4 Signs You Have A Top Mortgage Broker

| February 18, 2016 | 0 Comments

The best way to find a great mortgage is to find a great mortgage broker. Most people don’t have the first clue when it comes to mortgages, so it makes sense to hire a professional. However, there are wolves in sheep’s clothing that will try to take advantage of your lack of knowledge. Obviously, you want to avoid them as much as possible because they will cost you money. If you don’t know how to avoid them, you should look out for the signs.

Here are the signs that mean you have found yourself a good broker.

Do They Give You Their Background?

Any good mortgage broker should provide you with their credit guide as soon as you sit down. A credit guide is like a short booklet that details their background, their history and their services. Quite simply, it tells you everything you need to know about them before you make your decision. A good guide should include testimonials from previous customers that were happy with the service, as well as a breakdown of their costs. Any brokers that don’t provide this information are breaking the law, which is never a good sign!

What Association Do They Belong To?

For starters, they should belong to an association. If they don’t, run like hell because that is a broker that you should avoid at all costs. The ones that do belong to an association need weeding out to find the best one. A good way to do that is to pass judgement on the association. For example, Mortgage Masters belongs to the MFAA, a well-respected and reputable industry association. It is essential that you look for this sign as these are the people that regulate the industry. They have rules and regulations, and they don’t accept businesses that don’t adhere to them.

Are They Qualified?

In the past, you could become a mortgage broker without any qualifications. Nowadays, that has all changed. The crash in 2008 has seen standards rise rapidly, which means a broker needs a good set of qualifications. Look at their individual history to begin with, such as their university degree and work experience. Then, move to the firm itself. Do they have a license to trade? If they do, they are a legitimate broker that you can trust. Again, make sure they belong to an accredited association.

Are They Transparent?

A broker could hit all of the briefs above and still not be the perfect match. It is not a secret that people that work in the mortgage industry can be greedy. As a result, they may try and overcharge you by hiding fees in the small print. Although this is not illegal, it is immoral. The best brokers break down their fees to the last penny to make sure you know the total cost. If you are unsure, you can take your contract to a lawyer and ask for their opinion. If a lawyer says that everything seems to be in order, who are you to argue?

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These four tips will come in handy the next time you are in the market for a mortgage broker.

Category: Home Loan

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