Top Five Things To Look For When Hiring A Mortgage Broker
For most people, the dream of homeownership can only be realized by obtaining a mortgage. However, with so many options to choose from and multiple variables to consider, buyers need professional help while taking a home loan from banks or other financial institutions.
This is where mortgage brokers step in as they have connections with different financial bodies, and can assist you with lending amounts of money without too much trouble. The process might be tedious for you if you do it yourself, but brokers will do it on your behalf and in most cases, their services don’t cost you a dime.
However, with so many professionals to choose from, picking one who genuinely cares for you and works for you can be a challenge. To help make your search easier, here’s a list of five things to keep in mind when hiring a mortgage broker.
1. Work with someone local.
Most realtors and mortgage professionals will tell you that it’s best to work with someone local. Although there are a few exceptions, this is usually true. Not only will a local mortgage broker know the neighborhood better, but they will also have enough information about the houses. They will be connected with real estate brokers and might be able to work on a better deal before settling on the one you received.
2. Choose a person with experience.
Make sure to choose someone with some extensive mortgage experience. Mortgage brokers do a lot of the heavy lifting in their initial days in the industry. Once they gather a good amount of experience, they tend to understand the workings better and close deals quickly. They are also suited to tell their clients when they have a fantastic deal or might be making a mistake. Working as a mortgage broker over a few years allows you to understand a lot of the ins and outs of the trade.
3. Keep the interest rates and the closing costs in mind.
When shopping for a mortgage loan, be sure to look at the interest rate and the closing costs being offered. When selling you a loan, you are rarely informed about the closing charges and formalities. After hearing the interest rate, you might find yourself in a good place and not worry about the rest. Your plan of an early foreclosure to save on an interest amount might be short-lived once you hear that there are giant charges and closing cost.
4. Select a person who communicates well.
Make sure to choose a mortgage broker who will stay in communication throughout the mortgage loan process. One of the best ways to do this is by looking at the companies or broker’s online reviews. Some mortgage agents might be ready to run to the hills as soon as the deal closes but before finalizing the paperwork. However, as they have been working with you, they should stick around to help with the details and paperwork as they generally have a better understanding, having done it in the past.
5. Find someone who sticks to deadlines.
A delay in closing a loan is quite rare, but if it turns out to be the norm, it could mean your mortgage broker is not very competent. Make sure the mortgage lender can close within the contract date. They should be able to close within a month, or depending on the date they initially provide when you begin working with them.
If you’re looking for a mortgage broker who does all of the above and much more, reach out to First Fidelity Mortgage. As the best mortgage brokers in Louisville, KY, we work with highly experienced loan officers to help you find some of the lowest mortgage rates and closing costs in the industry. We keep our overhead costs low and pass on the savings to our clients as lower rates and closing costs. We work with clients to find a deal that works well for them. We work in home purchase, refinance, debt consolidation, cash out, or financing home improvements, with a turn around time that gets you what you need, faster than the rest.