How to find a
reputable mortgage broker
How to find a reputable mortgage broker is
a very important piece of information to know. Mortgage
brokers originated well over 50% of the nation's loans
last year and for quite a few years before that as well.
Many years they have even originated over 75% of the
nations mortgage loans. With that said, finding a good
mortgage broker obviously is very important. The first
place that I recommend starting off to find a good,
honest reputable mortgage broker is by asking family,
friends, neighbors, co-workers, etc... for a good
referral or someone that they worked with that they were
highly pleased with. This will usually get you started
in the right direction.
Another method is
to do an online search for local mortgage brokers. For example type into the
search bar, "Ohio Mortgage Brokers" or replace Ohio with your specific state.
This will pull up numerous mortgage brokers in your state that you can shop
between. There are a few directories for mortgage brokers as well. Once such
directory, which actually is the best that I have found, is called the Broker
Outpost, which is located at brokeroutpost.com. This broker directory actually
has mortgage brokers rated by their helpfulness, willingness to contribute, and
experience and knowledge that they have in the industry. The higher the rating,
usually the better the mortgage broker is to deal with. The Broker Outpost even
goes a step further by narrowing your search down by state mortgage brokers too.
Therefore, these are some very good ideas and ways to find a reputable mortgage
If you are looking for a mortgage and need the services of a reputable mortgage broker there are many ways to find one. You can do an internet search for a mortgage broker in your city. You can also look in the phone book under mortgages.
An Internet search for mortgage brokers in your area may also yield good results. Most professional mortgage brokers will have a website and spend some time optimizing it for the Internet.
It is a good idea to check with any applicable Mortgage Professional Associations, when looking for a reputable mortgage broker. For example Mortgage Bankers Association(MBA), the National Association of Mortgage Brokers(NAMB), and in California, the California Association of Mortgage Brokers(CAMB) - And many others located Nation wide.
In most states, mortgage brokers are licensed by the state government. Always make sure that your mortgage broker has a current, valid and proper license. In addition, in many states it is easy to check if the broker has had any violations recorded against his license.
Ask the broker for references. If a broker cannot or will not give you references then its time to continue the search.
You may also have your realtor or any friends or family members refer you to a mortgage broker they have used in the past.
Reputable mortgage brokers charge rates and fees that do not vary based on age, gender, race, religion, or national origin. If you feel you have been discriminated against contact your state licensing authority to file a complaint.
Make sure when searching for a broker that you first find a good, knowledgeable broker that makes you feel at ease, has knowledge of the programs available, and is someone that you can work with. Once you find this then it is time to talk rates and fees but make sure and find a good broker first.
Interview your broker. If you have had credit problems in the past or have other issues that may prevent you from qualifying for the best rate, ask if your broker has experience working with clients in your situation. If so, ask how they handled similar situations to yours in the past.
If you are going to shop around be sure that you ask the same questions of each broker. Make sure that the broker knows what mortgage interest rates are based on, what the next economic report is that could cause interest rates to move (either up or down), when the "Fed" changes interest rates how this affects mortgage rates, AND if the broker has real time access to interest rates? Each of these four questions will have a profound impact on what your rate is and what it will be!
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Information listed above is to be used for educational purposes only and is not guaranteed