What to Look for in a Mortgage Broker

In the United States there are thousands to thousands of licensed mortgage brokers. We represent both large and small private banks, public banks, creditors, and lending institutions. Have a look at Private Mortgage Lenders for more info on this. All hypothetical brokers are not created equal though. Here’s what to look for:

  1. A top mortgage broker communicates the ins and outs of the hypothetical operation.

A good broker in the form of extra or secret costs will not spring surprises upon you. They will take the time to set out clearly what steps need to be followed so they can best serve your needs. At least you should have an approximate timeline for how long your mortgage application will take before you hear back a decision.

  1. There’ll always be one top broker available.

It shouldn’t be hard for your broker to get a hold of. If you leave a message for your broker then you should receive a call back within the next few hours. You shouldn’t feel like you’re not your broker’s “important customer,” and get second rate treatment.

  1. A top broker is not just about “selling you”

You should never get the idea that your broker just tells you what you want to hear to win your market. A good broker will tell you the pros and cons of potential options, and be frank, transparent and up front with you. You should expect objective and independent therapy. You shouldn’t feel like you’re under any kind of pressure to say “Yes” or pick a specific program.

  1. It is beneficial to have a professional mortgage broker.

Yes, it seems obvious, but finding the best loan program to fit your needs can sometimes involve a certain amount of pressure and you want someone helpful and friendly to help you-not someone who slows you down and puts even more pressure on the situation.

  1. With more than one lender, a top mortgage broker operates.

If your broker only works with one or two lenders then they will definitely struggle to serve your best interests as their options (and yours in turn) are severely restricted.