5 Things to Keep in Mind When Hiring a Mortgage Broker

5 Things to Keep in Mind When Hiring a
Mortgage Broker

Bausley Home Loans & Realty
April 20, 2021

5 Things to Keep in Mind When Hiring a Mortgage Broker

Over 88% of homeowners finance their home purchases. But financing isn’t an easy feat: you need to secure a down payment, have a good credit score, and find a lender who can give you a loan at an affordable interest rate. It is where you’d need a mortgage broker.

They are intermediaries who bring together both parties to help the borrower find the best deals. However, finding the right broker is essential to enjoy the benefits of their expertise. Here are the five things you should consider when choosing a mortgage broker.

Recommendations and referrals

Referrals and recommendations can help you quickly narrow down the list of prospective brokers. You can ask for recommendations from friends, colleagues, and real estate agents. Check the website or Google reviews of all candidates for testimonials.

Though referrals can give you a great headstart, don’t rely just on them. Use your discretion to decide after the first meeting.

Knowledge and expertise

A good mortgage broker must be up to date with all the changing rules and guidelines to help you get the best deals. One way to check their expertise is by looking at the variety of selections they offer you. A good broker will also want you to be specific about your requirements so they can meet them fully.

Trust and communication

The lending process is a time-consuming affair requiring a lot of back and forth and sharing of confidential information between you and your broker. Therefore, your mortgage broker must be reliable and have excellent communication skills to explain the complexities whenever needed and negotiate the best deal for you.

Pre-approvals and pro-activeness

Pre-approvals ensure your mortgage application does not get stuck or rejected. During pre-approval, brokers check updated income statements without pulling out your credit scores from official channels. It takes a reputed and experienced mortgage broker to do it. Therefore, before you hire them, it’s crucial to check whether the mortgage broker does a pre-approval. All reputed brokers are proactive about doing pre-approvals as it benefits everyone in the long run.

Farsightedness and competitive rates

You may be a first-time buyer, but that does not mean you won’t purchase another property. For that, you may need your mortgage broker’s services again. A good mortgage broker knows this and helps you plan your finances to keep you debt-free. They will help you find competitive rates, so you get the most out of the transaction. It will help you pay the debts, maintain, and improve your credit scores for the future.

About Bausley Home Loans & Realty

f you are looking for brokers who can help you arrange the funds to purchase your dream home in California, Bausley Home Loans & Realty is your one-stop destination. Our goal is to help clients get the best loan amount with the least effort. We can help you get FHA loans, VA loans, hard money loans, and other conventional loans. You can reach out to us at (818) 324-0873 or fill our online contact form to know more.

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