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Choosing a mortgage broker is a very big decision! Because of this, it’s not one that should be taken lightly. You will be dealing with your mortgage broker for the next 25 to 30 years so it’s important that you find one that will get you the best deal, give you the best interest rates, and that will truly work with your best interests in mind. So how do you go about choosing one? Here are a few tips that will help you get the best mortgage broker!
The first thing to do is ask around to your friends and family who have purchased property in the past. Ask them who their mortgage broker is and if they are happy with them. Discuss what they like about their broker and what they don’t like. Also be sure to ask if the broker got them a fair deal that’s worked for them throughout the years.
You can also look for mortgage brokers online. Here you will find countless mortgage brokers, all with different packages available and of course, different prices. Don’t be swayed by the cheapest price though. Every mortgage broker has different deals that they offer and many of these will sound like deals that you just can’t pass up. Do a little more research and find out what the conditions of the deals are and what you will be responsible for. If something sounds like it’s too good to be true, it probably is. And you’re probably better off looking elsewhere.
If you find a potential mortgage broker online or elsewhere, be sure to go to their office in person. This is where you’ll be able to see for yourself whether or not the broker is a reputable one. While you’re at their office, look for any licensing certificates or anything else to suggest that they are a reputable company. Also look to see if the company is a busy one. Is the staff busy? Are they busy on the phones and if so, are they being friendly and helpful to clients? If you see signs that the office is not busy, or that they do not treat their clients well, this is a sure sign that the mortgage broker is not reputable.
After visiting the office and meeting with someone there, you will most likely get an offer or a package. Be sure to get an actual contract that is drawn up in writing. Any verbal offers are not considered to be legal and if you run into a problem and don’t have any paperwork to back you up, you’ll be out of luck. Once you have a written contract that you and the broker have both agreed to, make sure you understand what it says. Many people don’t bother to read their contracts because it’s filled with so much legalese that no person could possibly understand it. And this is a huge mistake! Make sure you know exactly what you’re agreeing to before you sign on the dotted line.
Lastly but most importantly, make sure that you choose a mortgage broker that you are comfortable with. Like stated earlier, you will need to be working with this person for a long time. And there’s nothing like your gut to give you a good indication whether the broker is the right one for you!