3 Tips For Selecting Your First Mortgage Broker
Posted on: 12 October 2018
Buying your first house is an exciting moment, but it can also be stressful because of all of the work that goes into it. One of the most important things you will need to do before you can buy a house is to find a mortgage broker who will work with you on a loan. While you'll want to make sure your credit history is clear before you apply, you should also do a little research into your potential broker as well to make sure you are hiring someone who is a good fit for you. Here are three tips to keep in mind when selecting a mortgage broker.
1. Find Someone With References and a Long Track Record
While your mortgage broker will be pulling your financial history, you should also be digging deep for information on them. How long have they been in business? What percentage of people that apply get approved? Do they have references they can provide? Just like a potential employer expects you to ask questions during the job interview, you should go into your mortgage lender interview armed with some questions of your own, so you can leave with peace of mind.
2. Make Sure They Communicate Well
When you ask your mortgage lender questions, how clear and concise are the answers? When they respond to you, do they do so by phone, email, text message or some other method? Is that a form of communication you are comfortable with? Are they willing to adapt to your needs if you wish to communicate in a particular way? A mortgage loan has a lot of fine print on it so you need to make sure you have a lender who can easily explain everything you need to know.
3. Ask Them to Go Over the Approval Process in Detail
Don't let your potential lender just tell you that they'll "get back to you." Ask them to be more specific about the approval process. Which credit bureaus are they going to pull your info from? How long does it take to review the reports? Is the person you are speaking to right now going to personally make the final decision or does it get kicked over to someone else at the company? If so, what is that person's name and number?
While you need to make sure you have good credit and a clean financial report to get approved for a mortgage, you should also do some research to make sure you are getting a reputable lender as well. Contact a local mortgage broker today to get started.
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