Today you don’t need just another loan officer. Your quest to choose the right mortgage broker is about finding a bold champion who will go to battle for you.
Why no Ordinary Mortgage Broker Will Do
Contrary to the popular misconception that getting approved for a home loan is simply a matter of credit scores and figures, today it is often more like entering a gladiator’s arena.
Besides battling against increasingly tougher lending and credit guidelines, knowing how to pick a great mortgage broker will protect you from bait and switch tactics, unscrupulous lenders who will demand a larger down payment at the last minute and will ensure you close on time, protecting your deposit money. We aren’t just talking about the difference in being approved or denied, or a few extra dollars a month, but your ability to buy or retain your home and tens or even hundreds of thousands of dollars.
What to Look for in a Champion Mortgage Broker
Those who want to know how to really pick a mortgage broker who will blaze the way to a great home loan victory need to be on the look out for the following qualities.
- Reputable and honorable
- Skilled and experienced
- Brave and courageous
How to Pick an Honorable Mortgage Broker
Signs of a Shady Lender: When to run Away
A. You are quoted an interest rate without being asked detailed questions.
B. You are rushed into applying or having your credit pulled.
C. You are asked for any type of money upfront.
D. The broker tells you everything you want to hear.
Signs of Reputable Mortgage Brokers
A. They are members of professional associations like the Chamber of Commerce and local chapter of the National Association of Mortgage Brokers.
B. What are others saying about them? Check the Better Business Bureau, consumer comment sites like Yelp, and Google them. Remember that people will always complain; it is how these complaints are handled that really counts.
C. Check their mortgage broker license status with the state online.
D. They will sit down and try to understand your individual goals and situation to match you with the best possible loan for your personal needs as well as presenting a variety of options.
How to Pick a Skilled Mortgage Broker
Just having a mortgage broker’s license or working for a big name bank doesn’t automatically make someone a skilled mortgage broker. It can take years to learn the ins and outs of the business and how to get the best deals for consumers. No book knowledge accurately prepares a mortgage broker for what it takes to get loans closed. You want a battle-tested champ who has honed his or her skills on the front lines. Getting your loan approved means mastery of volumes of information as well as talented technical skills at bringing together appraisals, title searches, insurance and loan programs, and all of the the many, many people involved at every level. The truth is that getting your loan approved is often about who your mortgage broker knows. It can take a while to build these relationships, but once they have been in the business for a few years they can get head underwriters on the phone and V.P.s who can override senseless underwriting conditions to get your loan request expedited.
Find out how long the broker has been in the business, and test him or her out with a few questions. Does she respond quickly? Can he give you answers on the spot? Is she proactive about helping you to avoid potential issues?
How to Pick a Champion Mortgage Broker
What really makes the difference between a champion mortgage broker and the rest is that he is motivated and willing to go to battle for you. She won’t lay down and accept a denial and she won’t accept delays from your appraiser, title company or insurance agent. He will fight to get you the best loan possible and ensure your closing happens on time. You want the Conan the Barbarian of mortgage brokers on your side.
How to identify them?
1. They won’t be afraid to turn away your business if you insist on just getting quoted a rate instead of allowing them to find out what you really qualify for.
2. They won’t just tell you what you want to hear to get your business.
3. They can be overheard hammering an underwriter on the phone and educating them about how the guidelines should be interpreted.
There are great home loans out there to be had, and interest rates have certainly never been better. So choose your champion mortgage broker, and have him or her help you purchase the home of your dreams or slash your housing payments.