Having a good mortgage broker is essential to getting the best mortgage loan possible for your situation. Here are some questions to ask yourself to help you determine whether or not you have a good mortgage broker.
1. Your broker should present to you all of your mortgage options – He should never presume to guess that there are options you don’t want. He should not be providing you with only the mortgage options that allow him to make the most money.
2. Your broker should fully disclose all anticipated fees with you – He should also be able to answer all questions and address all of your concerns, in a way that is understandable to you. Make sure you go through all of the fees one by one and make sure that you understand them. Many brokers will assess fees that are unnecessary, especially with sub-prime borrowers. Make sure you know exactly what the fees are and than determine whether they are necessary or just added “junk fees” to put more money in your broker’s pocket.
3. Your broker should be working as your agent and should be working to find a loan situation that suits your financial needs – The brokers commission should not be a factor in the mortgage process. He should be finding loan programs that suit you, not trying to make you “fit” into the loan he/she wants.
4. Your broker should be ready and available to answer all of your questions and concerns – If your broker is giving you the runaround when you try to understand what is going on with your loan, it may be time to find a new mortgage broker to work with. Your broker is getting paid to work as your agent between you and the lender.
Your mortgage broker will get paid for providing the mortgage loan that best suits your needs, whether or not he/she has done their job correctly. Make sure you choose a broker that will get you what you are paying for.