tips for working with a mortgage broker

If you are in the market for a new house or piece of property, it’s common practice to visit a financial institution or other lender to secure financing for your purchase.

Of course, anyone who has worked with a big financial institution knows there are limitations and cons to letting them handle the situation. Some people prefer to forego the conventional route and use a mortgage broker instead.

A mortgage broker is a licensed professional that has been independently trained to provide advice and guidance to clients seeking a mortgage. Mortgage brokers don’t typically work for a bank or other lending institution, but are loyal to the client first.

The primary duty of a mortgage broker is to match up borrowers and lenders to find the mortgage that best fits the borrowers needs.

A mortgage broker is usually affiliated with several different lenders, so they basically ‘shop around’ your request until they find the best deal. A mortgage broker also provides advice to clients, and helps them map put a plan that will get them the mortgage they want.

Access to a variety of lenders is probably the main benefit of working with a mortgage broker. Since a broker has access to several, you have a higher chance of getting the best deal.

Also, since a mortgage broker doesn’t work directly for a bank, they can typically offer a wider variety of products and aren’t limited in their approach.

Mortgage brokers are on top of all the latest trends and information to get you the best deals possible.

One of the top tips for working with a mortgage broker is to be open and honest about what you want, and your situation. Trying to hold back some negative information about your history or finances will only end up hurting you in the end.

Not being specific about exactly what you want won’t help you, either. The only way to get exactly what you want is to explain exactly what you want.

It’s always a good idea to ask a lot of question when working with any independent contractor. Ask questions like:

How long have you been in business? How many real estate agents do you work with? How many lenders do you work with? Do you have reviews or testimonials I can read? Do you help with my overall financial situation?

Sometimes, certain mortgage brokers have trouble keeping potential homeowners updated about the process and the state of the situation. Combat this by working out an agreement on the frequency and type of communication you’ll share with the broker.

If you have a formal communication agreement, she’ll be more likely to stick to it and keep you informed about what’s going on.

If you feel like a mortgage broker would be a good fit, you can find one by:

Asking for referrals from friends and family, or professionals in the industry. Search online for brokers with positive reviews and testimonials. Asking questions about specific referrals to find out what it is that makes them a good choice for you.

http://mortgageemporium.ca/tools-resources/why-use-a-mortgage-broker/The Mortgage Emporium

http://realestate.msn.com/article.aspx?cp-documentid=24363980MSN Real Estate