When you’ve made the decision that you want to buy a home, whether it’s your first, second or one of many, you want to be able to get on with the process as soon as possible, and with minimal stress. One way of ensuring that getting your new home is made as straightforward and stress-free as possible, is to work with a mortgage broker, however, you might be worried that finding one you can trust to help guide you through the process and get you the best deal, might not be so easy.
With these tips though, there’s no reason why you can’t find a trustworthy mortgage broker that you not only like, but who you can work closely with:
Where to begin?
A good place to start is with referrals; do you know anyone within your family, circle of friends or work community who can recommend a good broker to you? Once you’ve found one or two that you think might be suitable, you need to think carefully about what you want to know about them:
- Did they avoid using jargon and terms that are difficult for the average person to understand?
- Did the broker go on to lock in a rate that you had been promised?
- Were there any hidden or unexpected fees that hadn’t been fully disclosed to you when you met with them for the first time?
- If the person making the referral still has the documents related to their mortgage, then check with them as to whether the fees are the same as those originally disclosed on the initial, good faith estimate.
- If you encountered a problem, was the broker able to deal with it efficiently and professionally?
- Did they maintain a high level of customer care throughout the whole process?
When you get around to talking to mortgage brokers that you think you’d like to work with, be sure to ask them about their experience and commitment to service; if you like, you can think of it almost as an interview:
What experience do you have as a mortgage broker?
Are you able to provide me with references?
What will you make from the lender on this loan?
Can you tell me some of your top lenders?
What can I expect from our working relationship?
Do you take your fee at the closing of the deal, or require it upfront?
Remember that if a mortgage broker is a professional, they will not mind answering questions that you may have, and if they do, well, they probably aren’t be the right match for you. Getting a mortgage is a big deal, and at no point should working with a broker give you more stress than if you were to go it alone.