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How to Choose the Best Mortgage Broker

How to Choose the Best Mortgage Broker

An increasing number of homebuyers are flocking to mortgage brokers instead of banks to secure themselves the best mortgage. Brokers, also called mortgage advisers, act as the mediator between homebuyers and lenders. They have insider knowledge of the industry, and access to a large number of lenders to secure you the best possible rate.

Mortgage brokers can shop around for you, streamlining the process of obtaining a mortgage. On the other hand, a bank can only offer their own products. A mortgage broker can help those with particular circumstances, like bad credit, due to their many connections in the industry.

Purchasing a house is one of the most significant investments and commitments you will make in your lifetime. It is essential to find the best mortgage broker for you—the wrong one could cost you thousands. Here are some tips to help you find the best mortgage, broker.

Do Your Research First

Inquire about your potential broker’s experience and credentials. Ask whether they have taken any additional licensing courses to enhance their knowledge. Determine whether they have been able to move up in their industry.

It also helps to read reviews by people who have worked with them in the past. Ideally, the broker should have many positive reviews. This information is easy to find online, so use that to your advantage. Spend time researching what rates are available to you. Looking at a comparison website will give you an idea of how good of a deal the mortgage broker is offering you. Never enter into any financial situation blindly.

Meet in Person

If you have a few brokers in mind, meet each of them in person. Doing so will give you an idea of what their future service will be like, as well as provide you with the opportunity to ask more questions. Ask if they are up to date with the mortgage industry. A reputable broker will be informative, providing you with in-depth knowledge. Look to see if they can answer questions confidently.

As far as their services go, pay attention to whether they are helpful and able to respond to you quickly. They should be able to communicate things clearly. Securing a mortgage can be complicated, so you will want someone who can explain complex terms and ideas to you simply—especially for first-time homebuyers. The ideal mortgage broker will be professional and organized.

Lender Selection

Ensure that their lenders are accredited and reputable. Do your own research to figure out who these institutions are. Find out whether the broker works with a broad range of lenders. If they work with a smaller number of lenders, ask why they work with those particular people.

Focus on Your Needs

It is essential to take the time to communicate your financial situation and needs clearly. When meeting your broker, provide them with your salary and what you are looking for in a mortgage. This will ensure that you are getting precisely what you want.

When your broker recommends products, they should be explaining why it is suitable for you. A great broker is customer-oriented. They take the time to ensure that they not only accommodate your personal needs but also know what is best given your unique circumstances.

They Should Sell Themselves

One of the easiest ways to judge brokers is to get them to sell themselves—after all; you are the one shopping for a mortgage broker. They should clearly explain and prove what they offer you as a mortgage broker that others cannot. And, their sales pitch should be convincing.

If you are looking to buy a home, SAN Mortgages has a wide range of mortgage options. Contact us today for more information.

Why to Use a Mortgage Broker?

Why to Use a Mortgage Broker?

A Mortgage Broker is an independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs.

The primary expertise of a Mortgage Broker is locating funding for mortgage financing. Brokers have the knowledge required to present a proposal for financing to lenders in the best way possible to successfully obtain mortgage financing. They know where the best lender package suitable to your specific situation can be found and they can help you save on your mortgage dollar.

Working with an experienced, competent mortgage broker can help you find the right mortgage. There is a wide assortment of options and features available to real estate buyers today. Shopping around takes a lot of time and effort. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs. Choosing the wrong mortgage can cost you thousands of extra dollars.

These are some of the advantages of working with a mortgage broker:

A Broker saves you time and money – he or she may have access to different lenders, banks, trust companies, investors and financial institutions. Some lenders work exclusively with mortgage brokers and rely on them to bring them suitable clients and you may not be able to work directly with those lenders.

A Broker has access to a variety of private sources of funds or private/alternative lenders. These lenders can provide many various mortgage products not available at conventional sources.

Because mortgage-based financing is the broker’s primary business, he or she has developed expertise in what type of mortgage financing each lender prefers to pursue. This kind of knowledge not only results in the most favorable rates for each project but often whether a project is funded at all.

A Broker may also be able to get special rates from lenders due to the volume of business generated that might be lower than you can get on your own.

As a Broker specializes in mortgages and is knowledgeable on current trends and up-to-date on all the mortgage rates, most likely he or she will find you the best-suited mortgage to your financing needs.

A Broker works for you, not the bank.

A Broker has a vested interest in satisfying your needs since they rely on referrals and repeat business.

Often the success of obtaining mortgage approval depends on the way a proposal is presented and to whom it is sent. A professional presentation to a lender on the first application will get the best response and save you valuable time and money. A Mortgage Broker is trained to present your mortgage proposal where and how it will get the most immediate, positive result.