask:
What is your commission or fee?- You might be surprised to learn that many mortgage brokers charge a fee just to sit down and speak with them about obtaining a home loan. Other fees that are commonly accessed to borrowers include commissions, closing costs, and upfront fees. Make sure that you ask about any fees before beginning any consultations or signing any paperwork.
How many lenders do you represent?-When it comes to finding the right home loan, youll need to work with a mortgage broker that represents multiple lending companies. If you discover that an online mortgage broker or national mortgage broker only offers home loans from one lender or only offers one type of loan, its a pretty good indication that they are a representative of that company and will not be able to offer you a variety of loans.
How long have you been in business?-The more experienced your mortgage broker is, the more likely it is that theyll be able to offer you the best home loan products for you. While you cant rule a mortgage broker out simply because they have less experience than others, it is fair to assume that a more experienced broker will be more proficient.
What is your availability?-Lets face it, mortgage brokers typically work with multiple customers at the same time, which means that youll be vying for their time along with others. Its important to find out exactly when your mortgage broker is available and what methods of contact can be used? E-mail? Fax? Cell phone? Being able to contact your mortgage broker when you need them is crucial during the home loan process.
Start off on the right foot with your mortgage broker, ask questions and get the answers you need.
Everyone wants the best mortgage broker available and why shouldnt they? Purchasing a home is an intricate process that can be simplified with the help of an experienced mortgage broker. If you want to make sure that your mortgage broker is qualified here are 4 questions youll definitely want to ask:
What is your commission or fee?- You might be surprised to learn that many mortgage brokers charge a fee just to sit down and speak with them about obtaining a home loan. Other fees that are commonly accessed to borrowers include commissions, closing costs, and upfront fees. Make sure that you ask about any fees before beginning any consultations or signing any paperwork.
How many lenders do you represent?-When it comes to finding the right home loan, youll need to work with a mortgage broker that represents multiple lending companies. If you discover that an online mortgage broker or national mortgage broker only offers home loans from one lender or only offers one type of loan, its a pretty good indication that they are a representative of that company and will not be able to offer you a variety of loans.
How long have you been in business?-The more experienced your mortgage broker is, the more likely it is that theyll be able to offer you the best home loan products for you. While you cant rule a mortgage broker out simply because they have less experience than others, it is fair to assume that a more experienced broker will be more proficient.
What is your availability?-Lets face it, mortgage brokers typically work with multiple customers at the same time, which means that youll be vying for their time along with others. Its important to find out exactly when your mortgage broker is available and what methods of contact can be used? E-mail? Fax? Cell phone? Being able to contact your mortgage broker when you need them is crucial during the home loan process.
Start off on the right foot with your mortgage broker, ask questions and get the answers you need.
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