You want to find a mortgage broker, but you don't know where to begin. Well, you can look for a mortgage broker in a number of places: the phone book, online, and through friends and family are all good places to start. But how do you know for sure if they are a good mortgage broker or not? Here are some ways to tell the good ones from the bad ones:
- Do some homework. Now that you have your list, you need to go through each mortgage broker and find out everything you can about them from the Attorney General's office and the Better Business Bureau. This can be done online or over the phone. Here are some things you should look for as you go through their information: Has the company ever been in trouble with the state or federal government for breaking the law? Are they a licenced mortgage broker in the U.S., or are they from another country? How many times have people said bad things about the mortgage broker? If the government or people have filed several complaints or lawsuits against the company, this should be a red flag and you might want to cross them off your list. If the company is not licenced as a mortgage broker, this is a huge red flag and you should take them off your list right away. If there are other things about the company that bother you, you should also cross it off your list. Your personal information and money should be completely safe with the company.
- Compile a list. Put on a list all the information about mortgage brokers you have so far gotten from friends and family, the phone book, or the Internet. Make sure you know the company's full name, their phone number, and their address or website.
- After you've done some research on each mortgage broker to narrow down your list, you should have a few at the top of your list. Call these few people and talk to each of them by asking them some of the following questions: When did they start doing business? How much do their mortgage and refinancing fees cost? What kind of prices do they have? And any other questions you might have that are relevant to your situation.
Find out as much as you can about the company before you sign a contract with them. This will help you make sure that the mortgage broker you choose is a good one.
