Arizona Real Estate

How to Choose a Mortgage Broker

How to Choose a Mortgage Broker

Many people turn to a mortgage broker when purchasing real estate. A broker can conduct market research to find the best rates and loan package options and offer extensive market knowledge. Choosing the right mortgage broker is important, as they are facilitating one of the largest purchases most people make in their lives.

Here are a few tips on finding the best mortgage broker to fit your needs:

  1. Ask friends and people you trust. Recommendations are always the best way to go. Using someone with a professional endorsement from a friend or family member is likely to deliver the same level of service to you.
  2. Do research online. Make sure any brokers you are considering are in good standing with the BBB and have good reviews online. You can also check the status of their mortgage broker license to make sure it is current. The best brokers are often members of their local Chamber of Commerce and a local chapter of the National Association of Mortgage Brokers.
  3. Meet brokers in person. It’s important that you are comfortable with the person you are working with and you trust their expertise. A face-to-face meeting with your potential mortgage broker allows you the opportunity to ask questions and make you feel more at ease. It’s also beneficial to see their office, to make sure it’s professional.
  4. Make sure you’re clear on their commissions. Brokers are paid on commission or points so ask questions and learn what fees you will be charged. Understanding the costs of the loan and the portion the broker will be receiving, will help with your decision process on the loan and the representative you decide to use.

Take time when making your decision, as it is one that can impact your financial situation for years to come. Remember that you will likely save time and possibly money working with a knowledgeable broker, so finding someone you can trust is worth the extra effort. If you have a bad feeling about a broker or suspect the individual is just telling you what you want to hear, move on to your next option. There are always plenty of other mortgage brokers to choose from.