Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
A mortgage broker is an individual or company that sells products for banks or individuals. They use a specified network of lenders to find the loan that is right for their client. They match a person’s needs with the right loan. Brokers are often considered salespeople because they sell their services to find the right loan for their potential clients. Being able to recognize a good broker is an important part of finding the right loan for your needs.
They Should Have Time for You
A good broker will have time for you. No matter how busy they are, how many clients they have or what meetings they attended that day, they will be able to talk to you to update the status of your application or loan documentation. Even if they do not have the physical capacity to talk to you, they should have qualified personnel on hand who should be able to answer all basic questions for you.
Who is Qualified?
Research your broker’s history and how long they have been in business. Also, take special note of where your broker might have worked before their current employment. These are easy questions to ask and most people do not have a problem answering them unless there is something that they might be trying to hide. Use a good reputable brokering agency in order to get good service and access to quality loans.
A mortgage broker is not there to pressure you to take one of their loans. Their job is to find the best loan for their client. Your broker should be able to give you a recap of the loan and the specifications before you sign the dotted line. Do not use brokers who change your loan at the last minute or will not give you access to the paperwork to read beforehand.
A Good Broker Wants to See You Succeed
You can use all of these points to asses a mortgage broker but if the information does not make sense to you, ask until you understand. A good broker wants to see you succeed and will take the time to slow down and make sure that you are receiving a loan that fits your budget and lifestyle. They will not be interested in providing a loan that you cannot afford.
Also, the brokerage company should have access to many different loan types and not offer you just one choice. There are many different loans on the market that have different specifications that can be tailored to fit your individual needs. A broker will get to know your needs and make them the primary search for your new loan. Assessing a broker is not always easy but by sticking to what you need and having a broker who will do the same then you are on the right track.
- Low Down Payment Loan Qualification
- Alternatives to Getting a 2nd Mortgage
- Second Mortgages: Advantages and Disadvantages
- 3 Warning Signs of Loan Modification Scams
- How to Get Approved for an FHA Loan despite Bad Credit
- What Lenders Don't Reveal About Home Equity Loans
- Home Equity Loans for People with Bad Credit
- Should You Refinance? Make Sure the Timing is Right
- Short Selling a Rental Property