Mortgage brokers might seem like a dime a dozen as you go about searching for mortgage loan options. You are trying to find the best deal out there, but it is hard to know where to begin – which is where a mortgage broker can come in handy.
A great mortgage broker can help you wind your way through the all-too-complex maze of mortgages and help you find the best option to fit your budget.
But they shouldn’t just be out there to make money. They should genuinely have your best interests at heart and go the extra mile to make sure you are satisfied with the mortgage loan you get.
Here are five key qualities that you should look for in a fantastic mortgage broker.
Excellent Customer Service Skills
Wondering what to look for in a mortgage broker? The first thing you should pay attention to is their customer service skills.
A mortgage broker should be available to communicate with you when you need to ask a question or voice your concern, and they should interact in a way that shows courtesy and respectfulness.
Answers to your questions should be concise and logical so that you are never left wondering what the next step in the lending process is.
Willing and Able to Work with You
You might think that you need to work with your mortgage broker’s schedule, but it is the other way around – they should be willing and able to work with yours.
What’s more, they should be able to find a diverse array of different lenders for you, thereby giving you a bunch of mortgage options to choose from.
You need to be able to find the mortgage rates and terms that work best for you, and a good mortgage broker will be able to help you get it.
Understanding of Your Unique Financial and Personal Needs
Not only should a mortgage broker know all the aspects of mortgages and which banks offer what rates, but they should be interested in gauging your unique needs, especially when it comes to your finances.
They are supposed to be working to get you the best deal no matter which mortgage you end up choosing, and they are there to help you understand how much you can reasonably afford.
On top of that, a mortgage broker needs to be there to help you prepare for all the extra costs that come with buying a house. This includes closing costs and property taxes, which can really add up quickly.
Reliability and Trustworthiness
Do your research to get a good grasp of a mortgage broker’s reputation. What is their word-of-mouth like? Are they trusted and highly regarded by other home buyers?
Any mortgage broker you contact should be happy to provide you with references from previous clients who were satisfied with the services they received.
Their website should also display a slew of fair and honest client testimonials. If the broker is unable to back up all their claims with references and testimonials, you should probably look for another broker.
Reading reviews posted to various websites can also be helpful when deciding which lender to go with. Pay attention to whether the bulk of the reviews are positive or negative.
If most of them are positive, you might want to give them a shot. If there are hundreds of reviews and all are positively glowing, they might be too good to be true.
Upfront About Their Broker Fees
Transparency is essential from a mortgage broker. You should know exactly what to expect to pay for your mortgage as well as in terms of broker fees. Your mortgage broker should not push excess costs on you just to boost their own income.
Additionally, the broker should be honest with you about the programs and factors that can lower your monthly payments. They’re working for you, not the other way around.
Finding the best mortgage broker to work with on getting your loan is not always easy, but looking for someone with the right qualities is imperative. Learn how you can get a mortgage from District Lending and what options are available for you.
Read Next: Three Benefits of A Debt Management Advisor