3 Tips for Choosing the Right Mortgage Lender for You
Ask for Referrals
Looking at ads or marketing materials isn't the best way to choose a mortgage lender. Instead, ask trusted people within your own circles for help finding a lender. Talk to your financial advisers, including your accountant, Realtor or attorney, all of whom may be well-positioned to connect you with reliable brokers. Ask friends who have recently bought homes how they liked working with their mortgage brokers, and request a connection.
Value Responsiveness and Helpfulness
Because a mortgage broker is tasked with helping you make one of the most significant financial purchases of your life, it's vital that you find a broker who makes you his top priority. Check online reviews to see how helpful other consumers have found the brokers you're considering. Find out how quickly the brokers you're considering respond both to everyday concerns and crisis situations, as any delays can jeopardize your home-buying process.
Mortgage brokers know how to make any mortgage product sound like an amazing deal, so make sure you ask the right questions to find the best loan for your needs. Do your research and prepare a list of questions before you meet with potential mortgage brokers, so you can avoid a bewildering sales pitch. See whether the broker is willing to answer difficult questions or provide you with any explanations or educational materials you need. Find out how often the brokers fail to bring loans to completion and funding.
When choosing a mortgage lender, it's important to look past the hype and advertising to find a knowledgeable and qualified person who is willing to advocate for you. Too many mortgage brokers are focused on the bottom line
Spend some time talking to any mortgage broker you're considering to ascertain that you're working with someone who's a good fit for your needs, rather than just someone who wants to sell you a certain product. You need to work with a mortgage broker that you trust will provide the right mortgage for your financial needs and will be supportive if you have financial or timing issues that cause a hiccup in the process.