Mortgage brokers are a direct link between borrowers and lenders. But with a plethora of them all fighting for a limited number of clients, sometimes it can be quite a challenge to distinguish between a genuine and honest broker from one that is out to make as much money as they can. Below, see some of the questions you should ask your mortgage broker to see if you can comfortably work with them.
1. How much experience do you have?
This is the best place to start. Don’t allow your mortgage agents to say that they are experienced. Have them specify the number of years they have worked in the industry. Mortgage expert Altius Mortgage Group shares that if you can, insist to see your mortgage agent’s credentials and even ask for past clients contacts so that you can call and ask them what experience they had with this particular broker.
2. What type of clients do you specialize in?
Like every other professional, mortgage brokers also have specializations. Some would prefer assisting clients with credit problems by getting mortgage companies that are less strict on client credit history. Others will want to work with large-scale real estate investors. By knowing the specialty of your broker, it becomes easier for you to assess your situation and see if the one you currently have is fit for your needs. If the broker isn’t a good match, drop him or her off and continue shopping.
3. What are the pros and cons of each type of mortgage?
During your interview, your broker will likely give you a sneak peek of all types of mortgage loans available and what they entail. Here, focus on the pros and cons of each of these packages. This way, you find it easy to evaluate your strengths and weaknesses. Depending on the urgency of your needs, you get to come up with an informed decision.
If you know what you want out of your mortgage, shopping for one directly from lenders doesn’t hurt. However, it’s essential to bring experts on board since most of these brokers are knowledgeable. They also keep up to date with the latest trends and news as pertains to home financing.