3 Top Questions to Ask a Mortgage Broker

Are you in the market for a new home? Have you come to the realization that securing a mortgage is the only way to pay for your purchase?

Generally speaking, you have two options for finding a mortgage:

•    Communicate directly with multiple lenders, eventually deciding on the one that is best for you.
•    Hire a mortgage broker to “shop around” and explain your many options.

The primary benefit of using a broker is time savings. Rather than search on your own, this person takes over the task with the primary goal of finding you the best loan.

There is no denying the fact that a mortgage broker can help you find and secure the right loan. But remember this: if you don’t choose a qualified professional it could work against you.

Here are three top questions to ask a mortgage broker before deciding to put your trust in him or her:

•    Can you provide me with references? This can help you better understand what a broker has to offer, as you are given the opportunity to speak with past customers.
•    How many lenders do you have relationships with? A broker with a large network is one that has a good chance of finding you the best possible loan.
•    What is your policy on rate locks? This is a sticking point for many, especially those who may not be able to close their loan within 30 to 60 days.

If you ask these questions, among any others that are on your mind, you will find it easier to settle on the right broker at the right time. Once you have this person on your team, you can settle in and realize that you will make the right borrowing decision in the near future.