Having a good mortgage broker is essential for ensuring a successful home-financing process, writes Donna Fuscaldo in FOXBusiness.com.
So shop around for the best expert in the area, before you embark on the journey of applying for a mortgage loan. How to recognize the best broker? Normally, he or she will demonstrate good relationships with numerous lenders and have access to various loan products.
According to some influencers in the industry, a good mortgage broker may have a list with at least 30 or more wholesale lenders. Although not all of those contacts would be able to assist with every type of transaction, the broker should have diversity of experts at his disposal.
Moreover, an experienced broker needs to take the time and find out all details about his or her new clients’ financial situation. Having the full picture will help the broker offer the best possible option.
“Be on the lookout for large assumptions and brokers who aren’t taking the time to dive deep into your financial goals,” says Leslie Piper, a consumer housing specialist with Realtor.com.
To be on the safe side, experts also recommend potential clients to turn to a brokerage firm that also has an experienced loan originator on staff. That way borrowers can go on the National Association of Mortgage Brokers (NAMB) website and check the credentials of loan originators and their work history.