In order to find a good mortgage broker, first you need to ask recommendations from family and friends who have recently purchased a home, identify more mortgage brokers in your area, contact different brokers for comparison and other inquiries, and set appointments with preferred mortgage brokers and observe them.
Buying and financing a home is a long-term matter you need to carefully consider. It is important that you work with a good mortgage broker to help you get the right home loan that fits your financial situation. Here are steps that will help you find the right mortgage broker:
Ask recommendations from family and friends who have recently purchased a home
If you have family members and close friends who have recently purchased a home, do not hesitate to ask about the mortgage broker who may have done a great job for them. Inquire about their experience from the beginning of the application process, through the loan approval, and also about their experience after the loan was granted. By doing this, you will avoid wasting your time on brokers whom you cannot really trust. Furthermore, if brokers find out that they are being recommended by your friends or relatives, they will likely be inclined to provide you with great service.
Identify more mortgage brokers in your area
If you are able to gather one or two recommendations, you can also add more prospective mortgage brokers by looking in your local directory. You can search for brokerage companies or independent brokers. You can also search the Internet. When you do your search on the net, make sure you include your area for more accurate search results. For example, if you are from Western Australia, you may type in "mortgage broker wa." Some online brokers include general fees and interest rates on their websites that will help you assess which broker may serve your financial situation best.
Contact mortgage brokers for comparison and other inquiries
You can now narrow down your list of mortgage brokers to two or three by contacting them, comparing rates, and asking similar questions to each of them. You should discuss topics including interest rates based on preferred terms of payment, types of home loans, applicable fees, access to a number of lenders who offer good rates and various types of loans, assistance on processing of documents, the time it takes to close the deal, and other issues regarding the broker's years in the business, loans closed, and more. You may even ask for details on their former clients so you can contact them to inquire about their experience with the broker.
Set appointments with preferred mortgage brokers and observe them
Set an appointment with two or three preferred mortgage brokers and further discuss in detail what you have discussed over the phone. The main point of this strategy is to observe how a broker treats you. Can he answer your questions promptly and in a respectful manner? Does he listen to your concerns? Is he trying to sell you a loan that fits your financial situation? If the answers to these questions are yes, you may have found a good broker; otherwise, you should consider continuing your search for another broker.
Make sure to ask anything that concerns you. Do not hesitate to speak out if you feel the loan product offered is not right for you, so that you will not regret anything in the future and carry the burden in the years to come.