Finding a Good Mortgage Broker

Opting for a mortgage has proven to be one of the most important and most complicated decisions most people ever have to make in life.  That is why it is important to be prudent about everything related to mortgaging, most importantly, selecting a mortgage broker.

Finding a mortgage broker nowadays is very easy, after all, all you need to do is fill a mortgage form online and you will receive hundreds of emails from different brokers pledging to be your new best friend.  Finding a good mortgage broker, however, is a lot more difficult. While there are many out there who will claim to get you the best mortgage deal, there are actually only a few who can actually get you the best deal.  Here are some tips that will help you in finding a good mortgage broker.

Independence and Access to the Whole Mortgage Market

This is probably the most important factor to consider when finding a mortgage broker.  There is no doubt that most main street banks, online lenders, savings and loans or credit unions boast and may have some of the best mortgage deal brokers available in the market.  However, to get the best deal, your mortgage broker must have unlimited access to the whole mortgage market.  Having such access is important as it will provide you with a vast array of mortgage options.

Main-street banks and savings and loan brokers usually have limited access to the full mortgage market as they can only offer to you their employer’s mortgage deals, which may sometimes not be the best deal for you.

Carry Out Your Own Research

Before you choose a mortgage broker, it is important to carry out your own research first in order to be able to appropriately gauge the different brokers that contact you.  You may hit it off with the very first broker you talk to, but you should consider talking to a few more as this will increase your knowledge and also help you decide whether or not the broker is right for you.

Also, before choosing a broker, you should check them out to make sure that they are fully qualified and regulated by the appropriate organizations.  This will help you avoid giving out your personal information and details to anyone who claims to be a broker.

Consult Friends and Family with Positive Mortgage Experience

Consider talking to friends, relatives, fellow investors and/or neighbors who have had a good experience working with a mortgage broker.  While it is important and prudent to consult them and seek advice before making your own decision, you should note that your present circumstances and reasons for seeking a mortgage may differ from theirs.  This means that what will work for you will not necessarily be what will work for them.

Ultimately, when choosing your mortgage broker, it is important to choose one that you will be comfortable and completely honest to work with.  This is because, for your mortgage broker to get you the best mortgage deal, he/she will need access to your personal and financial records, and must be aware of your current circumstances.  So, if you feel like your mortgage broker is not completely honest when explaining things to you or arranging your mortgage, then, you should consider finding another broker.

Bill Manassero is the founder/top dog at “The Old Dawg’s REI Network,” a blog, newsletter, and podcast for seniors and retirees, that teaches the art of real estate investing. His personal real estate investing goal, which will be chronicled at olddawgsreinetwork.com, is to own/control 1,000 units/doors in the next 6 years. Prior to that, Bill and his family lived in Haiti for 11 years as missionaries serving orphaned, abandoned and at-risk children.