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Choosing a New Hampshire mortgage broker

Posted by  on Apr 16, 2009
 
If you’re considering purchasing property in New Hampshire, you may want to consider getting a mortgage broker. Mortgage brokers can handle all the difficult parts of getting a home loan that’s right for you. This means meeting with lenders and borrowers in New Hampshire and making sure all the steps are in place to get the best rate on your mortgage.

A mortgage broker can do all the work you are too busy to do, and navigate the system for you from an expert point of view. A mortgage broker is comparable to a real estate broker; their success depends on your success. The goal of a reputable New Hampshire mortgage broker should be to get their clients the best mortgage lender for their needs.

Mortgage brokers in New Hampshire work with borrowers to find the best home loans, with the most appropriate payment terms and interest rates for their specific wants and needs. A dedicated mortgage broker will contact many different mortgage lenders to negotiate on your behalf, not just a few. They should also help you with your loan applications, confirm your credit standing and be aware of the property aspects specific to your desired loan. A mortgage lender will present this information to various New Hampshire home mortgage lenders in the hopes of securing the best mortgage deal for the borrower.

A mortgage broker is technically not a lender; they are a facilitator in the process of getting a loan for a home buyer. In some cases mortgage brokers do have their own loan products. In this situation it is important to be skeptical about why their product is best for you. They may in fact have the best loan for you New Hampshire mortgage needs, but you should have a clear idea of what other lenders are offering before settling on any one home loan.

The majority of mortgage brokers in New Hampshire are honest and trustworthy. As with any group of people, however, there may be some bad apples. Watch out for mortgage brokers who are dishonest and do not always give you fair answers to your questions. Potential home loan borrowers should educate themselves about New Hampshire mortgages before talking to a broker. A licensed New Hampshire mortgage broker must give you a rate lock disclosure, a disclosure for payment of services and a disclosure of the right to transfer.

If you are interested in dealing with a New Hampshire mortgage broker rather than searching for a home loan on your own, make sure they have a license. If they do not, it is illegal for them to be practicing this business in the state of New Hampshire. The New Hampshire Banking Department oversees all mortgage broker applications and the activities of mortgage brokers thereafter. Brokers must also have separate licenses for first mortgages and separate mortgages. First mortgage brokers are required to give a $20,000 Continuous Surety Bond to do business, which must be raised to $100,000 if their net worth falls below $100,000.

New Hampshire is a great state to buy a home in and to do business in. The security measures are in place to make sure you can find a reputable mortgage broker to find the best lender for you. They may do the mortgage shopping for you, but you want to do your own comparison shopping when choosing the right broker.

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