To get the best mortgage loan possible for your situation, you must work with a good mortgage broker. Here are some questions you can ask yourself to help you figure out if your mortgage broker is good or not.
- Your broker should act as your agent and help you find a loan that fits your financial needs. The broker's commission shouldn't be a factor in the mortgage process. He should find loan programmes that work for you instead of trying to "fit" you into the loan he wants.
- Your broker should be ready and able to answer all of your questions and concerns. If your broker gives you the runaround when you try to find out what's going on with your loan, it may be time to find a new one. Your broker gets paid to be your representative between you and the lender.
- Your broker should tell you everything you need to know about the fees you'll have to pay. He should also be able to answer all of your questions and deal with all of your concerns in a way that you can understand. Make sure you go through each fee and make sure you understand it. A lot of brokers charge fees that aren't necessary, especially for people with bad credit. Make sure you know exactly what the fees are and then decide if they are necessary or just "junk fees" that your broker added to make more money for himself.
- Your broker should show you all of your mortgage options. He shouldn't assume he knows which ones you don't want. He shouldn't only tell you about the mortgage options that make him the most money.
Your mortgage broker will get paid for finding the mortgage loan that meets your needs the best, no matter how well he or she did his or her job. Make sure the broker you choose will get you what you want.
