Top Five Things to Expect from a Mortgage Broker

Posted by  on Jun 17, 2009

Searching for a mortgage loan or refinance loan can be frustrating and time consuming. A mortgage broker can use his or her contacts with mortgage lenders to help you compare rates and find the loan you need. When hiring a mortgage broker, it's important to consider the services they provide.

  • Network of lenders: Ask your mortgage broker how many lenders they serve. The more lenders in their network, the more options you'll have and the more objective the mortgage broker is likely to be toward lenders. Ask if they can do FHA mortgages if you think that may be an option for you.
  • Ask for disclosure of fees in advance: Mortgage brokers should be willing to fully disclose their fees in writing in advance of looking for mortgage loans on your behalf.
  • Locking interest rates and point in writing: If you choose to lock in your interest rate, the mortgage broker should do so in writing, along with disclosing any points charged for the lock.
  • Assistance for credit challenged borrowers: If you have credit problems, using a mortgage broker can help you find loans that you may not find on your own. Mortgage brokers can help you find the lowest rates on mortgage loans for people with bad credit.
  • Counsel and advice: A mortgage broker may present you with several loan options, and should be willing to provide objective advice about how each option can serve your needs and what each will cost. Ask plenty of questions, and expect answers that favor your interests rather than those of mortgage lenders.

Talking with several mortgage brokers can help you find one that works well with you while locating the mortgage loan or refinance you need.




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